Detroit Repair Loans Program requires you to have insurance
Insurance is one of the requirements for the Detroit Repair loans Program.
The program is for Detroit homeowners who have owned and occupied a Detroit home for at least six months. The Detroit Home Repair Loan Program provides loans to Detroit homeowners looking to complete home repairs or improvements. Homeowners have ten years to pay back the loans, which offer loans at 0% interest. That means homeowners pay back only what they borrow.
The program is a city-led partnership with the Detroit Local Initiatives Support Corporation and Bank of America. The loan is a public-private commitment that focuses on revitalizing Detroit’s neighborhoods. This program helps Detroit homeowners address health and safety issues, fix their homes, and eliminate blight.
Who is eligible for the Detroit Repair Loans program?
- Homeowners must own and occupy their home for at least six months before applying.
- Low-income homeowners can apply no matter where they live.
- Regardless of income, homeowners in designated areas in each city council district can still apply.
- The minimum credit score is 560.
- Homeowner’s insurance and taxes must be current.
- The homeowner must be able to afford the loan payments.
The purpose of the Detroit Repair Loans Program
Help Detroit residents borrow money for critical home repairs by providing 0% loans. For more information on the application to apply or to get more details, go to www.detroithomeloans.org.
What repairs are eligible for the Detroit Repair Loans program?
You will need to repair any health and safety hazards issues before other repairs can start:
•Correcting health and safety hazards (required);
•Electrical repairs;
•Furnace replacement;
•Roof replacement;
•Repairs to existing attached or unattached garages and existing driveways;
•Door and window replacements;
•Porches and structural support.
How much is available for the Detroit loans Program?
Loans are available between $5,000 and $25,000 for Detroit homeowners who own and occupy single-family homes. Residents who own properties with two units, such as duplexes, are eligible for up to $50,000 as long as they live in one of the units.
Information on homeowner’s insurance for the Detroit Repairs Loan program
Homeowners insurance is required for the 0% interest home repair loan. If you don’t currently have insurance, fill out your information to get a Michigan Basic Insurance quote or call 248-277-4505 to get a quote from a Michigan Basic agent.
Finally, if you have been denied insurance for your property two or more times, the program may be able to help you qualify. You may even be able to include the first year’s payment for homeowner’s insurance in the home repair loan. Two denial letters must be provided, along with a quote from Michigan Basic.
