Minnesota Housing Offers Rebates Up to $10000 with Home Improvement Loans ReadMedia (press release)
11.12.09
By Minnesota Housing Finance Agency
SAINT PAUL, MN (12/11/2009)(readMedia)-- Minnesota Housing announced today that it is offering rebates of up to $10,000 for energy saving updates in conjunction with the agency's home improvement loans. The Minnesota Housing Fix-up Fund offers affordable, fixed-rate loans to eligible homeowners to make home improvements. With the help of federal stimulus funds, homeowners may receive an Energy Saver Rebate for 35 percent of the cost of eligible improvements financed with the Fix-up Fund loan, up to $10,000.
"This is a great time for homeowners to take advantage of resources that can help lower their energy costs," said Dan Bartholomay, Commissioner of Minnesota Housing. "These resources are first-come, first-served, so I encourage homeowners to contact one of our participating lenders now."
The unreserved rebate program is designed to help homeowners with household income up to $96,500 improve home energy efficiency. Owner-occupied single family, condominium, duplex, triplex, or fourplex homes are eligible for the program.
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Where should I look for a home improvement loan?
Nov 17, 2006 by to_the_hurricave | Posted in Credit
We are looking for a home improvement loan to start a couple of projects on our new home. The loan amount should be something around $15,000 to $20,000 with a low APR. Any suggestions on where to look? We're in Indiana.
I always get consumer loans assistance from NHBS, Inc
might as well check with them and goodluck to you
I know everything will be ok soon
http://www.newhorizon.org
pink_me | Nov 17, 2006
Your local bank will have the best rates on equity lines. Ask about the fees for early closure.
Here is some additional info. Hope this helps.
gtofinancial.tomvoli | Nov 17, 2006
Home equity line of credit. Local bank
so3503 | Nov 17, 2006
Have a look here.
David D | Nov 17, 2006
what are some of the details of a mortgage with a home home improvement loan?
Nov 03, 2007 by Fordie_ounces | Posted in Renting & Real Estate
Im looking to buy a house that needs a good amount of work. I dont have extra money to pay for the remodeling. But I have read that i can possibly get some sort of home improvement mortgage that will give me extra money to fix up the house. Rather than buying the house and then having to get a reappraisal and then a home equity loan.
Yes. That is true. It's called an FHA 203 K loan. The costs of repairs and rehab can be included in the mortgage amount. It is a HUD loan available through local banks and lenders.
There are many details. The link below provides an overview.
If you are looking to buy in a rural area, or if you are in certain parts of the city, there are other programs to help you also, including Neighborhood Block Grants. You can find more information at your local Neighborhood Housing Authority office.
AngeloElectro | Nov 04, 2007
If you have a lien on your house can you get a home improvement loan on the property?
Aug 27, 2007 by juju b | Posted in Renting & Real Estate
The property is financed through a private party, not a bank or mortgage co. Can you get a home equity loan to fix it up? Or a home improvement loan? even though there is a lien on the property?
Yes. The mortgage company will want to get the home appraised to make sure it is worth how much you are trying to take from it. But as long as you have enough it should not be a problem. You can either keep your current mortgage and also get a second mortgage for however much you are looking to get. You also have the option of refinancing and paying off the original lien and receiving the rest of the money from the loan payed out to you so that you can use it for home improvements.
young2bballin | Aug 27, 2007
Yes, usually. It's called a second mortgage.
Doodlestuff | Aug 27, 2007
It may be discovered and the loan company wants to be assured they'll get paid before others. So it may depend on that lien.
DJ B | Aug 27, 2007
It would depend on how much equity you have, and what the lien is and how much it's for.
Judy | Aug 27, 2007
Yes. Since it's held by a private party instead of a independent financial institution, they lender providing the HELOC will want to see a copy of the recorded note (so they can have the terms of the loan), and they will want to see 12 months of cancelled checks for payment history verification.
If you don't have cancelled checks, you are out of luck with a HELOC. They are not making exceptions to this anymore.
Mary B | Aug 27, 2007
Can my daughter pay my home improvement loan?
Sep 24, 2008 by Pooch Lover | Posted in Personal Finance
I do not live in my house where the home improvement was taken out. The loan is in my name only. My daughter now lives there and pays me the home improvement payment to me and I pay it to the lender. Is this legal? I believe I asked the wrong question. My lender is Citi-fianial.. Please help. Sry about the last question. Keep it simple lol ty much! Hugs
Anyone can make payments on anybody's loan that they choose to. I've made many an installment payment for my children at various times. All the bank or finance company cares about is that you put the correct account number on the check so they know where to credit the payment.
rtfm | Sep 24, 2008
yes as long as she makes the payments
beaver | Sep 24, 2008
The lender could not, at this point, care less how you are getting the money as long as you keep making the payments.
dlmrgnk | Sep 24, 2008
Sure - anyone can pay your bills - she could pay the bill directly to citi-financial if you want - the down fall is if she defaults on the loan it lands on you cuz it is in your name! Hope that helps!
Kari K | Sep 24, 2008
I don't think the lender would care, as long as they get their money.
steve | Sep 24, 2008
You are the one actually paying the loan, it doesn't matter where or how you are getting the money to pay for it.
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kolet water | Sep 24, 2008
Home improvement loan or home equity loan?
Apr 30, 2008 by Geena P | Posted in Renting & Real Estate
We want to make some small improvements to our home (refinish hardwoods, new carpet). We owe 135k on a home worth 180k. Which loan would be best?
A home equity line usually gives you more flexibility. Though, new carpet and refinishing floors doesn't cost all that much money. Consider saving up and paying cash for it instead.
--- | Apr 30, 2008
I agree with PelMel - this isn't enough of an expenditure to go into debt over. Save your money and pay cash instead.
Anna | Apr 30, 2008
Where do I find a home improvement loan ?
Nov 26, 2007 by ronda1216@sbcglobal.net | Posted in Personal Finance
I OWN MY HOME AND HAVE BAD CREDIT BUT I NEED TO DO SOME HOME IMPROVEMENTS WHO DO I CONTACT FOR A LOAN WHEN MY BANK HAS DENIED ME?
Did you try for an equity loan?
braves squaw | Nov 26, 2007
If your bank wont do the loan, you'll be pushing it uphill to get the loan through another bank.
You may have to do it the hard way and save for the improvements. This will also save you a lot of interest.
Ale_beer | Nov 26, 2007
If your bank has denied you, you could try schedule 2 lenders.
As long as you have equity in the property and affordability is there you should be approved.
Jake | Nov 26, 2007
when you was denied did you put the house up as security!!!
mister ed | Nov 26, 2007
What is the best and easiest way to apply for a home improvement loan?
Mar 25, 2007 by fragmentsofmemories | Posted in Maintenance & Repairs
My husband, his dad, and I, all live in a house that was built in the 20's. Problem is, my husband doesn't want to move to a different house because God only knows why. So, instead of moving, we have talked about fixing this old house up. It's made out of logs and sheet rock. We have no carpeting, and all the beams and whatnot underneath the house need to be fixed. Is there any way I could get a loan to fix all the broken junk in this place? Serious answers only, please.
Oh yeah. We have no morgatge payments either. But, the thing is, his grandpa passed away in 2002 and there was no will left. Someone said something about putting the deed up to get a loan from the government?
Oh yeah. We have no mortgage payments either. But, the thing is, his grandpa passed away in 2002 and there was no will left. Someone said something about putting the deed up to get a loan from the government?
The least costly loan will be to obtain a equity line of credit on the house.
Assuming you have a reasonable equity in the house, a bank will extend a line of credit in an amount that relates to the value of your equity (how much you own vs how much you owe on a mortgage). With this line of credit (LOC)you simple write checks for any work you desire. The amount of monthly payments you make to the bank will depend upon how much of the LOC you have used. Normally a LOC does not require you spend on only improvements - you could buy a car using your LOC for a lower interest rate than you could get on a straight car loan.
Except for a margin loan in a stock brokerage account - a equity LOC is the cheapest money you can get.
LOC's should be available from any local bank. Get a LOC NOT an improvement loan. The LOC rate is cheaper, you do not have spending restrictions with the LOC and you do not have to make any payments until you write a check against your LOC.
Shop around, you should be able to get a LOC without any closing cost with an interest rate that is very close to the Prime rate.
kayak | Mar 25, 2007
Best to just get it insured to the hilt and hope for a natural disaster. Dont get no easier than that.
robert k | Mar 25, 2007
If you need more home improvement tips check out http://best-home-improvement-projects.com/home-improvement-loans.php
Tom T | Mar 25, 2007
What's the best/easiest way to get a home-improvement loan?
Aug 26, 2006 by Rob | Posted in Decorating & Remodeling
any suggestions?
Go for a home equity loan and use your home as collateral.
metcalfmaintenance1 | Aug 26, 2006
are there any grants in NYS for people who cant get a home improvement loan?
Apr 29, 2007 by vernell b | Posted in Other - Home & Garden
I need siding on the top of my house. It's 1.5 story brick on the bottom and siding on the top. Can anyone help?
there is a federal grant, I don't know name of it but it exist. Call the city you live in and ask them
trekkie706 | Apr 29, 2007
What type of home improvement loan do I need.?
Jan 15, 2008 by fireman | Posted in Personal Finance
I,ve inherited my grandmothers home and plan to borrow 40,000 to 60,000 to renovate it. I have good credit and will live in this home.I may not need this much as I will be doing most of the work myself.
Home Equity loan is good but that depends on how much equity the home has in it to. You could always refinance that home sometimes that is better with lower interest rates.
Citizens Financial Group launches Energy$ense To apply for an EZ Home Improvement Loan or Citizens Bank Energy Efficiency Loan, homeowners should visit a Citizens Bank branch or call (877) TOP-RATE.
This equates to a 24 per cent increase in the number of home improvement loans compared to 2007, and a 22 per cent rise in the total value of these loans. Property market slump sparks boom in home improvement loans
Homeowners can qualify for home-improvement loans The Jackson County Housing Authority has a loan program which can provide as much as $25000 in zero-interest, deferred-payment loans for home repairs to
New Haven Register (subscription), CT - Feb 17, 2009
Making the grade: Loans are tougher to get in recession For those who need to borrow to cover home improvement or repair projects or some other qualifying expense, Saas suggested taking a "tax-favorable" approach
SmartCompany.com.auGreat time to jump into buying that first home In the same quarter, the average home loan repayment on the Gold Coast also fell by almost $700 a month from $2976 in December 2007 to $2297. Grant, interest rate cuts benefit Australian first home owners Melbourne more affordable for first-home buyers Homes most affordable in five years -
SmartCompany.com.auGreat time to jump into buying that first home In the same quarter, the average home loan repayment on the Gold Coast also fell by almost $700 a month from $2976 in December 2007 to $2297. Grant, interest rate cuts benefit Australian first home owners Melbourne more affordable for first-home buyers Homes most affordable in five years -