Cover Your Asset Roof Program: FAQ's

Frequently asked questions

Why is there so much personal documentation required for the roofing program if there are no income qualifications? The program you are applying for is a formal loan program and it is administered with Federal Funding through partnership with Neighborhood Housing Services. Like any other Federal program, income documentation is required.  Our unique program does not have income qualifications. Therefore, as long as you fully provide all the required information, you will be qualified regardless of bankruptcy, credit score, etc. 

Who is eligible to participate? Owner-occupied homes in the 44119 zip code, in the City of Cleveland.

Who would not be able to participate? Those applicants that are not in owner-occupied homes and those that are not current with their mortgage and their property taxes will be declined from participating.

Can the program be used for non-owner occupied property? No. The goal of the program is to serve those homes that are owner occupied.

Can I pay the loan back whenever I want? Yes. The loan is technically not due until sale or transfer of the property but you are able to make payments whenever you want.

What contractors can I use? You may choose your contractor yourself or from our list. The contractor must be licensed, bonded, insured and certified to work in the city of Cleveland. 

Are there any fees incorporated with the loan? Yes. Depending on the loan amount, the fees can range from about $650 to $850. This fee is incorporated into the loan itself so that it does not need to be paid up front. The maximum amount of the loan is $10,000.  Therefore the maximum amount for construction costs is about $9,150. Any amount above that must be paid by the borrower made payable directly to the contractor.   

What are the fee charges for? Origination fee, Credit Report, Flood Certification, Federally Mandated Inspection Fee, Settlement/Closing Fee, Lien Search, Mortgage Recording Fee to County etc. Neighborhood Housing Services is a community organization and the fees are solely to cover costs and keep them running so they can support the community. 

What if you just bought your house? If you have owned your home for less than one year, you must have a good credit score of 660 or higher in order for you to apply. If not, you must wait until one year after purchase. 

 How many homes can be part of this program? This is a one year pilot program which runs from February 2012-December 2012 in partnership with Neighborhood Housing Services. To be serviced, it is a first-come first-served basis. The program budget is $220,000 with maximum loans of $10,000 a home but, on average, the loans will be between $6000 and $8000. The number of homes that are part of the program could vary. It is best to apply with all documentation required to speed the process up.

How long does the process take? The program ideally would take 60-90 days from the date Neighborhood Housing Services receives the full application.

What is the step-by-step process for the roof loan program? First, Northeast Shores checks that the application and documentation is complete. They then hand the application to Neighborhood Housing Services who review the application details and set up an appointment for a NHS rehab specialist to review the home and create an estimate on projected costs. Then, NHS writes the formal loan. Then, the owner must sign the loan. The loan then goes to loan committee for review. Once approved, the owner has 60 days to obtain three estimates. The estimates are reviewed by NHS and once okayed  the owner chooses a contractor.  Then work is begun and checked by NHS technical assistance when complete. The process should take between 60-90 days. 

What documentation is most overlooked? -All of the pages of 6 months of bank statements.-Full 90 days of your most recent check stubs. -Savings accounts: we need the last month's most recent statements. -Most current up to date statement of Mortgage , Insurance, Benefit letters.

Charlie Kamen is the Housing Programs Manager Northeast Shores Development Corp.