The Fridley HRA Board recently approved changes to their single family home loan program so more people can take advantage of the chance to fix up their homes.
The interest rate has lowered, and is now 4.5%. They have eliminated the income limits and raised the maximum loan amount from $35,000 to $50,000. The changes allow higher income earners to qualify for the program and allow all borrowers to pay for higher cost improvements. Combined with the 115% loan to value ratio, the program will provide the ability for new families to purchase older homes and update/fix them immediately after moving in to the home.