Wednesday, February 11, 2015

Interest Free Loans to Fix Homes in Detroit

Fixing up your Detroit home just got easier. In the state of the city address, Mayor Duggan announced a program to give zero interest loans to Detroit homeowners who have owned their homes at least six months before applying. Low income homeowners are qualified within any area in the city. Within certain qualifying areas, all homeowners may qualify.
However, you must have a minimum credit score of 560. If you don't, you can get credit counseling to help improve your credit. The loans are between $5000 and $25000. The loans concentrate on health and safety improvements.
Applications will be available in March, online or at the city's recreation centers, neighborhood intake centers, and neighborhood district manager's offices. For more information, call the Detroit Planning and Development Center at 313) 224-2560.

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