South St. Paul Senior Deferred Loan

Senior couple sitting on a porch

The City of South St. Paul's Economic Development Authority is making funds available to help homeowners to make improvements to their homes. 

The guidelines below are subject to change at any time without notice. Loan funds are subject to availability.

Apply Now

Hablamos Español: 612-335-5856

About the Loan

  • 0% (0.089% APR) based on a loan amount of $25,000 over 30 years
  • Loan amounts up to $25,000
  • Loan is 100% due when the borrower sells, transfers ownership, cash-out refinance, or no longer occupies the property as the borrowers primary residence.
  • Income limits apply

Property Eligibility

  • 1-4 unit owner-occupied properties properties located in the City of South St. Paul 
  • Properties with more than 4 unites, cooperatives, mobile homes, and properties held in a trust are not eligible.
  • Loan approval is subject to credit and program guidelines.

Loan Details

  • Closing costs apply.
  • At least one borrower must be at least 55 years of age and have owned and occupied the property for at least 5 years prior to loan application.
  • This loan is secured by a mortgage on your property.
  • Fixed interest rate.
  • 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 will be determined by a property inspection after the application has been received. 
  • 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.

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 South St. Paul Loans


woman on phone

Not sure what program works for you? Contact us.