Coon Rapids Home Improvement Loan

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The City of Coon Rapids currently offers home improvement financing and remodeling advisor services to Coon Rapids 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 located in the City of Coon Rapids.
  • Townhomes, twinhomes, condo units and properties held in a trust are eligible.
  • Properties under construction or held in Trust are not eligible.
  • Property must be valued at $400,000 or less based on most recent property tax statement.
  • The borrower must occupy the property as their primary place of residence.
  • Loan approval is subject to credit and program guidelines.

Current Rates

Rate is determined by household income. Subject to change at any time. APR based on loan amount of $50,000. 

Rates starting at Term APR as low as Payment example
1% 5 years 1.468% $17.09
1% 10 years 1.238% $8.76
1% 15 years 1.16% $5.98
1% 20 years 1.122% $4.60
3% 5 years 3.477% $17.97
3% 10 years 3.247% $9.66
3% 15 years 3.169% $6.91
3% 20 years 3.131% $5.55

Calculate My Payments

Qualifications apply. See corresponding year to corresponding loan for accurate amounts. 

Loan Details

  • Interest rate is 1% or 3% determined by household income (1.122% to 3.477% APR)
  • This loan is secured by a mortgage on your property.
  • Loan may be prepaid at any time without penalty.
  • 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.
  • For projects being completed by a contractor 1 bid is required from a qualified, licensed contractor.
  • All work must be completed within 120 days of closing.
  • 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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Browse our other Coon Rapids loan options.