The 0% Interest Home Repair Loan Program launched in April 2015 offers 10-year, interest-free loans from $5,000 to $25,000 to help Detroit homeowners invest in and repair their homes – promoting public health and safety, increasing property values and helping residents secure and maintain homeowner’s insurance.
What is it?
Who can apply?
- Must own and live in the home for at least six months prior to applying. Vacant, unoccupied units are not eligible.
- Low to moderate income homeowners can apply no matter where they live. View the income table to learn more.
- Regardless of income, homeowners in HUD designated areas in each city council district can still apply. See the map.
- The minimum credit score is 560. Debt to income ratio cannot exceed 45% and housing ratio cannot exceed 35%. Loan to value cannot exceed 150%.
- Homeowner’s insurance and property taxes must be current.
- The homeowner must be able to afford the loan payments.
What repairs qualify?
If the home has health and safety hazards (i.e. lead, mold, asbestos), those issues must be addressed first before other repairs can be made. The following are sample repairs:
- Removal of lead & other health/safety hazards (required)
- Electrical repairs;
- Furnace & HVAC replacement;
- Roof replacement;
- Door and window replacement;
- Concrete repairs (sidewalks, driveways);
- Porches, foundations and other structural repairs.
How to Apply
Download the Intake Form Here
You can also visit one of the 11 Intake Centers as well as any City of Detroit Rec Center to pick up an application for a home repair loan. When you have completed the application and compiled all of the required documents, please contact an Intake Center to schedule an appointment to submit your application.