Home Improvement Loans for Minnesota Homeowners
or exterior renovations.
Tackle your home improvement project with the help of a Lake Region Bank home improvement loan option. The Lake Region Bank home loan team can help you understand your home improvement loan options and get the application process started. Available to all Minnesota homeowners.
Start the Application Process
Get in touch with our home loan team to secure your home improvement loan financing. Enter your information below or call (320) 235-5900.
The Minnesota
Housing Fix Up Fund
What Home Improvements Can I Make?
You can use the Minnesota Housing Fix Up Fund to finance all sorts of home improvements, from windows and siding to solar panels and water heaters. You can choose to hire a contractor or do the work yourself. Here are a few examples.
- Bathroom remodel
- Kitchen remodel
- Windows, siding and roofing
- Porches, patios, and decks
- Basement remodels
- Garage updates
- Mold and radon mitigation
- Landscaping and tree removal
- Driveways
- Heating and cooling systems
- Windows
- Insulation
- Attic air sealing
- Water heater replacement
- Solar panels
- Ramps
- House accessibility modifications
- Safety modifications
What Types of MN Fix Up Loans Are Available?
The Minnesota Housing Fix Up Fund offers five different types of loan programs. All loans have affordable fixed interest rates. None have a prepayment penalty.
- Secured by mortgage lien
- Loan amount up to $75,000
- Maximum repayment term is 10-20 years
- Minimum Credit Score: 620
- No equity or mortgage lien required
- Loan amount up to $25,000
- Maximum repayment term is 10 years
- Minimum Credit Score: 680
- Secured by mortgage lien
- Loan amount up to $25,000
- Maximum repayment term is 10-20 years
- Minimum Credit Score: 620
- No equity or mortgage lien required
- Loan amount up to $25,000
- Maximum repayment term is 10 years
- Minimum Credit Score: 680
- Secured by mortgage lien
- Loan amount up to $25,000
- Maximum repayment term is 10-20 years
- Minimum Credit Score: 620
Am I Eligible?
Probably. The MN Fix Up loan program has generous income limits. Here’s a closer look at the program’s eligibility requirements.
- Own and occupy the home you are renovating. Single-family, duplexes, triplexes, and fourplexes are eligible.
- Provide itemized contractor bids or materials estimates for proposed work.
- Use the funds for an eligible energy or other improvement.
- Energy efficiency and accessibility loans have no income limits.
- For secured and unsecured repair and remodeling loans, Kandiyohi County residents have a $155,500 income limit. Income limits subject to change.
Cash-Out Refinance
on Your Mortgage
A cash-out refinance is another option for financing your home improvement project using the equity you’ve built up in your home. A cash-out refinance pays off your first mortgage and gives you some cash for improvements. The amount available to you depends on the amount of equity you have in your home. Speak with a Lake Region Bank mortgage loan officer to discuss your cash-out refinance options.
What Home Improvements Can I Make?
You can use the lump sum payment from your cash-out refinance to fund any type of project you wish, including interior and exterior renovations on your home. Many homeowners use cash-out refinancing to complete basement remodels, kitchen remodels, or exterior improvements to their homes.
What Types of Loans Are Available?
Fixed-rate and adjustable-rate mortgages are available through a cash-out refinance. The lending process is similar to what you can expect with a conventional mortgage loan. Rates vary day by day, so get in touch with the Lake Region Bank lending team to learn what your potential rate might be.
Am I Eligible?
Our mortgage lenders can help you decide if a cash-out refinance of your mortgage is the right choice for you. Apply now or call 320-235-5900 for support.
Home Equity or Home Improvement Loan
A home equity line of credit (HELOC) or a home improvement loan are two other options for financing your Willmar-area remodeling project. A home equity line of credit is a second mortgage on your home with a payment schedule and interest rate that is separate from your primary mortgage. A home improvement loan also has its own separate payment schedule and interest rate. Speak with your Lake Region home loan officer to discuss your options.
What Home Improvements Can I Make?
You can use your home equity line of credit or home improvement loan to fund any type of project you wish, including interior and exterior renovations on your home. Many homeowners use a HELOC or home improvement loan to fund a basement, bathroom, or kitchen remodel, an addition, or upgrades to their windows, siding, or roof.
What Types of Loans Are Available?
Lake Region Bank offers both home equity lines of credit (HELOC) and home improvement loans. Interest rates on these products vary day by day, so get in touch with the Lake Region Bank lending team to learn what your potential rate might be.
Am I Eligible?
Our lenders can help you decide if a home equity line of credit or home improvement loan is the right choice for you. Apply now or call 320-235-5900 for support.
Home Improvement Loan FAQs
Most home improvement loans have credit score and income requirements. However, these requirements vary by product. One of our friendly home loan officers can help you understand if you are eligible for a Minnesota Fix Up Fund loan, cash-out refinance, home improvement loan, or home equity line of credit.
Every home improvement loan product has a different minimum credit score. While requirements vary, many loans require at least a 660 credit score. Some may require a higher score, while others may accept a lower one. Our friendly, expert team can help you understand your options.
A Minnesota Fix Up Fund loan can be used to finance eligible projects already underway or that were completed within 120 days. Our lenders can help you determine if this program is a good fit for your needs.
Yes, a home equity line of credit is a second mortgage on your home. If you fund your home improvement project with a HELOC, the line of credit will have its own interest rate and monthly payment plan. Payments you make toward your HELOC are in addition to any mortgage loan you already pay. Our lending team can help you understand if a HELOC is the best option for you and your project.
No, a cash-out refinance is not a second mortgage. A cash-out refinance is a refinance of your current mortgage. Choosing this option will rewrite your current loan, changing its terms and adjusting the payment to reflect the new loan amount and interest rate. Our home loan team can help you understand if this is the right option for you.
Yes! Single-family homes, duplexes, triplexes, and fourplexes are all eligible under the Minnesota Fix Up Fund program. However, you must occupy at least one of the units of your property, as the fund requires owner occupancy.
Meet Your Home Loan Team
Get Started on Your Home Renovations Today!
With financing through Lake Region Bank, you can make your dream home a reality. Start the application for your home improvement loan, and let us help you pick the right financing option.
