SEPTIC REPLACEMENT LOAN PROGRAM

DeJonghe Septic and Excavation has partnerd with Michgan Saves to offer the Septic Replacement Loan Program (SRLP) to provide low-interest financing to Michigan homeowners for the replacement of failing or near-failing septic systems and connections to municipal sewer.

A failing septic system can back up wastewater into your home or discharge wastewater onto the ground surface, potentially contaminating surface and drinking water supplies. This can expose children and pets to dangerous bacteria and viruses in your yard, which can then be tracked into your home. Replacing a failed septic system can be an unexpected financial burden, which is why the SRLP provides low-interest loan options for Michigan homeowners in need.

Homeowners can access two loan tiers by working with a Michigan Saves authorized septic installation contractor: income-based financing (tier one) and market-based loans (tier two). Information collected in the loan application will determine the tier the applicant will be considered for. For both tiers, actual rates, terms, and loan amounts may vary based on factors collected during the loan application.

Tier one: Income-qualified loans

Tier one loans are available based on household income (proof of income required); however, other financial indicators from your credit report are also used to determine eligibility.

• Loan amounts from $1,000 to $30,000 per project

• Interest rates no higher than 1%; terms up to ten years

• Unsecured loan, no lien or collateral required

• Required credit report check includes a review of financial history, such as debt levels, past bankruptcies, foreclosures, and any outstanding collections

• Loans only available through TRUE Community Credit Union

Tier two: Market-based loans

Tier two loans are available to all customers and use traditional credit checks to determine eligibility, including factors like your credit score and financial history.

• Loan amounts starting from $1,000 per project

• Interest rates vary by lender and are based on credit qualifications; see current interest rates in the lenders section below

• Unsecured loan, no lien or collateral required

• Available to all customers based on a credit check

Michigan Saves Residential Lenders

We’ve already negotiated the best rates and terms for clean energy home improvements on your behalf. This simple, affordable clean energy financing is only available through Michigan Saves and is engineered to get you the most for your money, energy, and time.