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Types of Loans

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LOANS AVAILABLE

There are two types of loans available within the Rehabilitation Loan Program:
  1. Deferred Payment Loan
    • Households with a gross annual income at or below 50% of the area median income as determined by HUD (see income table) may qualify for a deferred payment loan with 3% annual interest. Repayment of the Deferred Payment Loan plus interest is required when you sell, transfer title, lease or vacate the home, or upon the terms of the loan (20 years).
  2. Installment Loan
    • Households with a gross annual income between 50% & 80% of the area median income as determined by HUD (see income table) may qualify for an Installment loan with 3% interest. Repayment of an Installment Loan is made with regular monthly installment payments. Repayment of an installment loan in full is required when you sell, transfer title, lease or vacate the home, or upon the terms of the loan (maximum of 20 years).

LOAN SECURITY

The loan amount is placed as a lien against your property and recorded with the Register of Deeds.