MHFA Unsecured Home Improvement Loan
This home improvement loan program from Minnesota Housing Finance Agency (MHFA) is statewide and 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 also offer special programs and incentives for several Minnesota cities and neighborhoods.
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About the Loan
- This loan is NOT secured by a mortgage to the property.
- Income limits apply.
- Loan amounts from $2,000 – $25,000.
- Terms up to 10 years.
- 1-4 unit owner-occupied, primary residence.
- Most permanent home improvement projects are eligible.
Subject to change at any time. APR based on loan amount of $25,000.
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Based on current rates. Qualifications apply.
- This loan is NOT secured by a mortgage to the property
- Closing costs apply
- Maximum incomes of $156,800* or $139,200**
- *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 counties, as well as Dogde and Olmsted counties.
- **This income limit is for all other counties.
- Most improvements are eligible including EV charging stations.
- 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 the purchase of tools may not be included in the loan.
- Unsecured loan isn't tied to the house, so it is more like a personal loan. NO assets are levered as security for the lender.
This results in a simpler and faster loan processes, since no title check is involved.
The loan can also close electronically and the documents don't need to be notarized as they do with secured loans.
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).