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Home Improvement Loan Program

Owner-occupants of one- to four-family properties and residential condominiums can take advantage of a low-interest loan to make non-luxury improvements to their homes through MassHousing's Home Improvement Loan Program (HILP).

Loans are financed by participating MassHousing-approved lenders and can be for amounts between $7,500 and $50,000. Loan terms are anywhere from 5 to 15 years. The interest rate on all HILP loans is 5%.

The maximum loan-to-value ratio is 100% of the assessed value or appraised value, though an appraisal is not required. The borrower’s debt-to-income ratio cannot exceed 50%; borrowers must have good credit and stable income.

Mixed-use property is ineligible. Sweat equity and work started prior to loan closing will not be reimbursed under this program. Allowable home improvements include items that will enhance the basic livability of a property.

 Home Improvement Documents
Document  Home Improvement Loan Program Brochure
Document  Home Improvement Loan Program Income Limits