New Hope Emergency Deferred Loan
The New Hope Emergency Deferred Loan is designed specifically for homeowners in the City of New Hope that have emergency improvement needs.
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Definition of Emergency:
An emergency is defined as a condition that makes a house uninhabitable, extremely dangerous to the occupants, or is capable of causing severe health problems.
About the Loan
- 0% (0.341% APR)*
- No monthly payments.
- Loan amounts from $1,000 to $5,000.
- No down payment required.
*Based on a $5,000 loan with a 10 year term.
- 1-4 unit, owner occupied properties located in the City of New Hope.
- Condos and townhomes are eligible.
- Properties under construction or held in a trust are not eligible.
- Loan approval is subject to credit and program guidelines.
- Income limits apply.
- Closing costs apply.
- This loan is secured by a mortgage on the property.
- 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- Eligible improvements will be determined through a site visit to the property.
- 2 bids are required from a properly licensed contractor for projects over $5,000.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).