|Down Payment Assistance Program
Buying your first home? If you are a first time home buyer or a home buyer who has not owned a home for at least three years, you may be eligible for up to $5,000 to help pay the down payment and closing costs on a home in Renville County.
To be eligible, you must live in the home after you purchase it. You must be buying the home with a mortgage, not a contract for deed, the home must be a permanent structure and insured. While funds last, up to $5,000 is available from the Renville County HRA/EDA to match funds you put in from your savings or another source to pay the down payment and closing costs on your home.
The funds from the Homeownership Down Payment Program are a 0% interest loan that does not have to be repaid until you move out of the home, sell the home, or pay off the first mortgage.
*Borrowers must meet income guidelines
Planning to fix up your home? If you are an owner-occupant in Renville County, you may be eligible for up to $5,000 to match funds you use to do permanent repairs to your home. For example, if you put new siding on your house at a cost of $7,000, the Homeownership Program would lend you $3,500. The loans are at 0% interest and are repayable over 5 years. For very low income households, repayment of the loan is not due until any loan from a bank necessary to provide the matching funds has been repaid.
Eligible repairs include roofs, siding, painting, insulation, mechanical systems, windows and doors, concrete or masonry work, additions, accessibility features, demolition to allow new construction, or other permanent improvements.
*Borrowers meet income guidelines, must either own their house outright or have a mortgage. The home must be a permanent structure. Borrowers must be current on their real estate taxes and provide proof of insurance.
|Down Payment/Rehab Maximum Incomes
|Family Size||Yearly Gross Income|
These Homeownership Down Paymant and Rehab Program loans are on a first come first serve basis and are available until funds have been depleted.
Applicants shall complete the application and submit it, along with other required documentation, to the office of the Renville County HRA/EDA at 200 South Mill Street, PO Box 481, Redwood Falls, MN 56283. For more information contact the HRA/EDA at 507-637-4004 or firstname.lastname@example.org.
|Additional resources for assistance with the costs of home repair projects: