Home Improvement Loans
Shoreview Home Energy Improvement Loan
The City of Shoreview is offering a home energy improvement loan to residents to encourage home renovation and increase the home values within the city. This program provides a maximum loan of $20,000 and minimum of $2,000. Loans are available to income-eligible owners of single-family detached and attached homes (such as townhomes), and also zero lot line single-family detached and attached homes, where the current market value does not exceed $314,640. Eligible improvements include energy efficient heating and cooling systems, insulation, windows, doors and water heaters. Roof replacements are also eligible. To qualify, household income cannot exceed 120% of the Shoreview median household income ($119,776.00 for a family of four). The interest rate is fixed at two points above the prime rate. The loan term cannot exceed ten years. The borrower is eligible for a rebate of the total interest paid if they reside in the home for ten years after the loan is incurred.
View more information on the Home Improvement Loan Program →
View the Home Improvement Loan Program Brochure→
Ramsey County Deferred Loan
This zero interest loan is for owner-occupied, single family properties in Suburban Ramsey County. Maximum loan is $15,000 for home improvements necessary to meet minimum housing quality standards. Eligible properties must be at least 15 years old and meet the estimated market value limit. Condominium and townhomes are eligible for interior repairs only. The loan is divided into two tiers:
Tier One - Low Income Households:
For households with a gross annual income at or below 50% of the area median income. The loan is forgiven at a rate of 10% per year. The loan is completely forgiven if the home is not sold and title is not transferred for 10 years after receiving the loan.
Tier Two - Moderate Income Households:
For households with a gross annual income between 50% and 80% of the area median income. Repayment of the entire loan is deferred until the house sold, title is transferred or in some cases the mortgage is refinanced.
MHFA Minnesota Fix-Up Fund
This is a home improvement loan for up to $35,000 with a maximum term of 20 years. The interest rate is fixed for the term of the loan. Contact the HousingResource Center for the current interest rate. The Fix up Fund loan is available to credit worthy owner-occupied homes that are one to four units. To qualify for the loan gross household income cannot exceed $96,600. Most improvements qualify except for luxury items such as swimming pools.
MHFA Rental Property Loan
Maximum loan up to $100,000 to finance rental property. ($25,000 for a single-family home or duplex; $10,000 per unit in a multiple-unit dwelling.) Interest rate is 6% for up to 15 years.
MHFA Rehabilitation Loan
This is a no-interest deferred loan for very low-income homeowners. Gross household income cannot exceed 30% of the area median income as defined by the U.S. Department of Housing and Urban Development. The maximum loan amount is $24,999 to make improvements that directly affect the safety, livability or energy efficiency of the home. Eligible properties include single-family detached homes, duplexes, condominiums or townhomes constructed after 1978 and some mobile homes. The loan is forgiven if the homeowner lives in the home for 15 years after the loan is incurred (10 years for mobile homes).
MHFA Emergency Loan:
This is a no-interest deferred loan for very low-income homeowners to finance repairs that address emergency conditions that are an immediate threat to health or safety. Essential accessibility improvements for a disabled resident are also eligible. Eligible properties include single-family detached homes, duplexes, condominiums, townhomes and certain mobile homes. Gross household income cannot exceed 30% of the area median income. The maximum loan amount is $15,000. The loan is forgiven if the owner lives in the home for 15 years after the loan is incurred (10 years for a mobile home).
For more information on the loan programs listed above, call NorthMetro HousingResource Center at 651.486.7401 or visit www.housingresourcecenter.org. →
Ramsey County Energy Conservation Deferred Loan Program:
This program provides 10-year deferred payment loans to improve energy efficiency to 1-4 unit owner-occupied properties throughout Suburban Ramsey County. Loans are restricted to low and moderate income households (this generally means a household income of below $64,000 for a family of four) and must be recommended through an energy audit. Financing for loans up to $6,500 is available for measures which reduce home energy costs, and emphasize fast payback in reduced energy bills such as: high efficiency heating systems, attic/wall/foundation insulation and weatherization.
For more information on the loan program listed above, call Neighborhood Energy Connection at 651.221.4432 or visit www.thenec.org. →