MHFA Unsecured Loan Programs

Unsecured Loan program is a statewide program that was established to encourage and support the preservation of existing housing. The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Please call us for complete details.

Thanks to local partnerships, we offer special programs and incentives for several Minnesota cities and neighborhoods. Call 612-335-5884 to make sure you get the best deal for your area.

Unsecured Home Improvement Program

Most interior and exterior improvements are eligible as well as accessibility improvements.

Loan Terms

  • Maximum incomes of $154,600* or $137,200**

  • Loan amounts from $2,000 to $25,000

  • Click for current interest rates

  • Terms up to 10 years

  • This loan is NOT secured by a mortgage on your property

  • Closing costs apply

Property Eligibility

  • 1- 4 unit owner-occupied, primary residence

  • Properties under construction or held in trust are not eligible

Types of Improvements

  • Most improvements are eligible including EV charging stations.  Call 612.335.5884 for details.

  • 1 bid is required from a qualified, licensed contractor

  • 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.
     

Unsecured Home Energy Program

Loan Terms

  • Click for current interest rates

  • No maximum income limit

  • Loan amounts from $2,000 to $25,000

  • Terms up to 10 years

  • This loan is NOT secured by a mortgage on your property

  • Closing costs apply

Property Eligibility

  • 1- 4 unit owner-occupied, primary residence

  • Properties under construction or held in trust are not eligible

Types of Improvements

Heating Systems

Natural gas or propane furnace AFUE >= 95
Oil furnace, AFUE >=85
Gas, propane or oil hot water boiler AFUE>= 90
*Programmable thermostat installation required

Central A/C

Split systems: SEER >=15, EER >= 13
Package systems: SEER>= 14, EER >= 12 
Mini-split systems: SEER>= 15, EER >= 13 
*Programmable thermostat installation required

Light Fixtures

Must meet Energy Star requirements (Energy Star CFL fixtures replace less efficient incandescent fixtures, are hardwired and use pin-based lamps).

Window Replacement

Windows must be Energy Star qualified under Federal guidelines. Patio doors are eligible.

Attic Air Sealing

Testing the air tightness of a home using a calibrated door will measure the quantity of air leakage and air sealing effectiveness. Attic air sealing is a prerequisite for wall/attic insulation loan eligibility.

Attic Insulation

Attic insulation must be combined with attic air sealing for loan eligibility. Final R-Value >= R-44.

Wall Insulation

All external wall cavities must be filled with insulation.  Loan eligibility is conditional on attic air sealing being performed.

Water Heater

Gas storage units >= 0.67 Energy Factor (EF)
Gas tankless units >= 0.82 EF with 2.5 gpm @ 77°F rise
Electric storage units = 0.95 EF
Electric heat pump storage unit >=2.0 EF


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*This income limit is for the 11-county Twin Cities Metro Area including Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington, and Wright coutnties, as well as Dogde and Olmsted counties.

**This income limit is for all other counties.

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. Such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).