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Home Repairs

MHFA – Rehab Loan

Application

This is a deferred loan with no interest or monthly payments until such a time you sell, transfer or move from the property.  On the 16th year, this deferred loan is forgiven.

Eligibility Requirements for a Rehabilitation Loan Program Loan

  • owner occupies the property to be rehabilitated;

  • owner does not have assets that exceed $25,000;

  • owner meets the following income limits:

 Size of Household

 Income Limits

 1 Person

 $17,700

 2 Persons

 $20,200

 3 Persons

 $22,700

 4 Persons

 $25,200

 5 Persons

 $27,200

 6 Persons

 $29,200

 7 Persons

 $31,300

 8 Persons

 $33,300

Loan Features

  • Maximum loan amount is $24,999 (an additional $10,000 may be added to satisfy any necessary lead-based paint hazard reduction requirements)

  • Maximum loan term is 15 years for properties taxed as real property and 10 years for mobile/manufactured homes taxed as personal property located in a mobile home park.

  • Can be used for rehabilitation of single-family homes, townhomes and condominiums constructed after January 1, 1978, and manufactured housing taxed as real or personal property.

  • All loans are forgiven if the borrower does not sell, transfer title, or ceases to occupy the property during the loan term. 

Eligible Home Improvements

Basic improvements to the livability, accessibility, energy efficiency and addressing lead paint hazards are eligible.  Electrical wiring, furnace replacement, plumbing and septic repairs are just some of the possible repairs.