There are a number of loans available intended for improving the value of homes for sale in White Bear Lake MN, homes for sale in Roseville MN, homes for sale in Maplewood MN, and other homes in Ramsey County.
The loan is called the "Ramsey County Deferred Loan".
It is a zero interest (0%) loan for owner-occupied, single-family properties.
If you are one of the many that own a Condo or Townhome in areas like White Bear Lake, Shoreview or Roseville, you too have the ability to take advantage of this loan program.
However, only interior repairs are eligible in condos and townhomes, whereas single-family homes can use this loan to improve the exterior along with the interior.
The limitation on condos and townhomes is because exterior maintenance of these property types is typically covered by associations.
Since each condo and townhome owner pays into an association to care for their exterior maintenance, the county simply limits the use of this loan for interior repairs for condos and townhomes.
There are simple guidelines to qualify for this loan.
Your home must meet the estimated market value limit, which is typically limited to 120% of the median home value in White Bear Lake, Shoreview, Roseville MN, or the specific city in which you live.
Additionally, your home must be at least 15 years old.
If you meet these criteria, you may qualify for up to the $15,000 maximum loan size allowing you nice flexibility to address even the largest repairs like a new roof, or windows, or a new heating & cooling system.
Two other loan tiers also exist for lower income households.
Tier 1 - Low Income Households: This loan is intended for household with a gross annual income at or below 50% of the respective city's median income.
The loan is forgiven at a rate of 10% of the original principle balance per year.
And if the home is not sold or the title is not transferred for 10 years after receiving the loan, then the loan is completely forgiven and nothing is owed.
Tier 2 - Moderate Income Households: This loan is intended for households with a gross annual income between 50% and 80% of the respective city's median income.
There is a 0% interest rate on this loan, and the repayment of the entire loan is deferred until the house is sold, title is transferred, or (in some cases) if/when the mortgage is refinanced.
Take advantage of these loans! They can help improve the values of homes for sale in White Bear Lake, Shoreview, Roseville MN, etc...
and all other cities in Ramsey County.
Or they can help you finance that new roof, windows, or insulation that you've always been wanting.