Burnsville Home Improvement Loan

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The Economic Development Authority in and for the City of Burnsville is making funds available for residents to make home improvements.

The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.

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612-335-5884   

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About the Loan

  • Income limits apply.
  • Loan amounts from $20,000 to $50,000.
  • Terms from 10 to 20 years.
  • No down payment required. 

Property Eligibility

  • 1-4 unit, owner-occupied properties located in the City of Burnsville.
  • Condominiums and townhomes are eligible. 
  • Properties under construction or held in a Trust 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. 

Rates starting at Term APR as low as Payment example
3% 10 years 3.247% $9.66
3% 15 years 3.169% $6.91
3% 20 years 3.131% $5.55

Calculate My Payments

Based on current rates. Qualifications apply.

Loan Details

  • This loan is secured by a mortgage to your property.
  • Closing costs apply.
  • Loans may be used to finance most exterior, interior, maintenance, or remodeling improvements. 
  • 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 properly 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).

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