New Hope Home Improvement Loan
The City of New Hope is making funds available for New Hope homeowners to make improvements to their properties.
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 income limits.
- Loan amounts from $2,000 to $15,000.
- Terms from up to 10 years.
- No down payment required.
Property Eligibility
- 1-4 unit, owner-occupied and absentee owned residential properties.
- Townhomes and condos are eligible.
- Properties under construction or held in a Trust are not eligible.
- 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 |
|---|---|---|---|
| 2% | 5 years | 2.635% | $17.53 |
| 2% | 10 years | 2.325% | $9.20 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- This loan is secured by a mortgage to your property.
- Closing costs apply.
- Eligible improvements include interior or exterior maintenance or remodeling.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and the purchase of tools may not be included in the loan.
- 1 bid is required from a properly licensed contractor.
- 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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