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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 $65,000
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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
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No annual fees
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No penalty for early payoff
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Must have a credit score of at least
620
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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
Click
here for more information on the
Property Improvement Program (PIP)
1087 Newell Street, P.O. Box 885
White Cloud, MI 49349
Phone
(231) 689-7091 Fax (231)
689-7087 |
