Mounds View Home Improvement Loan
The City of Mounds View is making financing available for homeowners to make property 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
- No maximum income limit.
- Loan amounts from $2,000 – $15,000.
- Terms up to 10 years.
- No down payment required.
Property Eligibility
- 1-4 unit owner-occupied residential structures located in the City of Mounds View.
- Individual condominium, cooperative, and/or townhouse units are eligible.
- Properties under construction are not eligible.
- Properties held in a Trust.
- Loan approval is subject to credit and program guidelines.
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% | $17.97 |
| 3% | 10 years | 3% | $9.66 |
| 4% | 5 years | 4% | $18.42 |
| 4% | 10 years | 4% | $10.12 |
Calculate My Payments
Based on current rates. Qualifications apply. See corresponding year to corresponding loan for accurate amounts.
Loan Details
- 3% or 4% APR depending on income.
- This loan is secured by a mortgage on the property.
- Closing costs apply.
- All borrowers must be a legal resident of the United States, as evidenced by a social security number.
- 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.
- 1 bid is required from a properly licensed contractor or registered with the MN Department of Labor.
- Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.
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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