South St. Paul Home Improvement Loan
The City of South St. Paul's Economic Development Authority is making funds available to help homeowners to make improvements to their homes.
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
- Loan amounts up to $25,000
- Terms up to 15 years.
- No down payment required.
- Income limits apply
Property Eligibility
- Owner-occupied 1-4 unit residential properties located in the City of South St. Paul
- Properties held in Trust and properties used for commercial purposes are not eligible.
- 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 $25,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 3.875% | 5 years | 4.426% | $18.36 |
| 3.875% | 10 years | 4.163% | $10.07 |
| 3.875% | 15 years | 4.074% | $7.33 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- Closing costs apply.
- This loan is secured by a mortgage on your property.
- Fixed interest rate.
- 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 projects, including but not limited to roofing, siding, window/doors, insulation, solar, HVAC, electrical, plumbing, garage repair-replacement or new construction, interior remodeling, driveways, sidewalks/steps, painting, fences, and permanent landscaping.
- 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 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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