Central Home Improvement Loan

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The Central Neighborhood has made resources available to help property owners make necessary repairs and improvements.

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

  • Income limits apply.
  • Loan amounts from $1,000 to $35,000.
  • Terms up to 15 years.
  • No down payment required. 

Property Eligibility

  • 1-4 unit owner-occupied and non-owner occupied residential properties located in the Central Neighborhood.
  • Individual condo and townhome owners and properties held in a trust are eligible.
  • All non owner-occupied property applications must get pre-approval from the Central Neighborhood.
  • Loan approval is subject to credit and program guidelines.

Current Rates

Subject to change at any time. APR based on loan amount of $35,000. 

Rates starting at Term APR as low as Payment example
1.5% 5 years 1.5% $17.31
1.5% 10 years 1.5% $8.98
1.5% 15 years 1.5% $6.21

Calculate My Payments

Based on current rates. Qualifications apply.

Loan Details

  • Closing costs apply.
  • Fixed interest rate. 
  • Loan is secured by a mortgage on your property. 
  • Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
  • Eligible improvements include most interior or exterior permanent remodeling and upgrades. 
  • Unless part of a larger project or needed to address a potential structural threat: fences, trees, shrubs and non-permanent landscaping are ineligible improvements.
  • 2 bids are required from properly licensed contractors for projects over $15,000.
  • For do-it-yourself projects, a materials list including prices is required. The cost for labor and the purchase of tools 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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Browse our other Central loan options.