LANSING – Michigan Saves, the state’s largest nonprofit energy financing organization, is getting the word out to residents that the Home Energy Loan Program can be used for many home improvements they may be facing due to the recent flooding in Southeast Michigan.
Many residents will need to address furnaces that have been damaged by water exposure; replacing a furnace with an energy-efficient unit can be financed through HELP. Customers can finance other energy-related improvements they may need as well, like the purchase of a qualifying Energy Star washer and dryer or costs associated with remediating mold before air sealing.
HELP is one of the most accessible loan products in the state with favorable terms for the consumer. Up to $30,000 of home improvements with a maximum 10 years repayment term can be financed with a minimum FICO score of 640. Available interest rates are as low as 4.25 percent APR for well qualified applicants, and as high as 4.99 percet APR for those that meet at least the minimum credit standard. Full details about eligibility can be found here. No down payment is required, and the amount of home equity does not affect eligibility.
To access the loan, customers must use a contractor authorized by Michigan Saves. If a customer chooses to utilize a contractor not on the list, that contractor can be authorized quickly by filling out this form. Authorized contractors can walk the customer through the application process, and credit decisions are made within minutes.
HELP has provided capital to thousands of Michigan families, and it can be a great resource for those in Southeast Michigan that need to address flood damage to their homes–especially where insurance falls short. Additional resources may be available via residents’ utility provider.
For information about rebates and incentives, Click on Michigan.Gov/MPSC
