Minnetonka Home Improvement Loan
The Economic Development Authority in and for the City of Minnetonka is making funds available for residents to make home improvements.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.
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About the Loan
- Income limits apply.
- Loan amounts from $2,500 to $15,000.
- Terms from 1 to 15 years.
- No down payment required.
- Asset limits apply.
Property Eligibility
- Single family, one unit owner-occupied homes.
- Individual condominiums and townhouse, and properties held in a Contract for Deed and properties in the West Hennepin Affordable Housing Land Trust are eligible.
- Properties under construction are not eligible.
- Loan approval is subject to credit and program guidelines.
- Estimated market value for the home must be at or below $515,200.
Current Rates
Subject to change at any time. APR based on loan amount of $15,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 3% | 5 years | 3.64% | $17.97 |
| 3% | 10 years | 3.331% | $9.66 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- This loan is secured by a mortgage to your property.
- Closing costs apply.
- The maximum assets of the borrower, excluding the residential property to be improved and retirement accounts such as a 401K or IRA shall not exceed $25,000.
- 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.
- Loans may be used to finance most exterior, interior, major mechanical, and high efficiency energy improvements. Garages, decks, porches, retaining walls, and fences can be repaired or replaced.
- 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.
- 1 bid is required from a properly licensed contractor or registered with the MN Department of Labor.
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).
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