HomeHome ImprovementHome Improvement Loans Michigan
Advertising Disclosure Acorn Finance receives compensation from some of the companies featured on our website, which may influence the presentation and order of the offers shown. Please note that not all loan options, savings products, or lenders are represented on our site.

Home Improvement Loans in Michigan

Compare monthly payment options from several lenders in under 2 minutes.

How much would you like to finance?

Loans for Home Repair & Home Renovations in Michigan

Home improvement loans in Michigan are like loans in any other state. When a homeowner is looking to complete home improvements or renovations to improve the value of their home, they have several options to choose from. The loan is applied for, approved, and then funded by a lender. Once the funds are in your account, you can start using the money to pay contractors, laborers, and purchase supplies.

Get Started

Compare rates from top lenders

About LightStream

Coming Soon…


Coming Soon…


Coming Soon…

About Sofi

Coming Soon…


Coming Soon…


Coming Soon…

About Upgrade

Coming Soon…


Coming Soon…


Coming Soon…

About Bestegg

Coming Soon…


Coming Soon…


Coming Soon…

Learn More About Home Improvement Loans in Michigan

Home improvement loans are worth it for many people in Michigan depending on their situation. Often, people rather borrow the money to pay for a home improvement project rather than spend all of their rainy day fund. Before taking out a loan, consider your own personal needs and financial decisions to make a sound decision.

Read more - FAQ


Can you get a home improvement loan in Michigan?

Yes, homeowners can get home improvement loans in Michigan. While some lenders may not service Michigan, there are plenty that do. As you start the search you can check with banks, credit unions, and online lenders. Before applying though, you will want to determine if a secured or unsecured loan is best.

Secured loans require collateral, typically in the form of equity in your home. For major renovations, you may need to use a secured loan due to the amount you'll need to borrow. While secured loans can offer large loan amounts and low rates, they are hard to qualify for. Time consuming too. For smaller home improvement projects you may be better off using an unsecured home improvement loan. Unsecured home improvement loans or personal loans are available up to $100,000, depending on credit score and what the lender offers. Some lenders can fund home improvement loans in as little as 1-2 business days so in times of need, they can be a great option.

Government loan programs are also another viable option for residents in Michigan to obtain a home improvement loan. Each government loan program has its own requirements for qualification, however, there are plenty of funds available to people looking to upgrade or renovate their existing home or purchase an older home and fix it up.

These government loan programs can be found through agencies like the FHA, VA, USDA, Fannie Mae, Freddie Mac, and the Housing Improvement Program (HIP) administered by the Bureau of Indian Affairs.

How do home improvement loans work in Michigan?

Typically, a month from the loan disbursement date, your first monthly payment is due. Monthly payments are calculated by taking the total loan amount, calculating the APR and any other fees, and dividing it equally over the term of the loan repayment period. Loan repayment periods for home equity loans and HELOCs can be typically anywhere from 5 to 20 years and personal loans can have repayment periods anywhere from 12 months to 12 years, depending on the size of the loan.

Pros of Home Improvement Loans in Michigan:

There are many pros to obtaining a home improvement loan in Michigan. However, the biggest pro is getting the money you need for a home renovation or repair upfront. Home improvement projects can cost anywhere from as little as $5,000 to as much as $75,000 or more, depending on the project. If you are not looking to spend your entire family's savings on a home improvement project, then having access to tens of thousands of dollars upfront that can be paid back through easy monthly installments is by far a major pro.

Here are some of the other pros of home improvement loans in Michigan.

  • Fast approval and funding times: Many lenders can approve your loan application and fund your personal account within a few short business days.
  • Competitive interest rates: If you have good credit, you can have access to some incredibly low-interest rates among other perks.
  • A large number of lenders to choose from: The home improvement loan lending market is vast and there are many options available from loan type to lender. Competition can reward the borrower.

It's these types of advantages that make home improvement loans a popular financing choice for many homeowners in Michigan looking to increase the value and curb appeal of their homes.

Cons of Home Improvement Loans in Michigan:

Although home improvement loans can be ultra-convenient, it's important to not take the decision of borrowing money lightly. For that reason, let us take a look at some of the cons of taking out a home improvement loan in the state of Michigan.

  • Higher interest rates for bad credit: If you have bad credit, it may be not only more difficult to qualify for a home improvement loan, but when you do, it can come with a much higher APR than your neighbor with good or excellent credit. Additionally, some home improvement loans, like personal home improvement loans, may come with an origination fee on top of the APR if you have poor credit. Origination fees can range from 1% to 10% depending on the lender.
  • Risk of losing home: Some home improvement loans, like a home equity loan or an FHA 203k rehabilitation loan, use your home as collateral to secure the loan. Although there are some protections, the bottom line is if you are unable to pay your loan, there is a high likelihood that the bank or lender will sell your home to cover the debt owed.Additional monthly payment: Taking on a new home improvement loan comes with an additional monthly payment on top of your mortgage.

Before taking on any type of home improvement loan, it is important you understand the full implications and potential consequences of borrowing money, especially if you are using your home as collateral to secure the loan.

What are the qualifications for Michigan home improvement loans?

In order to qualify for a home improvement loan in Michigan, you typically need a minimum credit score between 620 and 680 or higher and a debt-to-income ratio that is below 43% including the new line of credit you are applying for. If you have a credit score below 620, you may want to consider an FHA 203k rehabilitation loan.

To qualify for an FHA 203k rehabilitation loan, you will need to have a credit score above 500 with a 10% down payment, and a credit score above 580 with a 3.5% down payment.

What can you use a home improvement loan for?

Home improvement projects are extremely popular in Michigan. Once you receive your funding, you could do any number of projects. Some popular projects include kitchen remodels, installing custom cabinets, putting in all-new hardwood floors, bathroom remodels, backyard renovations, constructing an addition or sunroom onto your existing home, and installing a concrete driveway that will last for decades. If you take out a personal home improvement loan, once approved, you can use the money to fund any type of home improvement or repair project you would like.

How much can you borrow with a home improvement loan in Michigan?

Unsecured home improvement loans are available up to $100,000. Keep in mind that $100,000 personal loans are typically reserved for borrowers with the best credit and the strongest incomes. It's also important to keep in mind that not all lenders offer loan amounts up to $100,000. Most lenders have minimum and maximum loan amounts that borrowers can qualify for.
If you use a home-secured loan like a home equity loan or HELOC, then depending on the lender, typically you can borrow anywhere from 80% to 90% of the total appraised value of the home if you have a minimum of 20% equity built up.

How do you find the right Michigan home improvement loan?

The best way to find a beneficial home improvement loan in the state of Michigan is to use an online lender. Online lenders can help you obtain almost any type of home improvement loan that you would like and the process to prequalify, apply, and receive your money is extremely streamlined. While you may still want to compare your offer with a local source, it may not be necessary. To choose an online loan offer with confidence, start by comparing offers. At Acorn Finance you can expedite the loan shopping process. With a network of top rated lenders that serve the state of Michigan, you can check offers in 60 seconds or less with no credit impact. Our lending partners can offer home improvement loans up to $100,000 with terms up to 12 years, depending on credit score.

See More Home Improvement Loans by State:

$10000 Loan Calculator


Find the loan you're looking for

Table comparing monthly payments, APRs for approved personal loans.
See your options
Take a few minute to answer few questions, and we'll match you with the right range of lenders to consider
Choose your loan
Find your favorite marketplace of offers and apply directly with the lender you prefer
Do your project
If you're approved, use your funds to cover all your costs now, and pay the lender back month by month

What can I do with a $10,000 personal loan?

A $10,000 personal loan has a number of uses, including (but not limited to):
Home improvement Buying a car Wedding costs
Debt consolidation Medical bills Startup business costs

Still have questions?

What is the easiest way to get a home improvement loan in Michigan?

There are several factors that can come into play when we talk about how easy it is for an individual to get a loan. Factors can include the loan amount, credit score of the borrower, collateral requirements, lender requirements, and so forth. There are steps you can take to organize the process so that it flows smoother while preparing yourself along the way. 

Pro tip: The process of obtaining an unsecured home improvement loan is often faster, compared to secured loan. With no collateral requirement, there are less hoops to jump through to get an approval. 

Here’s an overview of the steps you can take to help the process go smoother:

  1. Check your credit: Knowing your score ahead of time can be pivotal in the decision making process. Whether the result of knowing your score is increased confidence or concern, you can take action in the right direction. If needed, invest some time into boosting your score before applying for a loan. Utilizing a credit monitoring service can help you identify ways to do so. 
  2. Estimate project costs: The cost of your project can help you determine how much you need to borrow. In turn, this can help you decide if a secured or unsecured loan option is better suited. 
  3. Choose the type of loan: Home improvement loans are either unsecured or secured. They can also be a line of credit (which can be either unsecured or secured). From borrowing against the equity in your home to relying on your creditworthiness to qualify, different types of loans have different requirements. Explore the types of loan options and narrow down the kind you feel will work best. When ready, proceed to the next step; checking offers. 
  4.  Compare offers: From project estimates to loan offers, look over the numbers and the lender or contractor you will be doing business with, At Acorn Finance, you can compare home improvement loan offers up to $100,000, depending on credit score, with no credit score impact.
  5. Proceed with the lender of your choice: Once you are confident you’ve found the right offer, you can accept the offer and finalize the approval with the lender. After accepting the offer you may need to submit more information or documentation. 
  6. Approval and funding: Once approved, funds can be deposited in as little as 1-2 business days, although funding times may vary. 
  7. Get to work: With funds in hand, you can get started on your home improvement project. You can opt to DIY or hire a professional contractor. 
  8. Repayment: Repayment will typically begin on the next monthly cycle after funds are issued. 

How does your credit score affect your home improvement loan options?

Credit score is a requirement for most lenders. However, some lenders do not have credit score requirements. Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above. Unsecured loans are typically based solely on creditworthiness, which places a big emphasis on credit score and income, as well as current debts. 

Why are online home improvement loans the best option?


In our busy day-to-day lives, it’s hard to find time for extracurriculars. If you are making home improvements, chances are much of your time is devoted to planning and shopping contractors, materials, and all the other things. Online lenders can often offer loan decisions faster and funding too, but that’s not the only advantage. The ability to compare offers from just about anywhere holds a lot of value for most. Protect your time and bank account too and take advantage of the online lending marketplace. At Acorn Finance, we have a network of top national lenders that specialize in home improvement loans. Check rates in seconds on our safe and secure platform with no impact to credit score. 

How can Michigan residents compare home improvement loans in 2024?


Here are the two primary ways to compare home improvement loan offers in 2024:

  1. Shop individual lenders: Whether you check offers from banks, credit unions, or online lenders, you can seek out lenders one-by-one and inquire. While this process may help you learn more about what’s out there, it can be time consuming with no big upside. Additionally, it can be overwhelming.
  2. Shop lending networks: Lending networks online, such as Acorn Finance, create platforms that allow borrowers to check offers from top national lenders all in one place. With no credit score impact you can receive real offers from just about anywhere. Open the door to the best home improvement loan offers in Michigan, visit Acorn Finance today.

When are home improvement loans in Michigan worth it?


Home improvement loans are worth it for some homeowners. Only the homeowner(s) can determine if it’s worth it though. As you evaluate the decision, consider your needs, ability to repay, and cost of the loan. Taking it one step farther, consider the outcome of not making the improvement or taking the loan versus the opposite. Checking real offers can help you determine if a home improvement loan makes sense. Visit Acorn Finance to check rates that you actually qualify for with no credit score impact. 

Some common uses for home improvement loans in Michigan include…

Why choose Acorn Finance for comparing home improvement loans in Michigan?


In a nutshell, Acorn Finance helps consumers compare home improvement loan offers in Michigan without going nuts. Invest more time into focusing on your home improvement project and getting it done the right way. We’ll simplify the process of checking rates and comparing offers. 

Simply visit our website and submit some personal information to receive pre qualified offers. Checking offers does not impact your credit score. Next, compare payment options and terms side-by-side. Choose the offer that works best and complete your application on the selected lender’s website. Once approved, your funds can arrive in as little as 1-2 business days, although funding times can vary. 

At Acorn Finance you can check home improvement loan offers up to $100,000, depending on credit score. In addition to high loan amounts, our network of top financial partners have competitive perks and reputable histories. We streamline the process of finding offers online through our safe and secure platform. 

One home, endless possibilities


Personal Loan Information