Coon Rapids: Home Improvement Loan Program
The City of Coon Rapids, together with the Coon Rapids Home Improvement Foundation, currently offers low-interest 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. Please call us at 612-335-5884 for complete details.
- No maximum income limit
- Loan amounts from $2,000 to $25,000
- Interest rate is 1% – 4% determined by household income (1.326% to 4.345% APR)
- Terms up to 15 years and loan may be prepaid at any time without penalty
- This loan is secured by a mortgage on your property
- Closing costs apply
- Owner-occupied 1-4 unit properties.
- The borrower must occupy the property as their primary place of residence.
- Townhomes, twinhomes, condo units and properties held in a trust are eligible.
- Properties under construction are not eligible.
- Property must be valued at $400,000 or less based on most recent property tax statement.
Types of Improvements
- 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 complted 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. Progress payments are available.
*APR is based off $10,000 for 10 years
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).