FREQUENTLY ASKED QUESTIONS
INFORMATION ABOUT THE INS & OUTS OF YOUR HHQ HOME IMPROVEMENT LOAN
+ How do I apply for a home improvement loan?
You may download and complete an application from our website, stop in and pick up an application or call our office to request a loan application be sent to you in the mail. Applications must be completed, signed and returned along with the required documentation.
+ What documents will I need to include with my loan application?
You will need to include the following documents to complete your loan application:
- Copy of the recorded deed to your home.
- Proof property taxes and water bill are current (For CDBG-funded loans ONLY).
- Proof of income for all household members (i.e. 3 recent pay stubs; benefit letter for SSI, Social Security, pension, unemployment, disability, etc.) (ONLY for some loan programs)
- Copy of federal tax returns from the last 2 years.
- Bank statements from the last 3 months.
- Copy of declarations page of homeowner’s insurance stating current policy period, amount of coverage & listing of all mortgages against the property.
- Copy of photo I.D. (i.e. driver’s license).
+ What are the HUD Income Limits?
For many of our programs, your gross annual household income must be at or below 80% of the area median income as determined by U.S. Department of Housing and Urban Development. These limits change each year. See current HUD Income Limits HERE.
+ Will a lien be placed on my house?
Yes, Home HeadQuarters' loans are secured with a mortgage that you will sign at closing.
+ Will I need to have homeowners insurance?
Yes, Home HeadQuarters' loan terms require you to have ongoing homeowners insurance with no lapses for the duration of the loan.
Payments & Loan Terms
+ Can I make extra principal payments on my loan?
Yes, please feel free to send in additional money to shorten the term of your loan. There is no pre-payment penalty. If you are doing this, please mark your check or money order appropriately as “principal only".
+ Can I pay with cash or a credit card?
As a general rule, payments to HHQ should be in the form of a check or money order. HHQ does not accept cash in our office. However, we do have the ability to take a credit card payment if necessary on a case-by-case basis.
If you have a bank account, we do recommend signing up for auto-pay as a way to conveniently manage your monthly payment. To sign up for auto-pay or learn more, please call the office.
+ Will I get a monthly statement?
No, at closing you will receive payment coupons if you do not sign up for auto-pay.
+ What happens if my loan becomes delinquent?
HHQ takes our collection efforts very seriously, but we try to work with our customers as much as possible. When delinquency is severe, we utilize the services of outside collection agency.
+ How do I obtain the balance on my account?
Please call Tye at (315) 474-1939 x6646 for the balance on your account.
+ Is my first loan payment deferred until the work on my home is complete?
Your first payment is still due regardless of the status of the work on your home. This is also stated in your promissory note.
+ What do I do if my bank account changes?
If you are on auto pay and you change banks, we will need to be notified as soon as possible. Once you call the office we will send you an account change form that you will need to complete.
+ What is a deferred loan and do I have one?
If you received financing through HHQ that has no monthly payment, then you generally have a deferred loan. If you're unsure of whether you have a deferred loan, we recommend you review the documents you recieved during closing.
This type of financing is considered a loan because we have placed a lien upon your property to secure our interest. It is deferred because no monthly payments are due. The loan only comes due if the house is sold before the end of the term or if the customer no longer lives in the property as an owner-occupant
+ What if I want to refinance my first mortgage?
If you would like to refinance your first mortgage, the new mortgage holder will want to be in first lien position. Often, HHQ will allow this if your account is current. If your account is current and your subordination request is approved, there is a processing fee payable by check, money order or cashier’s check. If you have any outstanding late fees, they will need to be paid before a subordination request will be approved.
+ Can HHQ refinance my existing loan or any other loans I have from other lenders?
No, HHQ does not have the ability to refinance your loan.
Pay Off & Lien Removal
+ What happens when my loan is paid off?
HHQ will forward you a letter stating that your loan is paid off, and help you to file a mortgage discharge with your County Clerk's office, which will cost you $51.
+ What happens if I die before my loan is paid off?
HHQ submits a claim to the Surrogate Office for the balance of our loan; including any deferred monies.
+ If I sell my property, what happens to my loan?
HHQ loans cannot be transferred and must be satisfied at closing with proceeds. Please contact us 10 days prior to your closing for an accurate payoff amount.