Updated Home Improvement Loans Procedural Manual

Krissi Hoffmann: 651.297.3121
Cal Greening: 651.296.8843
Updated Home Improvement Loans Procedural Manual
We updated the Fix Up Program Procedural Manual to include the following:
  • Allowing borrowers to finance work that is in process, has been completed and/or materials purchased in the 120 days prior to loan closing.
  • Outlining third party requirements for determining property value when using a Brokers Price Opinion (BPO) with a Competitive Market Analysis (CMA).
  • Allowing lenders to charge the borrower for the actual cost of the CMA/BPO, up to $150.
New Start Date for the Unsecured Energy Improvement Option
As announced in the April 4, 2014 eNews, Minnesota Housing will offer a new unsecured loan option for basic energy conservation improvements. The start date has been pushed forward one day and the new start date is April 30, 2014.
The new unsecured loan option includes:
  • 4.99% Interest Rate: The interest rate for this loan option will be 4.99% and is made possible through a partnership with the Minnesota Department of Commerce*. 
  • Income Limits: There is no income limit and all other underwriting criteria will be the same as the regular unsecured loan option.
  • Easy Loan Processing: All loan processing will be similar to the regular unsecured option. 
  • Minimal Paperwork: There will be a Supplemental Application to the Fix Up Credit Application, to be completed by the borrower and their contractor. This will capture energy conservation and savings information. 
  • Open to Lenders: All current Fix Up Lenders will be able to access this loan option.
The Supplement Application and updated Loan Transmittal form will be posted to the Minnesota Housing website by the close of business on April 30.
*This project was made possible by a grant from the U.S. Department of Energy and the Minnesota Department of Commerce through the American Recovery and Reinvestment Act of 2009 (ARRA).
Register for April 28 Training
We want you to be successful, so we offer trainings to help you fully understand our programs and requirements. Please join us for upcoming live Webinar.
The first part of the training will cover recent program updates as well as the new unsecured loan option. The remainder is an overview of the Fix Up loan program. 
This Webinar will also be recorded and posted to the website for future reference.  
New Discount Factors for Community Fix Up loans
New Discount Factors for Community Fix Up loans, with rates from 0%-5.50% in 0.25% increments, are effective May 1.
Please continue to use current Discount Factors for commitments through close of business on April 30.
400 Sibley Street, Suite 300 | Saint Paul, MN 55101 US
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