Richfield Home Improvement Loan
The City of Richfield offers financing homeowners to assist with home maintenance and energy improvements.
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 limits apply.
- Loan amounts from $2,000 – $50,000.
- Terms up to 15 years.
- No down payment required.
Property Eligibility
- 1-4 unit owner-occupied residential properties located in the City of Richfield.
- Individual condominium and townhouse owners are eligible.
- Properties under construction or held in a Trust are not eligible.
- Loan approval is subject to credit and program guidelines.
Current Rates
Subject to change at any time. APR based on loan amount of $50,000.
| Rates starting at | Term | APR as low as | Payment example |
|---|---|---|---|
| 3% | 5 years | 3.485% | $17.97 |
| 3% | 10 years | 3.251% | $9.66 |
| 3% | 15 years | 3.172% | $6.91 |
Calculate My Payments
Based on current rates. Qualifications apply.
Loan Details
- This loan is secured by a mortgage on the property.
- Closing costs apply.
- 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.
- Eligible improvements include most interior or exterior remodeling and upgrades.
- 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.
- 1 bid is required from a properly licensed contractor or registered with the MN Department of Labor.
Remodeling Advisor Visits are designed to help homeowners get started on their home improvement projects. During a visit, one of our experienced remodeling advisors will come out to your house to discuss potential remodeling projects, help you prioritize projects, assist in reviewing contractor bids, or answer any questions. This service is free for Richfield homeowners and is limited to one visit per household.
To schedule your appointment, contact Cristina Lussio at 612-335-5856.
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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