Need money for home repairs?
Semcac may be able to help. Semcac is an administrator of Minnesota Housing home improvement loans. The Minnesota Housing Finance Agency is partnering with us to provide affordable loans via the Fix-up Fund for secured and unsecured loans. We offer affordable, fixed interest rates. You can hire a contractor or do the work yourself! Longer repayment terms mean lower monthly payments. There is no prepayment penalty.
- Unsecured Loan – with NO equity requirement – borrow up to $15,000
- The maximum time allowed for borrowing is 120 months (10 years).
- Secured Loan – Secured with a mortgage – borrow up to $50,000
- The maximum time allowed for borrowing is 240 months (20 years).
Secured loans can be used for a variety of home repairs, remodeling OR energy saving improvements. You can receive a reduced rate when the loan is exclusively used for basic energy-saving or accessibility improvements. Single family, duplexes, triplexes and four-plexes are all eligible!
To be eligible, you must:
- Meet the maximum household income limit of $99,500
- Meet credit requirements (score of 620 minimum for secured; score of 680 minimum for unsecured)
- Own and occupy the property
Some examples of improvements you could make
- Furnace or Boiler
- Central Air Conditioning
- Water Heater
- Septic System
- Mold Mitigation
- Basic Garage, if none exists
Vonda can help you to apply for a Fix Up Loan today! Vonda will work with you to help you to find out if you are eligible, understand the loan conditions and explain the process to you so that you can decide if it is the right choice for you.
Click below for additional information about the Fix Up Loan Program
You will redirected to the Minnesota Housing website when clicking the above items