Guaranteed Loans
For applicants unable to meet the bank's standard loan requirements but who can demonstrate to the NewWell Fund that they are creditworthy and able to repay the loan they are applying for, the Authority may guarantee the loan.
The NewWell Fund will make payments to the bank for problems of repayment or pay the principle and accrued interest in cases of default. Any funds paid by the NewWell Fund for repayment will be owed by the borrower to the NewWell Fund and repaid at the conclusion of the loan.
Home improvement loans to facilitate independence related to a specific disability (ramps, roll-in showers, environmental controls) may be secured in the same way other home improvement loans are secured.
Auto/van purchases, including vehicles that are modified to accommodate a specific disability (wheelchair lifts, hand controls, etc.) may be secured by the vehicle, in the same way other vehicle purchases are secured.
Other assistive technology loans are generally unsecured. This includes electric
scooters, wheelchairs, hearing aids, computers with voice input or output,
augmentative communication devices, low cost modifications to the home or a
vehicle, and so on.
Eligibility Criteria
Qualifying borrower must be a resident of Virginia with a disability or a family member of someone who has a self-identified limitation to a major life function. A borrower must demonstrate creditworthiness and repayment abilities to the satisfaction of the Board.
For a loan guarantee, the participating bank must first reject the borrower's application.
All other terms and conditions are the same as those of the non-guaranteed loans offered by SunTrust Bank.