How do I pay for the loan?

No monthly payments are required! No monthly payments are required! The principal and all interest (if applicable) shall be paid in full when the borrower(s):

  • Cease to occupy the property
  • Death of all borrowers
  • Loss of the property through court action or involuntary asset transfer
  • Sell or transfer the property


The Home Improvement Loan Mortgage is recorded with Wayne County Records, producing a lien on the property. The lien will remain on the property until the Home Improvement Loan is paid, at which time the mortgage will be discharged.

Additional Payments

Want to make one or more payments anyway? You certainly can! Payments must be $100 or more, excluding final payment, which must total the full balance owed. When you make payments on any loan that has an interest rate, those payments are applied directly to the principal balance which reduces the amount of interest you would owe. If you were able to make full payment within five years from the date of the loan, all interest would be forgiven.

If partial payment is made within five years from the date of the loan, the interest charged on the portion paid will be forgiven at the time of full repayment. But remember, only one payment is required!

Show All Answers

1. Who is eligible for a Major Home Rehabilitation loan?
2. What are the income guidelines as determined by Housing and Urban Development?
3. What types of home improvements will qualify for the Home Rehabilitation Loan Program?
4. Who determines what repairs are completed?
5. How is the work completed?
6. How much money may I borrow?
7. How do I pay for the loan?
8. How often may I apply for a loan?
9. What do I need to bring to the appointment?
10. How do I apply for a Home Rehabilitation Loan?