0 Interest, 0 Payment Home Rehab, Down Payment Loans in St. Cloud

ST. CLOUD (WJON News) -- If you are shopping for a home and need a little help with the down payment, there is money available if you buy a home in St. Cloud.

The St. Cloud Housing and Redevelopment Authority has funds available through its Homestead Incentive Loan program. They can provide up to $5,000 for a down payment with no interest and no payment fee.

Neighborhood Program Specialist Shannon Adamski says to qualify one or two-person households have to make $104,000 or less, and for households of three people or more, they need to have a combined income of $119,600 or less.

It's not just for first-time homebuyers, it can be anybody, you don't have to take a class or a course. It's been a really helpful program with some of the lenders that we use.

Adamski says they will work directly with your lender at the time of closing. You will need to repay the loan when you sell the house or after 30 years.

The money from the program comes from the HRA so there isn't unlimited funding but they do have money available right now.

Additionally, existing St. Cloud homeowners who need repair work done can get some help through a local program. The St. Cloud Housing and Redevelopment Authority has money available through its home rehab program.

Adamski says your home has to be in the city limits of St. Cloud and there are income guidelines that are based on your household size.

She says they focus on health, safety, and weatherization.

So that would include windows, siding, roof, electrical, plumbing, all sorts of different things.

The loans are interest-free with no monthly payments.

Then you pay them back whenever you sell your house, if you would move for any reason, or after 30 years.

The money for the program comes from the federal government, plus it is a revolving loan program so the money that gets paid back goes back into the program.

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Adamski says they typically are able to rehabilitate 15 to 25 homes each year. There is a short waiting list right now, but she says you should sign up now if you want to get on that list.

She calls it a great program for people on social security or disability, or just working families.