If you are an eligible applicant, you can receive a “Buyers Incentive” of $14,000 that can be used to pay closing costs, required down payment, or reduce your principal. This loan is a 10-year forgivable mortgage with 0% interest. Forgiveness is prorated 1/10 per year. Within the 10 year term, the prorated balance is due and payable at the time of sale, refinance or when the home ceases to be the primary residence of the owner.
If you have further questions, contact:
Shannon Adamski: sadamski@stcloudhra.com or speak with someone in the Development Department 252-0880
Forms and Information:
Limited English Proficiency Plan
