Burnsville Senior Deferred Loan
The Economic Development Authority in and for the City of Burnsville is making funds available for senior residents to make home improvements.
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About the Loan
- No monthly payments.
- Loan amounts from $10,000 to $15,000.
- No down payment required.
- 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.
- At least one borrower must be at least 65 years of age.
- 2% APR*
- Loan is secured by a mortgage on the property.
- The loan is deferred for 30 years or when the borrower sells, transfers title, or if the home is no longer the primary residence of the original borrower. The loan is 100% due in 30 years if still owned and occupied by the original owner.
- Closing costs apply.
- Income limits apply.
*APR is based on a loan amount of $15,000 over 30 years with annual payments.
- Loans may be used to finance most exterior, interior, maintenance, or remodeling improvements.
- A Remodeling Advisor Visit must be done to determine the eligible use of funds.
- 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).