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Home Financing FAQs

How to Get a Home Improvement Loan | Neighborhood Energy Connection | St. Paul, MN
What types of loans are available?

Energy Smart Homes for Saint Paul homeowners. Repayment deferred for 15 years or until you sell your home.
Fix-Up Fund available statewide for almost any home improvement.
Fix-Up Fund (unsecured) a welcome financing tool for Minnesota homeowners who do not have equity in their homes.
Energy Fix-Up Loan makes key energy system improvements possible at a low interest rate.
Suburban Ramsey County Energy Conservation Deferred Loan a loan for homeowners in select Ramsey County cities that is forgiven when you own your home for ten years.

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Are your loan programs asset restrictive?

The Suburban Ramsey County Deferred Loan does have asset restrictions which are listed on the program page.

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When will I know my loan is approved?

Loans are generally approved three business days after your paperwork is submitted.

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Do you credit score your loans?

Yes for the Fix Up Loan. No for the deferred loans.

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Do you have any grants for low income households?

Depending on your net income and what city you live in, you may qualify for the Energy Smart Homes program or the Suburban Ramsey County Deferred Loan program.

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Are your loans secured?

Yes, all loans are secured by a mortgage on the property, excluding the Unsecured Fix-Up Loan and the Energy Fix-up Loan.

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I’m not sure about my credit rating, will I still be approved?

Each situation is unique. Please speak with LeAnne, NEC Loan Manager, at 651.221.4462 Ext. 132.

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Do I need to schedule an audit when applying for a loan?

An energy audit is not required when applying for the Fix-Up Fund. An energy audit is required for the Energy Smart Homes Loan, the Suburban Ramsey County Deferred Loan, and the Minnesota Energy Loan. It is advised to wait until your loan is approved before scheduling a home energy audit.

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How do I find a general contractor?

Xcel Energy’s Home Performance Preferred Contractor’s list is a good place to start. If you are an NEC loan customer, please contact Danielle Butenhoff at 651.789.5700 x 136 if you have questions about your bid. Also read our our helpful Tips for Hiring a Contractor PDF.

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