Your home is your biggest investment. Our home improvement financing option can help update and improve your home. Whether an essential improvement or cosmetic fix, a small weekend project or a large renovation, we can help make your vision a reality.
- Secured by Mortgage
- Maximum repayment term: 20 years
- No prepayment penalty
- Maximum Debt To Income: 43%
- No appraisal needed
- Minimum loan amount: $2,000 / Maximum loan amount: $50,000
- Must provide insurance binder with MMCDC listed as 2nd Mortgagee
- Maximum Loan To Value: 110% (after improvements made value)
- Equity will be calculated based on outstanding loan balance and current tax value plus 50% of proposed improvement bids
- Current interest rate available
Borrower(s) must meet the following requirements:
- Must have minimum 620 credit score
- Must meet underwriting guidelines
- Must provide detailed bids for work to be completed
- Must have income at or below the USDA Federal Guidelines for Low-Income in Minnesota, by County or Metropolitan Statistical Area and Family Size.
Residence must meet the following requirements:
- Must be owner occupied primary residence
- Single family residence
Do not send sensitive or confidential data to staff emails via the website.
Current Rates:
MMCDC Home Improvement Loan:
20 yr: 8.000%
Run the numbers with our loan calculator
Rates, points and programs are subject to change at any time and are not disclosed to extend as defined by Regulation Z.
