Coon Rapids Home Improvement Loan
The City of Coon Rapids currently offers home improvement financing and remodeling advisor services to Coon Rapids residents.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.
Hablamos Español: 612-335-5856
About the Loan
- No maximum income limit.
- Loan amounts from $2,000 to $50,000.
- Terms up to 20 years.
- No down payment required.
Property Eligibility
- 1-4 unit, owner-occupied residential properties located in the City of Coon Rapids.
- Townhomes, twinhomes, condo units and properties held in a trust are eligible.
- Property must be valued at $400,000 or less based on most recent property tax statement.
- The borrower must occupy the property as their primary place of residence.
- Loan approval is subject to credit and program guidelines.
Current Rates
Rate is determined by household income. Subject to change at any time. APR based on loan amount of $50,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 3% | 5 years | 3.477% | $17.97 |
| 3% | 10 years | 3.247% | $9.66 |
| 3% | 15 years | 3.169% | $6.91 |
| 3% | 20 years | 3.131% | $5.55 |
| 5% | 5 years | 5.486% | $18.87 |
| 5% | 10 years | 5.256% | $10.61 |
| 5% | 15 years | 5.179% | $7.91 |
| 5% | 20 years | 5.141% | $6.60 |
Calculate My Payments
Qualifications apply. See corresponding year to corresponding loan for accurate amounts.
Loan Details
- Interest rate is 3% or 5% determined by household income (3.131% to 5.486% APR)
- This loan is secured by a mortgage on your property.
- Loan may be prepaid at any time without penalty.
- Closing costs apply.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
- Eligible improvements include most interior or exterior maintenance or remodeling.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and equipment purchase or rental may not be included in the loan.
- For projects being completed by a contractor 1 bid is required from a properly licensed contractor or registered with the MN Department of Labor.
- All work must be completed within 120 days of closing.
- Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.
Remodeling Advisor Visits are designed to help homeowners get started on their home improvement projects. During a visit, one of our experienced remodeling advisors will come out to your house to discuss potential remodeling projects, help you prioritize projects, assist in reviewing contractor bids, or answer any questions. This service is free for Coon Rapids homeowners and is limited to one visit per household.
To schedule your appointment, contact Cristina Lussio at 612-335-5856.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).
Browse More Coon Rapids Loans
Thanks to Coon Rapids partnership with CEE, we offer additional loan programs for Coon Rapids residents.
