EPA Loan Board Changes Interest Rate on Mortgage Loans

The EPA Loan Board approved the following change at the July 25, 2012 meeting: Effective, July 25, 2012, the interest rate on new loans is 4.75%. The change applies only to new loans and it does not apply to the existing 5.5% loans. 

Another change approved by the Loan Board pertains to the refinancing of existing bank loans outstanding, to qualified churches, at the new rate of 4.75%.

The Loan Board will offer and promote refinancing of bank loans provided: (1) the loan is in good standing; (2) the loan’s original purpose was for a building project that would have qualified for a Loan Board loan and (3) the usual loan application and approval process will apply.  Note: this offer does not apply or extend to existing Loan Board loans.