We’ve talked a lot the past couple of weeks about fixing up your home in the Twin Cities if you are not in position to buy in this market.  I’ve referred a number of times to a Fix Up loan from the State of Minnesota.  Lots of you have been writing and calling asking for information about this loan. 

(There have also been requests for more information about the rebates tied to this program.  I will put that in a later post.)

Here’s a summary of the program, most of this information comes directly from the Minnesota Housing web site but I have tweaked a few things in the descsription to make it easier to understand.

Fix-up Fund
The Fix-up Fund is a program that offers affordable, low-interest fixed rate home improvement loans.  It is available for home improvements in the Twin Cities and across Minnesota.  Right now, there is a SUPER BONUS.  Fix-up Fund borrowers who complete eligible energy-saving home improvements may qualify for an Energy Saver Rebate.  To be eligible for the Energy Saver Rebate, homeowners must secure financing with a Minnesota Housing Fix-up Fund loan.  You could get a check back for 35% of the eligible work you do to your home!

Eligibility Requirements:

• Household income at or below $96,500 (the 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 or four-plexes are eligible

Loan Features

• Hire a contractor or do the work yourself.  More flexibility–most programs require you to hire a contractor.
• Maximum loan term of 10 or 20 years based on loan amount.
• Loan amounts from $2,000 to $35,000.  Up to 110% of your home’s property tax value.
• 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 with the Fix-up Fund
Most improvements to the accessibility or energy efficiency of a home, or general repairs are eligible, such as:

• windows
• insulation
• a new furnace
• central air conditioning
• electrical wiring
• a new roof
• a garage
• 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.  Make sure you check with local authorities and your neighbors before putting a wind turbine up–or you might not be invited to the next block party.

Ineligible improvements

Swimming pools, hot tubs, gazebos and other recreational or entertainment facilities. (I tried to use it build a water slide for my kids, but they didn’t let me do that either).  Also, Kevin Curtis wanted me to make sure people knew Mobile homes are not eligible to receive Fix-up Fund financing unless they are fixed on a permanent foundation and taxed and financed as real property.

For a real good time, Combine the Fix Up Fund with Sweet Home MN’s Green Screen

This is a great loan to use to fund the repairs you may discover your home needs after completing our Green Screen.  The Green Screen will give you Thermagraphic Images of your home–in other words you’ll get pictures actually showing you where your home is leaking energy.  Once you know where it is going out, then we can work with you to put together a plan to keep it where it’s supposed to be–inside your home–not outside creating icicles hanging from your roof.

To apply for a Fix Up Fund loan you can send an email to me: agrebis@bellmortgage.com and we’ll get you started.  I don’t actually do these loans myself, but I will refer you to the best in business when it comes to getting a Fix Up Fund loan.  I want to make sure your paperwork gets handled right so you can receive all the rebates and credits you may be elgible to get back.  There is one place that does more of these things than almost everyone else put together, and I want to be sure you are working with the right person at the right place.