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Home Improvement Loans

Minnesota Housing offers affordable home improvement programs to residents of Minnesota.  Check out the information below to see which program works for you.

Fix-Up Fund
The Fix-up Fund is a statewide program that offers affordable, low-interest fixed rate loans.

Am I Eligible for a Fix-up Fund loan?
If you:

• have an income at or below $93,100 (the income limit may be waived if the improvements are being made for the accessibility of a family member with a disability;
• are the year round owner/occupant of the home you are fixing.

You may be eligible.

Loan Features

• You can fix a single family home or a duplex all the way up to a quad.
• Hire a contractor or do the work yourself.
• Maximum loan term of 10 or 20 years based on loan amount.
• Maximum loan amount is $35,000.
• A higher loan amount may be available if the improvements are being made for the accessibility of a family member with a disability.

Improvement Possibilities
Most improvements to the livability, accessibility, or energy efficiency of a home are eligible, such as a new furnace, air conditioning, electrical wiring, a new roof, a garage, septic repairs and many other repairs and remodeling.  

Ineligible improvements include swimming pools, hot tubs, gazebos and other recreational or entertainment facilities. Mobile homes are not eligible to receive Fix-up Fund financing unless they are fixed on a permanent foundation and taxed and financed as real property.

• Lead-Based Paint Information
  If your home was built before 1978, you should take precautions to address lead based paint hazards that may arise with home remodeling work.  Check with any contractors you hire to make sure that they are qualified and use lead-safe work practices.  If you plan to do work yourself, you should seek guidance on lead-safe improvement practices.  Information is available at these websites:
• Minnesota Deptartment of Health
  U.S. Department of Housing & Urban Development 
  Sustainable Resources Center

Look for a Lender
Minnesota Housing works with Lending Partners around the state to bring the Fix-up Fund to you.

Community Fix-Up Fund
The Community Fix-up Fund (CFUF) is available to help communities address their home improvement needs and objectives under geographically targeted initiatives. In cooperation with a local partner, eligible Fix-up Fund lenders apply for access to these program funds in a designated community.

Am I Eligible for a Community Fix-up Fund loan?
If you:

• meet the qualifications listed for the Fix-up Fund above;
• occupy the property to be improved in a participating community;
• meet any additional targeting criteria established under a CFUF initiative;

you may be eligible to apply for the program.

Loan Features
Loan features for the Community Fix-up Fund are the same as the Fix-up Fund.  Additional loan options may be offered under the community initiative types and are listed in the Community Fix-up Fund (CFUF) Initiative Lender List.

• Non-Prime Loans-Borrowers with less than perfect credit (non-prime) may be eligible for a loan under this program.
• Discount Loans-In some areas of the state, applicants may be eligible for a lower interest rate through special Discount Loan initiatives.
• Value Added Services-Under certain CFUF initiatives, applicants may be eligible to receive donated services such as rehab advising or translation from the lender. 

Improvement Possibilities
Same as the Fix-up Fund.

Look for a Lender
Community Fix-up Fund Initiatives and Lenders are available in various locations around the state.

Rehabilitation Loan Program
The Rehabilitation Loan program assists low income homeowners in financing basic home improvements that directly affect the safety, habitability, energy efficiency or accessibility of their homes.

Am I Eligible for a Rehabilitation Loan Program Loan?
Yes, if you:

• occupy the property to be rehabilitated;
• do not have assets that exceed $25,000;
• meet the following income limits:

Loan Features

• Maximum loan amount is $15,000.
• Maximum loan term is 20 years for properties taxed as real property and 15 years for mobile/manufactured homes taxed as personal property located in a mobile home park.
• Can be used for rehabilitation of single-family homes, duplexes and townhomes and manufactured housing taxed as real or personal property.
• All loans are forgiven if the borrower does not sell, transfer title, or ceases to occupy the property during the loan term. 

Improvement Possibilities
Basic improvements to the livability, accessibility, energy efficiency and addressing lead paint hazards are eligible.  Electrical wiring, furnace replacement, plumbing and septic repairs are just some of the possible repairs.

Look for a Lender
Minnesota Housing works with Lending Partners around the state to bring the Rehabilitation Loan Program to you.