There are a number of loans available to improve the value of White Bear Lake MN homes for sale, Roseville MN homes for sale, Maplewood MN homes for sale, 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 condo or townhome owners in areas like White Bear Lake, Shoreview or Roseville, you may also be able to take advantage of this loan program. However, only interior repairs are eligible on condominiums and townhomes, while single-family homes can use this loan to improve the exterior along with the interior. The limitation on condominiums and townhomes is because exterior maintenance on these types of property is typically covered by associations. Since each condo and townhome owner pays an association to handle exterior maintenance, the county simply limits the use of this loan for interior condo and townhome repairs.
There are simple guidelines to qualify for this loan. Your home must meet the Estimated Market Value limit, which is generally capped at 120% median home value in White Bear Lake, Shoreview, Roseville MN, or the specific city in which you live. Also, your home must be at least 15 years old. If you meet these criteria, you may qualify for a maximum loan of $15,000, allowing you great flexibility in tackling even the largest repairs, like a new roof, windows, or a new heating and cooling system.
There are also two other loan levels for low-income households.
Tier 1 – Low Income Households: This loan is intended for households with a gross annual income equal to or less than 50% of the respective city median income. The loan is forgiven at a rate of 10% of the original principal balance per year. And if the home doesn’t sell or title doesn’t transfer for 10 years after you receive the loan, then the loan is fully 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 median income. There is a 0% interest rate on this loan, and full loan payment is deferred until the home 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 value 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 you’ve always wanted.