LEDC's NextGen Impact Fund Loan powered by SELF

Program Type: Unsecured personal loan for home improvement

Make your home healthier, safer, and more efficient with an unsecured, low-interest rate loan from LEDC's NextGen Fund. LEDC approves people based on their ability to pay, not their credit score.

Loan Terms

• Loan Amount: $3,000-$25,000 (up to $50,000 for solar products)
• Interest Rate: 5.0%-10.5% fixed (7.4% to 8.5% for solar products)
• Terms: 3-8 years (up to 7 years for solar products)
• Origination Fee: 2.5% (1.25% military discount)
• Project Coordination Fee: 2.99%

Geographic Scope

• Maryland, DC, and Virginia

Eligibility Requirements

• Primary Applicant must be the owner or next of kin of the residential subject property
• Home must be located in Maryland, DC, or Virginia
• Applicant(s) must prove ability to pay (employment income, Social Security, Disability, etc.)
• Property taxes must be current
• Home mortgage loans must be current (with proof)
• Primary Applicant cannot have a bankruptcy in the past 12 months
• No minimum credit score required
• No income limits (minimum or maximum)
• No minimum asset or home equity required
• Co-signer or cash collateral may be required depending on previous payment history

Eligible Improvements

• Energy Efficiency, Conservation, or Renewable Energy projects
• Solar PV and solar products
• High-efficiency A/C
• Tankless water heaters
• Insulation
• Solar attic fans
• Solar water heaters
• Solar AC
• Sewer and water
• Storm resilience
• Roofing
• Weatherization and insulation
• Lighting
• Health and safety
• Disability products
• Air conditioning
• EV chargers and electric generators

Key Features

• No Minimum Credit Score: Loans based on ability to repay, not credit score
• Trusted Contractors: LEDC pre-screens all contractors, checks pricing, and provides project coordination from start to finish
• Manufactured Homes: Program lends to manufactured homeowners (mobile homes affixed to ground qualify)
• Mission: Non-profit organization helping homeowners from all walks of life enjoy safer, healthier, and more comfortable, efficient homes

Contact Information

• DC Office: 1401 Columbia Road NW, Unit C-1, Washington, DC 20009 | Phone: 202-540-7400 | Fax: 202-978-1104
• Maryland White Oak: 12520 Prosperity Dr., Suite 200, Silver Spring, MD 20904 | Phone: 202-540-7400
• Maryland Baltimore: 3500 Boston Street, Suite 227, Baltimore, MD 21224 | Phone: 202-540-7400
• Virginia Arlington: 2300 Wilson Blvd. Suite 719, Arlington VA 22201 | Phone: 202-540-7400
• Puerto Rico: Calle Ramón Emeterio Betances #345, Suite 108, Mayagüez, PR 00680 | Phone: 939-545-2817

Application Process

1. Start the application process by visiting the LEDC website or contacting one of their offices
2. Provide proof of ability to pay (employment income documents, Social Security statements, Disability documentation, etc.)
3. Submit property information including property tax documentation and mortgage loan documentation (if applicable)
4. Meet with LEDC staff for consultation and property review
5. Receive loan approval based on ability to pay assessment
6. Select a contractor from LEDC's pre-screened list or have your contractor pre-approved
7. Complete project coordination with LEDC throughout the home improvement process
8. Receive funds for your home improvement project

Required Materials

• Proof of ability to pay (pay stubs, Social Security statements, disability documentation, etc.)
• Property tax documentation
• Home mortgage loan documentation (if applicable, with proof of current status)
• Proof of property ownership or next-of-kin status
• Identification
• Description of proposed home improvements

Application URL

https://www.ledcmetro.org/nextgenimpactfund (contains "Apply Now" button)