Ready to Fix Up or Remodel Your Home?
There’s a Minnesota Fix Up Fund available to local residents to make a variety of home improvements. Northwestern Bank is working with the Minnesota Housing Finance Agency to make these loans available. Call 218-233-2371 for more information.
Here are some details about the program:
- Household income at or below $99,500.00
- Income limit may be waived if the improvements are being made for the accessibility of a family member with a disability.
- Property must be owner-occupied.
- Single family homes, duplexes, triplexes and four-plexes are eligible.
- Hire a contractor or do the work yourself.
- Maximum loan term of 10-20 years based on the loan amount.
- Loan amounts from $2,000 to $50,000.
- Unsecured loans now available up to $15,000.
- Lower interest rate available for funds that are used exclusively for energy conservation or basic accessibility improvements.
- A higher loan amount may be available if the improvements are being made for the accessibility of a family member with a disability.
Eligible Home Improvements
- Most improvements to the accessibility or energy efficiency of a home, or general repairs are eligible, such as:
- New Furnace
- Electrical Wiring
- Central Air Conditioning
- New Roof
- Septic Repairs
- In addition to energy-saving upgrades, homeowners may also finance renewable energy improvements. These include solar thermal, solar electric and wind turbines/generators.
Ineligible Home Improvements
- Swimming Pools
- Reimbursing or Refinancing for Improvements Already Done
- Hot Tubs
- Recreational or Entertainment Facilities
- Mobile Homes Not On a Permanent Foundation and Not Taxed and Financed as Real Property
Ready to Get a Loan?
- 1. Decide on your project. Get contractor’s bides or an itemized materials estimate from a home improvement retailer for your proposed project.
- 2. Contact Northwestern Bank in Dilworth, Moorhead, Ulen and/or Hendrum.
- a. Dilworth: 218-287-2311
- b. Moorhead: 218-233-2371
- c. Ulen: 218-596-8837
- d. Hendrum: 218-861-6211
- e. Or, check www.mnhousing.gov for other eligible lenders.
- 3. Your Northwestern Bank lender will help you apply and work with you to complete the loan process and close your loan.