Photo Gallery
A member's before picture of their kitchen, before obtaining the home improvement loan.
Member's after picture of their kitchen, after obtaining a home improvement loan with us.
Marquette & Hoyne Bank
Marquette & Hoyne Bank
Marquette & Hoyne Bank
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.
Flood Control
Marquette & Hoyne Bank
Marquette & Hoyne Bank
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.
Loan Programs
Marquette & Hoyne Bank
Loan Programs
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
Most Popular
Marquette & Hoyne Bank
Loan Programs
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.
How can I apply?
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.
What do the banks look for?
- Minimum credit score of 630
- 20% equity in your home
- No other lien on property except for mortgage
- Recent buyers must live in the property for at least 3 months.
Home Inspection Required
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.
NEW Home Improvement Loan Rates!
Effective July 1st, 2023 our new loan rates will be:
Program 1: $1000 - $15,000 at 0% interest on a 5-year term
Program 2: $15,001 - $20,000 at 2% interest on a 7-year term
Program 3: $20,001 - $30,000 at 3.5% interest on a 15-year term