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: 6.000%

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.

Loan Specialists

Angie Schute
Mortgage Loan Processor
218-844-7023
Casey Grossman
Mortgage Loan Processor
218-844-7024