Richfield Home Improvement Loan

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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.

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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.
  • 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.

Remodeling Advisor Visit:

  • If you need assistance in identifying and prioritizing improvements, residents can request a remodeling advisor visit where you can receive objective remodeling advice. The service is free and includes an informational visit to your property and assistance with collection and evaluation of bids. To schedule an appointment call 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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