Brooklyn Park Home Improvement Loan
The City of Brooklyn Park's Economic Development Authority (EDA) currently offers home improvement financing to Brooklyn Park 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 (interest rate based on income).
- Loan amounts from $2,000 to $25,000.
- Terms up to 15 years.
- No down payment required.
Property Eligibility
- 1-4 unit, owner-occupied residential properties located in the City of Brooklyn Park.
- Individual condo and townhome owners are eligible.
- Properties under construction or held in Trust are eligible.
- Loan approval is subject to credit and program guidelines.
Current Rates
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% | 5 years | 3.547% | $17.97 |
| 3% | 10 years | 3.283% | $9.66 |
| 3% | 15 years | 3.194% | $6.91 |
| 4% | 5 years | 4.552% | $18.42 |
| 4% | 10 years | 4.288% | $10.12 |
| 4% | 15 years | 4.2% | $7.40 |
Calculate My Payments
Based on current rates. Qualifications apply. See corresponding year to corresponding loan for accurate amounts.
Loan Details
- Secured by a mortgage to your property.
- Closing costs apply.
- Eligible improvements include most interior or exterior, maintenance or remodeling.
- 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.
- 1 bid is required from a qualified, licensed contractor.
- 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.
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).
Browse More Brooklyn Park Loans
Thanks to Brooklyn Park's partnership with CEE, we offer additional loan programs for Brooklyn Park residents.
