Starting a home renovation project can be intimidating. From designing the new space to choosing a contractor to securing financing, there are many steps on the journey to your new space. The Lake Region Bank home loan team can help you understand your home remodeling project financing options.
If you are remodeling the interior or exterior of your home or making energy-efficient updates, the Minnesota Housing Fix Up Fund may be a good financing option for you. Here are a few questions you can consider before you speak with one of our home loan team members.
What Home Improvements Am I Making?
The Minnesota Housing Fix Up Fund can finance all sorts of home remodeling projects. Kitchen, bathroom, and basement remodels qualify, as do upgrades to your home’s siding, roofing, and other exterior features. You can use Fix Up Fund cash to pay for mold and radon mitigation projects, too.
How about updating a furnace or making your home more efficient with new windows and insulation? The Minnesota Housing Fix Up Fund can finance those projects, too. The program is also available to homeowners who are remodeling their home to accommodate a disabled resident, including adding ramps and other safety modifications.
Do I Own and Occupy My Home?
The Fix Up Fund is available to Minnesotans who own and occupy their homes. Funds can be applied to projects in single-family homes, duplexes, triplexes, or fourplexes.
What’s My Annual Household Income?
The MN Fix Up Fund does have income limits for participants. Kandiyohi County residents have a $139,200 income limit. Income limits are subject to change.
Do I Have an Itemized Bid or Materials Estimate for My Home Remodeling Project?
The Minnesota Housing Fix Up Fund requires applicants to provide an itemized contractor bid or materials estimate. You do not have to work with a contractor to be eligible for the program.
How Much Do I Need to Finance?
The Fix Up Fund has five different types of loan programs that can provide up to $75,000 in financing for your home remodeling project. For remodeling or energy efficiency projects, you can apply for a secured or unsecured loan. Accessibility projects may be eligible for the program’s secured eligibility loan.
All of the Minnesota Housing Fix Up Fund loans have affordable, fixed interest rates and no prepayment penalties. The Lake Region Bank home loan team can help you understand all of your options. The Minnesota Housing Fix Up Fund is open to all Minnesota homeowners. However, it is not your only option for funding your home remodeling project. To learn about all of your home loan options and find the right loan for your project, get in touch with the home loan team today.
