Foley Home Improvement Loan
About the Loan
- 3% (3.352% APR*)
- Loan amounts up to $25,000.
- 1–10 years, depending on amount borrowed.
- Income limits apply.
- More information under “Loan Terms”
*Based on a loan amount of $25,000 over 10 years.
Property Eligibility
- 1–4 unit owner-occupied properties located within the City of Foley
- Property must be at least 30 years old
- More information under “Loan Terms”
Current Rates
Subject to change at any time. APR based on loan amounts up to $25,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 3% | 5 years | 3.682% | $17.97 |
| 3% | 10 years | 3.352% | $9.66 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
Hablamos Español
Para información en Español, llamar al 612-335-5856.
- Borrower must have sufficient funds necessary to cover the cost of the entire project as outlined in the bid(s).
- Borrower income may not exceed 80% of the area median income (AMI). Income shall be determined by the adjusted gross income from the most recent federal tax return and household size. If a tax return was not required, income will be based on the projected gross income.
- Property must be in good standing with the City. CEE will verify.
- Property must have current homeowner’s insurance.
- Individual townhomes, twin homes, and condominiums are eligible.
- Properties in the name of a Trust are not eligible.
- All work must be completed within 120 days of loan closing. Work may not begin until the loan is approved and closed except in emergencies.
- Eligible projects include most interior and exterior permanent improvements such as, but not limited to: Roofs, doors, windows, plumbing, electrical, HVAC, insulation, solar panels, garages, driveways, additions, accessibility improvements, siding, and more.
- At least one bid is required from a property licensed or registered contractor with the MN Department of Labor.
- DIY (“sweat equity”) projects are allowed. For DIY projects, a materials list including prices is required. The cost of labor and equipment purchases are not eligible expenses.
- Please contact your City inspections department to verify if your project requires a permit. If you are hiring a contractor to do the work and it requires a permit, the contractor should pull the permit. If a permit is not required, post-installation inspection will be conducted before funds may be released.
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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