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Fix Up Loan Program Changes Coming January 3!

Minnesota Housing is pleased to announce changes to the Fix Up Loan Program. These changes will be effective for loans locked on or after January 3, 2024.

Additional Eligible Energy Improvements

• Air Source Heat Pumps will be eligible under the secured and unsecured energy programs.
• Heat Recovery Ventilation and Energy Recovery Ventilation Systems will be eligible under the secured and unsecured energy programs.
• All of these items are also still eligible under the regular Fix Up loan options.

Ownership

We’re expanding the documents we allow to prove ownership when the borrower is receiving an unsecured Fix Up loan. The updated documents will be found in section 3.05 of the Home Improvement Loan Programs Procedural Manual.

Document Updates

• The Incentive Rate Energy Conservation and Accessibility Eligible Improvements document will be updated to reflect the new eligible energy improvements and the related energy conservation specifications.
• The Supplemental Application for Unsecured Energy Incentive Loans (required for unsecured energy loans only) will be updated to reflect the new eligible energy improvements and the related energy conservation specifications.
• We are revising the Credit Application Addendum to be a Borrower Certifications Document. This form will still be required on every loan and the borrower(s) are still required to sign it. The updated document will be found in the Forms Guide & Glossary.
• The Home Improvement Loan Programs Procedural Manual will be updated on January 3 to reflect these changes.

Reminder: Fix Up Rate Changes January 2

The next monthly rate review and adjustment takes place on Tuesday, January 2. It is essential that lenders lock loans in their pipeline to get the current rate.

Questions?

Contact the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8 a.m. and 5 p.m. on business days.

www.mnhousing.gov

In connection with Single Family Division loan programs, Minnesota Housing is neither an originator of loans nor a creditor and is not affiliated with any Lender. To find out if you are eligible, or to apply for a loan, please contact a participating Lender.