Septic Financing in Oregon

CLEAN WATER LOANS IN OREGON

Craft3 offers affordable financing for homeowners facing a septic system repair or replacement. Our Clean Water Loan is designed to work for a variety of households, including lower-income homeowners and borrowers who may not have perfect credit. This program is made possible by funding from the Oregon legislature and is administered in cooperation with the Oregon Department of Environmental Quality (DEQ). Additional information on the DEQ Onsite Septic Program is available on its website.

We have helped hundreds of Oregon homeowners repair or replace their septic systems, stay in their homes, and keep local waters clean. We’ve gotten pretty good at answering questions and taking care of our customers and we look forward to helping you!

NOTE: Special grants and loans available for homeowners to repair septic systems damaged in Oregon’s 2020 wildfires. Learn more.

LOAN FEATURES

Our Clean Water Loans are designed to meet your needs and work for as many homeowners as possible.

Financing tailored to your needs

Borrow the entire cost of eligible design, permitting and installation. Lower rates for qualified lower-income borrowers.

No upfront fees

And all loans include a $2,000 reserve to fund ongoing maintenance.

Perfect credit not required

While we consider your ability to repay the loan, you don’t need perfect credit to be approved.

Convenient repayment

Make automated payments directly from your bank account.

If at any point, you’ve got any questions you can email us at CleanWater@Craft3.org or call 888-231-2170 ext 125.

LOAN DETAILS

Our loans are accessible to many homeowners, including those without perfect credit. And you won’t be charged a higher interest rate if you have a lower credit score. In some cases, you can even finance connection to a nearby municipal sewer. Rates and terms are determined by applicants’ annual household income and occupancy status. (Note: Reduced rates are only available for owner-occupied properties.)

Annual Household Income	Interest Rate	Term Options	Examples
Up to $35,000 and owner-occupied	2.49% (2.36% APR*)	Deferred payments Interest-only payments* Fully-amortized payments	Deferred payment option: $24,000 loan amount, No monthly payments for 179 months, Balloon payment of $34,144 due on the 180th month based on 2.36% APR.
Up to $55,000 and owner-occupied	4.49% (4.79% APR*)	Interest-only payments*** Fully-amortized payments	Interest-only payment option: $24,000 loan amount, $94 interest payment for 179 months, Balloon payment of $24,889 due on 180th month based on 4.79% APR.
Greater than $55,000 - or - Non-owner-occupied, secondary home	5.49% (5.99% APR*)	Fully-amortized payments	Fully-amortized repayment: $24,000 loan amount, $202 for 180 months at 5.99% APR.
APR, Annual Percentage Rate based on example loan criteria. Deferred Payment option maximum loan amount is $35,000 and maximum loan-to-value is 80 percent. **Interest-only Payment option maximum loan amount is $45,000 and maximum loan-to-value of 100 percent. Loan availability, terms and conditions current as of 11/01/21 and are subject to change. Examples include financing of Craft3 $795 loan fee. All loan applications are subject to credit, property and project approval. Maximum loan amount and Loan to Value apply and are subject to equity value and underwriting requirements for all programs. Loans are secured by a UCC-1A filing recorded with the county. Subordination may be available with lender approval, fees may apply. Principal balance and interest (if applicable) is due on sale, transfer, refinance or maturity.

ELIGIBILITY CRITERIA

Starting November 1, 2021, Oregon homeowners may be eligible to borrow up to the full cost of your septic repair or replacement. If we can’t approve your loan, we’ll explain why. In addition, one or more of the following must apply:

Your septic system is at least 25 years old
Your septic system is failing
You’ve been contacted by local health officials
You are under orders to fix your septic system

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PROCESS

Craft3 supports homeowners every step of the way. Here's how it works.

Apply

Our online application is user-friendly and we’re standing by to help.

Plan

Work with your contractor to design your system, receive permits and finalize project cost. NOTE: Your contractor must be approved by the Department of Environmental Quality to conduct septic system replacement work. Contact your local health jurisdiction for a list of approved contractors.

Sign

Securely sign your electronic loan documents. By request, document signing is also available via postal mail.

Install

When your loan documents are signed, your contractor can get to work. Once the Certificate of Satisfaction or Completion is provided and the work is completed to your satisfaction, you authorize final payment to your contractor.

Repay

Repay your loan with automated payments from your bank account.

GET STARTED TODAY

You can apply online. Or give us a call and we can walk you through our financing options and answer any questions you may have, 888-231-2170 ext 125.

Apply Now