The Home Improvement Loan Program began about 30 years ago. It was 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 4 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. This gives our members the opportunity to make improvements and potentially increase the value of their home; without the burden of interest charges!

Members are eligible to apply for special no-to low-interest loans to repair or remodel their homes. Various loan amounts are available up to $30,000 at fixed interest rates.

Our most popular loan is the 0% interest up to $10,000 on a 5-year term. Once paid off, members can apply for the loan again. All that is required is bank approval and a 6-month home inspection administered by SWHEAP to confirm intended use.

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.