The City of Minnetonka is now offering a First Time Home Buyer down payment assistance program of up to $10,000 and current Minnetonka home owners up to $15,000 for home repairs and updates.
I spoke with Rob Hansen, the Economic Development Coordinator with the city and following are the details of both programs and Rob’s contact info.
Welcome to Minnetonka Loan program
The city partners with the CEE to offer low-interest loans to assist first-time home buyers with down payments and closing costs. Loans are up to $10,000 with a one percent interest rate and the home buyer must contribute at least 25 percent of the total down-payment or closing costs; income and asset limits apply.
Visit https://www.mncee.org/find-financing-incentives/minnetonka-down-payment-loan-program/ to learn more about loan terms, eligible properties, additional requirements and how to submit applications to the CEE.
Minnetonka Home Loan Enhancement program
This program offers low-interest home improvement for Minnetonka residents through the Center for Energy and Environment (CEE). Loan amounts range from $2,500 to $15,000 with a 10-year term and a three percent interest rate. Income and asset limits apply.
Visit https://www.mncee.org/find-financing-incentives/minnetonka-revolving-loan-program/ to learn more about program guidelines – including loan terms, property eligibility and eligible improvements – and how to submit applications to the CEE.