The St. Paul City Council approved a new program on April 8th for civil servant heroes who wish to buy their first home in St. Paul. Program is offering 0% deferred loans of up to $15,000 which can be used towards downpayment and closing costs. Repayment will not be required if the homebuyer lives in their home for at least 10 years. Hero-worthy applicants are someone who has been in or discharged from the military, cops, firefighters/paramedics/EMTs, healthcare workers, teachers or any public employee with any recognized governmental unit. Eligible properties are townhomes, condos or single-family homes up to four-plexes. Homebuyer must qualify for a traditional fixed-rate mortgage and households or two or less have a maximum income limit of $92,000. More information on this program will be forthcoming.
Tags: Cops, Downpayment, Firefighters, Healthcare Workers, Homebuyer, Public Employee, St. Paul, Teachers