Who Can Apply?

Homeowners with equity in their home, annual household income up to $105,700 with a credit score of at least 620.  The home must be the borrower’s primary residence, either single-family or manufactured home, located in Michigan*. Cumulative Loan to Value is 105%. 

What Are The Loan Benefits?

  • Loan terms up to 20-years keeps monthly payments affordable

  • Requires no out-of-pocket cost
  • No appraisal required

  • No lien placed on loans under $7,500

How Much Can I Borrow?

Amounts financed can be as low as $2,000 and as high as $7,500 for single family and manufactured homes permanently attached to real estate.  Manufactured homes renting in mobile home parks are eligible.

What are the Interest Rates?

Interest rates for homeowners vary based upon the gross household income.  Contact us for current rates at (313) 256-8430.

There is a 2% origination fee and a $100 loan origination fee.

What Improvements Are Eligible?

The improvements financed must be permanent and substantially protect or improve the basic livability of a single-family or manufactured home. Removable appliances are not eligible.  Major systems repairs, structural additions, alterations and renovations, replacement and energy efficiency updates include:

  • Roofing, insulation, siding, windows and doors

  • Heating, air conditioning, plumbing and electrical

  • Kitchen and bathroom remodeling

  • Attic and basement finishing, garage, carport and decks
  • Well, septic and sewer replacements

For inquires on the MSHDA PIP program call our Consumer Lending department at (313) 256-8430 or send an email.

*MSHDA PIP loans are offered by First Independence Bank for the counties of Wayne, Oakland and Macomb.