The Town of Wilmington offers a T5 Betterment Loan Program to owner occupied homes with failing septic systems. It is a 5% interest Betterment Liened on your property. You would pay it back as an increase in your taxes over 10 years. So if you pay you taxes through your mortgage, your mortgage payment would go up.
We do encourage homeowners to first try and get other sources of funding before coming to the Board of Health for funding.
The federal Farmers Home Administration (FHA) also offers low-cost financing to those who qualify.
· Multi-family homes 202-708-2495
· Single-family homes 202-708-3175
USDA Rural Development Program
This program offers government loans to assist very-low-income rural homeowners who are in need of repair and improvements to their homes for health or safety reasons, including repairs or upgrades to septic systems.
Some other Banks that may offer funding.
Reading Cooperative Bank 1-781-942-5000
Wakefield Savings Bank
First Eastern Mortgage Company, Andover
Danvers Savings Bank 978-777-2200
If you have questions about funding or documents needed to proceed, please call Shelly at the Board of Health and I may be able to help you. 978-658-4298
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