Loan program open for fixer uppers
The City of Perham and United Community is partnering up to offer assistance to homeowners in updating their older homes.
The Fix Up loan program provides up to $50,000 to be used in addressing code and structural corrections, energy improvements and general repairs.
EDA Assistant Haley Ehrnst said the sole purpose of the program is to keep Perham's mature housing stock thriving.
To qualify, applicants must have a home in Perham built before 1990 with an assessed property value less than $200,000. Improvement projects must include foundation work, major exterior improvements, adding bedrooms or living spaces.
"The Fix-Up program through Minnesota Housing is such a great program for many homeowners. Customers that we work with are pleasantly surprised by the great terms we are able to provide through this loan program. I recommend it to anyone looking to make home improvements," says UCB mortgage lender Lisa Glynn in a press release.
The application period is open until Aug. 30 or until the funds are exhausted. The loans have a 4.85% fixed interest rate, which is repayable over 10 years.
The City of Perham also gives money back through energy conservation rebates for upgrading items such as a furnace, hot water heater and lighting.