If you’re planning interior or exterior renovations this summer or are looking to make improvements to your home’s energy efficiency or accessibility, the Minnesota Housing Fix Up Fund is still available. This loan program may be a good financing option for your project. The Lake Region Bank home loan team can help you decide if this is the right loan for you.
What Is the Minnesota Housing Fix Up Fund?
The Minnesota Housing Fix Up Fund is a loan program funded by the State of Minnesota. To apply for the loan, you work with your local bankers on the Lake Region Bank home lending team. Up to $75,000 is available for qualifying projects.
What Home Improvements Can I Make with Fix Up Fund Money?
All sorts of home improvement projects can be financed with the Minnesota Housing Fix Up Fund. General interior and exterior renovations, such as kitchen or bathroom remodels and siding and roofing replacements, may be eligible. The Fix Up Fund could be used for qualified landscaping projects, such as tree removal or trimming and property regrading, as well as the addition of a garage or accessory dwelling unit if it’s attached to your current home.
The program also has funds for energy efficiency upgrades, such as a new furnace, A/C, insulation, or water heater replacement. Homeowners can also finance the addition of ramps and other safety modifications to make their homes more accessible for family members.
What Types of Loans Are Available through the Fund?
Five types of loans are available through the Minnesota Fix Up Fund. All of the loans have fixed interest rates. There are secured and unsecured loan options for general remodeling projects. A secured loan is backed by your mortgage. Up to $75,000 in secured loan financing is available. An unsecured loan of up to $25,000 is available without mortgage lien or home equity requirements.
Secured and unsecured loan options up to $25,000 are also available for energy efficiency improvements. Finally, secured accessibility loans up to $25,000 are available for accessibility projects.
Am I Eligible for Fix Up Funding?
It is likely that you are eligible for a Fix Up Fund loan. The Minnesota Housing Fix Up Fund has generous income limits and terms. Kandiyohi County homeowners have an income limit of $155,500 for the secured and unsecured remodeling loans. Energy efficiency and accessibility loans do not have income limits.
Additionally, you must own and occupy the home you are renovating. Single-family, duplexes, triplexes, and fourplexes are all eligible. In your application, you must provide itemized contractor bids or materials estimates for your project.
How Do I Apply for Minnesota Housing Fix Up Funding?
Applying for the MN Fix Up fund is easy. You can get in touch with our lending team at (320) 235-5900 or fill out our interest form.