Description of the 0% Interest Loan Program:
In conjunction with MainStreet Bank, the City of Fairfax Renaissance Housing Corporation (FRHC)
will make available home improvement loans up to $250,000.00 with no interest paid by the
borrower for the first two years. Interest on this loan will be paid by the FRHC during the 24-month
These guidelines provide a summary of requirements only. For more information contact the Neighborhood Renaissance Office at 703.385.2494.
- Only City of Fairfax residents are eligible. (Prospective City homeowners with contracts to purchase are also eligible to apply.)
- The home must be single family detached, owner-occupied and only the homeowner may apply.
- Duplexes are eligible if the project includes both sides and provided that both sides are resident homeowner occupied.
- The home must be at least ten years old.
- You may submit only one application per home.
- Homes with an assessed tax value of $750,000 or more are ineligible.
- The home must exhibit one or more of, but not limited to the following conditions: exterior or interior deterioration, functional obsolescence, or lack of amenities found in today’s new homes (such as master bedroom suites, two car garages, etc.).
- All required paperwork and/or permits must be applied for and be approved by your homeowners association (if applicable), the City of Fairfax, and the FRHC.
- Improvements must be completed within eighteen months of the loan closing date in order to avoid an interest reimbursement to FRHC. (The interest reimbursement will be equal to the amount of interest paid by the FRHC on the loan for the period that the loan was in place. Under extraordinary circumstances this guideline may be waived by the FRHC Board of Directors.)
- The loan proceeds must be spent on the approved residential improvements.
- Loan proceeds may not be used to pay off or pay down loans made prior to FRHC loan closing date.
- You may be required to spend up to twenty-five percent of the loan proceeds on exterior improvements, such as the entryway, walkway, or landscape at the front or sides of you home. (May be waived at the discretion of the FRHC Board of Directors.)
- The home must remain owner-occupied and cannot be sold for at least thirty six (36) months after the loan closing date in order to avoid an interest reimbursement to the FRHC. (The interest reimbursement will be equal to the amount of interest paid by the FRHC on the loan for the period that the loan was in place. Under extraordinary circumstances this guideline may be waived by the FRHC Board of Directors.)
- Both the project and the loan must be approved before any work may start.
- The loan amount may not be increased after its bank closing date.
MainStreet Bank Guidelines
- The FRHC Home Improvement Loan is a home equity line. Although the FRHC will pay the interest for two years, the loan is secured by a lien on your home.
- This loan is a home equity line and will be secured by a second place deed of trust against your primary residence. If there is an existing second mortgage or lien it must be paid off or refinanced into the first trust mortgage before the FRHC loan can be settled.
- The loan requires monthly payments of interest during the two-year term. The FRHC will pay the interest for the two year term, and none of the principal is due until the end of the initial two-year term.
- At the end of the initial two-year term, the homeowner may pay off the loan or apply to refinance into a conventional mortgage or home equity line of credit.
- Loan To Value (LTV) ratio limits will apply. Contact MainStreet Bank prior to application submission for information on the LTV for your home.
- Availability of credit subject to completed application with MainStreet Bank and full credit underwriting and subject to credit approval.
- To start the loan process, fill out an application and submit it, along with a non-refundable application fee, to the City of Fairfax Renaissance Housing Corporation hand delivered to Tina Gillian, City of Fairfax, City Hall 10455 Armstrong St. Room 207.
- Approval of project application will be reviewed on a first come, first serve basis.
- Application procedure is two-fold. Project applications are first reviewed by the FRHC. Once approved applicants will be referred to MainStreet Bank for the loan approval process. Please note applications are not fully approved until approved by the MainStreet Bank. If work is started before this time your application may be denied.
- After the FRHC forwards a loan request to MainStreet Bank, the applicant will need to provide the bank with appropriate financial information and project plans.
- During the twenty four month term of the 0% loan, program participants must provide the FRHC with quarterly project status reports.
- Under this program, during the renovation process, the FRHC and MainStreet Bank have the right to post a sign in the front yard of the property and to inspect the project property at any time.
Download Program Application and Brochure:
Residential Appearance Awards
Residential Appearance Awards Every spring, the Community Appearance Committee presents awards to exceptional homes in the community. Landscaping, lighting and the general condition of the property are taken into consideration along with the appearance of the house. Homes may be nominated for consideration. Please contact 703.385.7995 for more information.