Home Rehabilitation Loans Available Through SEMCAC – Austin Daily Herald
SEMCAC, a community action agency serving Southeast Minnesota, has funds available through Minnesota Housing for home rehabilitation loans for eligible homeowners in Dodge, Fillmore, Freeborn, Goodhue, Houston, Mower, Rice, Steele, Wabasha and Winona.
This loan is a 0% interest rate loan (no monthly payments) with a term of 15 years or 10 years for mobile / prefabricated homes in a mobile home park. If you meet the following requirements, you may be eligible to borrow up to $ 27,000 to complete your home’s improvements and / or accessibility needs:
• Must have owned and occupied the property as a primary residence within the past six months;
• Up to date with your property taxes;
• Up to date with your mortgage payments;
• Have less than $ 25,000 in assets;
• Have the total gross household income within the income limits, which is 30 percent for Minneapolis / St. Paul.
Properties of a reverse mortgage, trust or co-op are not eligible
For more information, please contact Cindy at SEMCAC, PO Box 549, Rushford, MN 55971, direct line 507 864-8207 or email [email protected] All applicants are protected under data protection law.