Blaine Home Improvement Loan

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The City of Blaine's Economic Development Authority (EDA) currently offers home improvement loan programs for Blaine residents. 

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 to $50,000.
  • Terms up to 20 years.
  • No down payment required.

Property Eligibility

  • 1-4 unit, owner-occupied residential properties in the City of Blaine.
  • Manufactured homes and co-ops are not eligible.
  • Properties under construction or held in Trust or through a contract-for-deed 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 $50,000. Rate is reduced by 0.25% if this loan is in first lien position.

Rates starting at Term APR as low as Payment example
3.25% 5 years 3.728% $18.08
3.25% 10 years 3.498% $9.77
3.25% 15 years 3.421% $7.03
3.25% 20 years 3.382% $5.67

Calculate My Payments

Based on current rates. Qualifications apply.

Loan Details

  • Secured by a mortgage to your property.
  • Closing costs apply.
  • Eligible improvements include most, interior or exterior maintenance remodeling or additions.
  • Bids from a licensed contractor, one bid is required for projects under $15,000. All other projects must have at least 2 bids.
  • For do-it-yourself projects, a materials list including prices is required.  The cost for labor and equipment purchase or rental may not be included in the loan.

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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