Comments on: Can I get a home improvement loan in detroit, michigan?

By: Jennifer

Jennifer — Wed, 31 Dec 2008 01:24:10 +0000

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By: mskittykat9

mskittykat9 — Sun, 28 Dec 2008 13:01:37 +0000

Yes, (the banks in Detroit still need to make money from loans) & most banks are happy to make home improvement-type loans as long as you have equity in your home & it appraises for enough to cover the loan (should they need to sell it) & with your house being their collateral of course. Even though some of the guidelines have become a little stricter especially due to all the recent foreclosures, since you have a job to prove income, you should be able to get at least a small loan for repairs (some banks require that you have been at your job for a year or 2 though) – just “shop” the loan to see who is going to give you the best deal IF you decide to go this route. As far as “grants or Gov’t help,” you could search for this info on the web as you may already be doing. *But one other idea that you might try is to choose a renter that is a “handy-type” person – let them make the agreed upon repairs to replace some of what they will owe you for rent (of course be sure that you check them out as much as possible & that everything is in writing & receipts are obtained). This could especially be good if you are pressed for time (also you mentioned that you have enough debt already) – so “no loan- no finance charges.” smart move & i hope things work out well for you b/c renters can sometimes be a pain!

By: somewhat_med

somewhat_med — Fri, 26 Dec 2008 17:50:06 +0000

Are you right in the city of Detroit? Thats Wayne County correct? I know that Macomb County has home improvement loans that they have been really pushing lately (some are even intrest free!) because nobody is taking advantage of them, but I haven’t heard anything about any other counties following suit….
Another option is to find a renter who would be willing to do some repairs/upgrades for a discounted rent…just make sure that you have a GOOD lease agreement!!!
My dad did this in the past and it worked out well, he had a lawyer friend help him with the lease terms and whenever the renter completed a repair he gave him a discount on his rent.

I would check out some websites for

By: Cailyn

Cailyn — Thu, 25 Dec 2008 12:21:18 +0000

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