Home repair loan options

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hanted houseFiguring out ways to improve your home can be a challenge. First you have to decide is it a project you can do on your own, do you need to contract it out? Next how do you afford it? Luckily United Community Bank has plenty of options to help you finance your new dream addition, a five-star kitchen, or just an outdoor patio area to share with friends and family. Some of the options that UCB has depends on how much equity you have in your home, what the project is, and how much the project is going to cost. 

Home Equity Line of Credit (HELOC)

A HELOC is not a typical loan. Most loans are for a set dollar amount that you pay off over a set number of months with a set interest rate. A HELOC loan differs in that you have a draw period and you can use that draw period to borrow up to a determined limit. During the draw period you will have to make minimum payments on what you borrow. Once the draw period is over, you will then repay that money, with interest, over a set number of months. With a HELOC you can use the money towards a number of things, it functions very similarly to a credit card and can be used for other services like:

  • home improvements
  • bill consolidation
  • family vacation
  • or any personal expenses

Minnesota Housing Fix Up Loan

A Minnesota Housing Fix Up Loan is a great way to make improvements to your home. They offer loans up to $50,000 and loans can be taken out for up to 20 years. Projects that are covered under a Minnesota Housing Fix Up Loan include:

General home repairs and remodeling

  • Porches and decks
  • Bathroom or kitchen remodels
  • Finishing a basement
  • Siding and roofing
  • Mold and radon mitigation
  • Basic garage, if none exists
  • Energy efficiency improvements

Heating system and central air conditioning

  • Windows
  • Insulation, attic air sealing
  • Water heater
  • Accessibility improvements

Ramps

  • House accessibility modifications
  • Safety modifications

Another excellent reason to pursue a Minnesota Housing Fix Up loan is you could be eligible for Lower rates for eligible energy efficiency and accessibility improvements. These loans are very popular in our area for people looking to improve their home.

Interested in learning more about our different loan options? Or are you ready to get preapproved on your next home project? Let UCB help!