Cloquet partners for first-time homebuyer and fix-it loans
April 21, 2023
Minnesota Housing announced over $70.3 million is available to provide affordable mortgages to first-time homebuyers through a collaboration with Minnesota cities and counties, including $226,882 for the city of Cloquet.
Homebuyers can take advantage of the resources through the Minnesota Housing Start Up loan program, which offers fixed interest rates and downpayment and closing cost loans up to $18,000 for eligible first-time homebuyers. Buyers can purchase homes in Cloquet that cost up to $349,500. Income limits vary by location and household size, going up to $119,600. First-time buyers can get started by contacting participating lenders in the Cloquet area. Visit http://www.mnhousing.gov/findalender for a full list of approved lenders, current interest rates and program eligibility.
Minnesota Housing is a state agency that, it says, “provides access to safe and affordable housing and builds stronger communities across the state.” Minnesota Housing offers purchase, refinance, and home improvement loans, as well as financing for affordable rental housing throughout the state.
Minnesota Housing is also offering their “Fix Up” loan program to qualifying homeowners to tackle home improvement to-do lists without breaking budgets. The Fix Up loan is available to repair, remodel and make energy saving improvements; update bathrooms or kitchens; replace furnace, A/C, windows, or doors; new siding or roofing; or to make accessibility improvements.
To qualify for the Fix Up loan program, you must own and occupy the property to be improved and your gross income must be no greater than $155,500. The income limit is waived if the improvement is being made for the accessibility of a family member who is disabled or for specific energy improvements.
Those interested in the Fix Up loan program should contact a Minnesota Housing participating lender at http://www.mnhousing.gov/findalender to discuss your eligibility and begin the application process. The Fix Up Loan offers flexible financing options statewide for:
• Loan amounts from $2,000 up to $75,000.
• Fixed interest rates.
• No income limits for energy or accessibility Fix Up loans.
• Secured and unsecured loan options.
• Less equity required compared with a traditional home improvement product.
• Choose a contractor or do the work yourself.
• Longer loan term options and monthly payments to meet your needs.
• No prepayment penalty.
• Single family homes, duplexes, triplexes and fourplexes are eligible.