Wednesday, March 04, 2009

MSHDA's Property Improvement Program

The Michigan State Housing Development Authority's (MSHDA) Property Improvement Program is once again offering low interest home improvement loans. This program is for single-family homeowners with low to moderate income. For purposes of this program, low to moderate income is defined as having an annual household income of no larger than $65,000.

Some of the home improvements that are eligible for this lending program include:
  • Furnaces and central air conditioning;
  • Garage or carport - either adding on or renovation;
  • Insulation;
  • Kitchen and bathroom remodeling;
  • Ramp installation;
  • Roofs - either repair or replacement;
  • Siding;
  • Solar water heating systems;
  • Wall to wall carpeting;
  • Windmills for home power;
  • Windows and other permanent improvements to homes.
These loans can be as low as $1,000 and up to $25,000 without using any equity in your home. With equity, homeowners can borrow up to $50,000. MSHDA can amortize loans up to 20 years to make payments affordable. Interest rates are 4%, 6%, or 8%, depending upon your income.

There is no application fee, no points or annual fees, and no penalty for early payoff. Automatic payment is available.

To get more details about the program, please check out their web site. You can also call 517-373-8017 (TTY: 1-800-382-4568).

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