Offered as an additional benefit to help SWHEAP members upgrade their home with the opportunity to increase its value. The Home Improvement Loan Program offers members 3 programs to choose from. Members still have to apply at participating banks: Marquette and Hoyne.
Effective July of 2015, a new law was passed to allow members to use the Home Improvement Loan to aid homes damaged by flooding. Members can use these loans to install flood control and/or overhead sewer systems.
Members are eligible to apply for special no-to low-interest loans to repair or remodel their homes.
After July 1st, the new rates will be as followed:
Up to $15,000 at 0% interest on a 5 year term
$15,001 - $20,000 at 2% interest on a 7 year term
$20,001 - $30,000 at 3.5% interest on a 15 year term
While our most popular loan is the 0% interest up to $10,000 on a 5-year term. After July 1st, members can now borrow up to $15,000 at 0% interest, still on a 5-year term. There are not any penalties if paid before the term ends.
Members of the Southwest Home Equity Assurance Program can apply for the Home Improvement Loan at Marquette National Bank or Hoyne Federal Savings Bank.
The process is the same as for a regular home equity loan: and applicants must be approved by the lending institution. Once approved, you must use the loan for future repair, maintenance, remodeling, alteration or improvement of the landscape in the guaranteed property made from date of application to a period no longer than six months. Any home improvements made prior to the date of application are ineligible for the subsidy payment.
SWHEAP does require a home inspection within the 6 months of closing on your loan to verify intended use of the loan. Receipts may be requested.
Once the loan is paid off, members can apply for another loan program. There is not a limit on loans members can take out during their lifetime membership.
That is right! Our new brochure was just mailed out to the district. Get a jumpstart on your home improvement projects by joining today!
Don't forget our rates just got better. Take a look!