Mounds View Mobile Home Improvement Loan
The City of Mounds View Economic Development Authority is making funds available for owners of mobile homes to make improvements to their properties.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.
Hablamos Español: 612-335-5856
About the Loan
- Income limit and household size will determine interest rates, see Loan Terms for details.
- Loan amounts from $2,000–$10,000.
- Terms up to 7 years, depending on amount borrowed.
Property Eligibility
- Owner-occupied residential mobile homes located in the City of Mounds View.
- Non-owner-occupied properties, commercial properties, cooperatives, time shares, and properties held in a Trust are NOT eligible.
- Work may NOT begin until the loan is approved and closed.
- Loan approval is subject to credit and program guidelines.
Current Rates
Subject to change at any time. APR based on loan amount of $10,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 3% | 7 years | 3% | $13.21 |
| 4% | 7 years | 4% | $13.67 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- Interest rate will be 3% for households at or below 80% of the area median income (AMI) as determined by the U.S. Department of Housing and Urban Development (HUD). Interest rate will be 4% for households above 80% of the HUD AMI.
- Loan term is generally one year per $1,000 borrowed, but may be flexible based on the loan and borrower.
- This loan is secured by a mortgage on the property.
- Closing costs apply.
- All borrowers must be legal residents of the United States, as evidenced by a social security number.
- 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.
- All work must be completed within 120 days of closing.
- Eligible improvements include most interior or exterior improvements that improve the basic livability of the property.
- Recreation or luxury projects (pools, lawn sprinkler systems, playground equipment, saunas, whirlpools, etc.), furniture, non-permanent appliances (unless part of a full kitchen remodel), and funds for working capital, debt service, homeowner labor, or refinancing are NOT eligible.
- 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.
- Work may NOT begin until the loan is approved and closed.
- One bid from a properly licensed or registered contractor with the Minnesota Department of Labor is required.
- 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, CEE will conduct a post-installation inspection.
- Our experience has shown that Big Box Stores are not willing to be paid on completion, which is a requirement for this program.
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).
Browse More Mounds View Loans
Not sure what program works for you? Contact us.