Since 2002, Medina County Treasurer John Burke has been offering county residents Fix-It Funds low interest home improvement loans. Westfield Bank has partnered with the Treasurer’s office since 2015 to offer these fixed rated loans at up to 2% below the bank’s current rate over up to 5 years.
Traditionally, the work to be undertaken with funds from the loans had to be completed within one year, but in these difficult times Fix-It Funds loans for the year 2020 will have an 18-month time limit. This reflects not only the uncertainties of the current economy, but also an anticipated lack of available trade contractors to complete the work in a timely manner.
Beginning May 26, 2020, Fix-It Funds loan money will be available to Medina County homeowners through Westfield Bank. 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. “This discounted low interest home improvement loan program has been a real savings to over 1,000 homeowners in Medina County,” said Treasurer Burke.
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 a swimming pool, satellite dish or hot tub.
There is no income limit to qualify for these loans. You must be a Medina County resident; your home (either a single or multi-dwelling) must have a tax appraised value of $250,000 or less excluding land, according to the Medina County Auditor’s appraised value; and you cannot be delinquent on your real estate taxes.
Many homeowners have taken advantage of the discounted fixed interest rate on these loans and saved thousands of dollars. Since its authorization by the County Commissioners in 2002, Fix-It Funds has provided more than $14 million dollars in low-interest loans to homeowners. “According to our records, over 90% of the homes in Medina County may qualify for a Fix-It Funds loan,” Burke stated.
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 Treasurer of Stark County 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 Westfield Bank at two locations: 4015 Medina Road on Route 18 in Medina and Two Park Circle in Westfield Center.
For more information, please contact the Treasurer's Office or Westfield Bank:
Medina County Treasurer’s Office: 330.725.9746, firstname.lastname@example.org
Westfield Bank: Cheryl Murrin (NMLS#1365194) at 330.764.6091, CherylMurrin@westfield-bank.com
Tiffany Cherry (NMLS#1837679) at 330.662.0353, TiffanyCherry@westfield-bank.com
Michelle Evans (NMLS#1460020) at 330.661.6083, MichelleEvans@westfield-bank.com