Rehabilitation Loan Program

This is an income-based loan program for homeowners to make basic repairs to their home (roof, siding, windows, doors, heating systems, electrical updates, well, septic). Financing is in the form of a forgivable loan with a fifteen (15) year term at 0% interest. If during the 15 years the home is sold, the title is transferred or the property ceases to be the borrower’s principle place of residence, the loan must be paid back. If after 15 years none of those events occur, the loan is forgiven and does not have to be paid back. Single-family homes, duplexes and manufactured housing taxed as real or personal property are eligible for this program.

How do I qualify?

• You must own the property & home to be improved
• The home must be your principal place of residence
• You must be current with your mortgage payment and property taxes
• The net value of your assets can not exceed $25,000 (Excludes home furnishings, and one vehicle)
• You must carry home owner's insurance on home
• You must meet income guidelines. Income limits are based on the size of the household:

How do I qualify?

• You must own the property & home to be improved
• The home must be your principal place of residence
• You must be current with your mortgage payment and property taxes
• The net value of your assets can not exceed $25,000 (Excludes home furnishings, and one vehicle)
• You must carry home owner's insurance on home
• You must meet income guidelines on or after March, 2019. Income limits are based on the size of the household:

Family Size	1 person	2 people	3 people	4 people	5 people	6 people	7 people
Income limit	$21,000	$24,000	$27,000	$30,000	$32,400	$34,800	$37,200

 

Residents in Swift County should contact Swift County Housing and Redevelopment Authority for application and program information.