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Community Development
Property Improvement
Program (PIP)
Requirements (very low to moderate income):
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Maximum annual gross income cannot
exceed $60,700
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Minimum loan amount is $1,000
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Maximum loan amount is $50,000
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Interest rates are 4%-6%-8%
(determined by annual gross income)
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Maximum term is 20 years for loans up
to $25,000 & up to 30 years for loans over $25,000
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Must have acceptable credit history
(medical may be explained)
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Must have the financial ability to
repay loan (max. 45% debt to income ratio)
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Mortgage will be placed on property
for loans of $7,500 or over
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All persons on property title are
required to sign mortgage (i.e. L/C holder, others on deed)
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Permanent improvements that protect
or improve the basic livability or energy efficiency
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Property taxes must be current
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Homeowners insurance required
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Must have minimum of 50% interest in
property
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Mobile homes must be permanently
affixed to property (can be include in loan)
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Mobile homes that have a lien on the
certificate of title may not be eligible
1087 Newell Street, P.O. Box 885
White Cloud, MI 49349
Phone
(231) 689-7091 Fax (231)
689-7087 |
