Minnesota Housing Finance Agency Loan Program

If you are a City of St. Cloud homeowner, and fall within the following income limits, you may be eligible for a MHFA Loan. Applicants eligible for this program must occupy the home to be rehabilitated. Applicants' assets must not exceed $25,000. The Adjusted Gross Annual Household Income Limit to be eligible for a Rehabilitation Loan is $18,000 statewide.
 
The maximum loan amount is $15,000 with a 30 year term with loan payment deferred until the borrower sells, transfers title, no longer lives in the property or at the end of 30 years.
 
In order to be eligible for this loan, you must own the property, have lived in property for at least 6 months, and it must be your primary residence. Mobile Homes are NOT eligible unless they are on a permanent foundation and the owners own land. The home must have no more than two dwelling units.
 
Gross income limits are as follows:
 
Family Size Annual Gross Income Limit
1      $16,150
2      $18,500
3      $20,800
4      $23,100
5      $24,950
6      $26,800
 
City of St. Cloud Targeted Neighborhood Revitalization Deferred Rehabilitation Loan Program
You may receive up to $12,000 for basic home improvements such as electrical wiring, plumbing, roofing, heating, energy saving improvements, or improvements to meet the needs of a disabled person. If any lead work is completed the maximum loan amount is $15,000.
 
In order to be eligible for this loan, you must own the property, have lived in the property for at least 6 months, and it must be your primary residence.  The property must be located within the Target area of City limits of St. Cloud, and conform to applicable zoning, and also be a permanent structure. The net value of your assets must be no greater than $25,000. This does not include personal property or the home being improved.
 
Gross income limits are as follows:
 
Family Size Annual Gross Income Limit
1      $34,000
2      $38,850
3      $43,700
4      $48,550
5      $52,450
6      $56,350