Detroit Home Repair Program Insurance

Detroit Home RepairDetroit Home Repair Program requires you to have insurance

What is the Detroit Repair Loans program?

This program is for Detroit homeowners who have owned and occupied a Detroit home for at least 6 months. The Detroit 0% Interest 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 are provided 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 (LISC) and Bank of America. This is a public-private commitment focused on revitalizing Detroit’s neighborhoods. It is designed to help Detroit homeowners address health and safety issues, fix their homes, and eliminate blight.

Who is eligible for the Detroit Home Repair program?

  • Homeowners must own and occupy their home for at least six months prior to 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.

Detroit Home Repair Program was created to:

Help Detroiters  borrow money for critical home repairs by providing 0% loans.

What repairs are eligible  for Detroit Home Repair Loans program?

If the home has health and safety hazards, those issues must be addressed first before other repairs can be made.
•Correcting health and safety hazards (required);
•Electrical repairs;
•Furnace replacement;
•Roof replacement;
•Repairs to existing attached or unattached garages and existing driveways;
•Plumbing;
•Door and window replacements;
•Porches and structural support.

How much is available for the Detroit home repair loans Program?

Loans are available between $5,000 and $25,000 for Detroit homeowners who own and occupy single-family homes. Homeowners who own properties with two units, such as duplexes, can be eligible for up to $50,000 as long as they live in one of the units.

Homeowners insurance required for the Detroit Home Repairs Loan program.

Homeowners insurance is required for the 0% interest home repair loan. If you don’t currently have insurance you can get more information on Michigan Basic Property Insurance Association or either call 248-888-1134 or click here to be connected to a local Michigan Basic Insurance agent.

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 homeowners insurance in the home repair loan. Two denial letters must be provided, along with a quote from Michigan Basic.

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