Equity Home Loan Minnesota
The Minnesota Housing Finance Agency is aggressively seeking homeowners wishing to fix up their homes by making available equity loans below market interest rates.
The goal? To make the beautiful state of Minnesota a better place to live by giving Minnesota homeowners
the opportunity to secure equity loans to upgrade and improve their homes.
The guidelines for Equity Home Loan Minnesota program are as follows:
- Your gross household income* must be no greater than $89,000
- You must be the year round owner/occupant of the home you are fixing
- You can fix a single family home or a duplex all the way up to a quad
- Maximum amount is $35,000
Also these loans are intended for homeowners wishing to improve livability, accessibility, or energy efficiency of their home.
What types of home improvements fall under, livability, accessibility, or energy efficiency?
This would include things like room additions, adding a garage and septic repairs. Inelligible improvements
would inclue : swimming pools, hot tubs, gazebos or other recreational or entertainment facilities. homes are To receive consideration for the Equity Home Loan Minnesota program, the property must be fixed on a permanent foundation and taxed as real property.