Nokomis East Home Improvement Loan
The Nokomis East Neighborhood Association (NENA) is making financing available for home improvements in the Nokomis East neighborhoods (Keewaydin, Minnehaha, Morris Park, and Wenonah).
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 Keewaydin, Minnehaha, Morris Park, or Wenonah neighborhoods.
- Individual condominium, cooperative, and/or townhouse units are eligible.
- Properties under construction or held in 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 3.5 for an AMI less than or at 150%. Rates starting at 4.5 for AMIs over 150%.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 3.5% | 5 years | 3.5% | $18.19 |
| 3.5% | 10 years | 3.5% | $9.89 |
| 3.5% | 15 years | 3.5% | $7.15 |
| 4.5% | 5 years | 4.5% | $18.64 |
| 4.5% | 10 years | 4.5% | $10.36 |
Calculate My Payments
Based on current rates. Qualifications apply. See corresponding year to corresponding loan for accurate amounts.
Loan Details
- Closing costs apply.
- This loan is secured by a mortgage on your property.
- 3.5% APR or 4.5% APR, depending on income.
- Fixed interest rate.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- 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 projects include most interior and exterior permanent improvements.
- Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
- 2 bids are required from a properly licensed or registered contractor with the MN Department of Labor for projects over $5,000.
- 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.
- 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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