Minnesota Fix-Up Fund: The maximum loan amount is $50,000 offered at a fixed annual interest rate. There is no down payment required. The loan is amortized over a maximum repayment term of 20 years. If the loan is under $10,000 the term of the loan is amortized for ten years.
MN Housing Rehab Loan Program: The maximum loan amount is $27,000 for up to 15 years at no interest. This loan places a mortgage on the property that is forgivable after 15 years if the home has remained the owner’s principal place of residence. For mobile homes in mobile home parks, the mortgage term is 10 years. If it is determined that a home has lead paint present that must be addressed, an additional amount up to $10,000 may be used for this purpose.
Posted in: Housing Rehab Loan Programs