Home Improvement Loan Program
Published on Jul 3, 2017 16:19

The city of Farmington is currently offering a home improvement loan program funded with Community Development Block Grant dollars administered by the Dakota County Community Development Agency.

This program offers loans to low/moderate income home owners for eligible home repairs. Requirements include, but are not limited to:

Must own their home
Have sufficient equity in the property    
Have a satisfactory credit history    
Have a gross annual income within the program income limits

Home Improvement Loans are commonly used for:
Roof replacement
Furnace replacement
Electrical and plumbing repairs
Insulation
Improvements for special needs, such as ramps, bathroom or kitchen modifications

Home Improvement Loans feature:
Zero percent interest
No monthly payments
Repayable when ownership changes or you move from the property. You may be required to repay the loan if you refinance your home or take out a home equity loan.
$15,000 loan minimum; $25,000 loan limit

If you have questions or want to apply for a loan, contact the Housing Rehab Coordinator at 651-675-4469. Loan information is also available at www.dakotacda.org

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