Monday, November 17, 2008

MSHDA's Property Improvement Program

With winter coming soon, now is a good time for homeowners to look into energy efficiency home improvements. MSHDA's Property Improvement Program offers low interest home improvement loans to single-family homeowners with low-to-moderate income (up to $65,000). Eligible home improvements insulation, window replacement, furnace replacement, roof repair or replacement, new siding, installing a ramp, remodeling a kitchen and other similar improvements.

Homeowners can borrow up to $25,000 without equity and up to $50,000 with equity. Because we can amortize the loan up to 20 years, the monthly payments are very affordable for those on a fixed income. The interest rate for homeowners is 4%, 6% or 8%, depending upon income.

These loans are provided through MSHDA-approved participating lenders and community agents. For a list of lenders and agents, as well as more program details, visit the web site at www.michigan.gov/mshda and click on the Home Improvement link.
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