For homeowners who need to make repairs but lack the necessary funds to do them all Mt. Airy USA has an innovative loan program. Mt. Airy USA is one of several city agencies that can help eligible individuals secure either a PHIL Plus or Mini-PHIL loan.

PHIL Plus loan features:

• Borrow up to $25,000
• Terms up to 20 years
• Apply for a 1-percent rate reduction after 24 consecutive on-time monthly payments
• No equity in property required
• No bank fees
• Free inspection of completed work

Mini-PHIL loan features:

• Borrow up to $10,000
• Terms up to 10 years
• Fixed interest rate
• No equity in property required
• No bank fees
• Free inspection of completed work

The PHIL Plus can be used to make major home improvements, while Mini-PHIL is geared toward small or emergency repairs. If there’s any money leftover after the repairs, the homeowner may use that to help pay down any other existing debt. Housing must be owner-occupied to be eligible. Both programs require housing counseling.

Click Here to contact our Housing Department for more info