MEDINA COUNTY, OHIO — Beginning May 1, 2023, Medina County Treasurer John Burke and Westfield Bank will once again be offering Fix-It Funds low-interest fixed rate home improvement loans to Medina County homeowners. These loans have a discounted fixed interest rate that is up to 2% below the bank’s current rate. “This can be a big savings to homeowners especially with the dramatic increase in interest rates over the past year,” noted Treasurer Burke.
Westfield Bank has partnered with the Treasurer’s office since 2015 to offer these fixed rate loans at up to 2% below the bank’s current rate. Loans can be from a minimum of $5,000 to a maximum of $50,000 and are given on a first-come, first-served basis until available funds are depleted.
Almost all types of interior and exterior home improvements are eligible, including painting, wallpaper, lighting, flooring, plumbing, carpeting, furnaces, air conditioners, remodeling, additions, decks, window and door replacements, roofing, siding, gutters, driveways, patios, and sidewalks to name a few. There are only a few ineligible improvements such as swimming pools, satellite dishes, or hot tubs. Manufactured homes are not eligible for a Fix-It Funds loan.
There is no income limit to qualify for these loans. You must be a Medina County resident; your home (1-4 family unit dwelling) must have a tax appraised value of $300,000 or less excluding land, according to the Medina County Auditor’s appraised value; and you cannot be delinquent on your real estate taxes. Homeowners have up to 18 months to complete the work for which the loan was granted.
Since its authorization by the County Commissioners in 2002, the Fix-It Funds program has provided over $15.1 million in low-interest home improvement loans to over 1,000 Medina County residents. “Homeowners all across Medina County have been helped by these loans,” said Treasurer Burke, noting that since the program’s inception, $2.7 million in loans have gone to homeowners in Brunswick, $1.6 million to Wadsworth, $2.9 million to Medina, and $8.2 million to residents in surrounding townships. “Since we raised the home value limit to $300,000 last year, over 90% of the homes in Medina County may qualify for a Fix-It Funds loan,” he stated.
In his 2022 annual report on Fix-It Funds to the Medina County Commissioners, Burke reported that the average loan size was $21,728. Burke related that last year the lingering effects of the COVID-19 pandemic had people spending more time at home, which led homeowners to take on more home improvement projects. But we also saw a dramatic rise in interest rates last year. Home mortgage interest rates are over 6% and some home equity loans are charging 8 to 9%. “Those high interest rates make our discounted Fix-It Fund loans look pretty good,” Burke said.
This innovative and unique program has been given national recognition, earning the Eagle Award for best practices by the national county elected officials’ organization IACREOT. Treasurer Burke has assisted the Treasurers of Stark and Portage counties to establish the same linked-deposit program. Only three other counties in Ohio offer similar programs.
Qualified homeowners interested in low-interest improvement loans can apply at two Westfield Bank locations: 4015 Medina Road on Route 18 in Medina, and Two Park Circle in Westfield Center, or contact the following Westfield Bank representatives:
Cheryl Murrin (NMLS#1365194) at 330.764.6091, CherylMurrin@westfield-bank.com
Rachel Mlynczak (NMLS#244675) at 330.764.6080, RachelMlynczak@westfield-bank.com
Michelle Evans (NMLS#1460020) at 330.661.6083, MichelleEvans@westfield-bank.com
Westfield Bank is member FDIC and equal opportunity lender.
For more information, please call the Medina County Treasurer’s office at 330.725.9746, email email@example.com, or search Fix-It Funds at www.medinacountytreasurer.com.