Owners Of Flood Damaged Homes Can Still Apply For Forgiveable Loans
On Thursday, Minnesota Housing announced another extension homeowners affected by last June’s flooding to apply for the Quick Start Loan Program. The new deadline gives homeowners through the end of February to apply for a loan.
This is the third extension of the program since the original deadline passed in early December. To date, 139 loans in the amount of $2.1 million are in the pipeline, but officials say hundred of people could still qualify for the state loan.
The loans are $40,000 loans from the state that come with no interest, no payments, and if you live in your home for 10 years, it’s completely forgive.
To close a Quick Start loan the following is needed: a letter of denial or benefits from homeowner’s insurance; a letter of denial or partial benefits from SBA; photos of damage; proof of homeowner’s insurance; contractors bids and you need to be current on your mortgage and property taxes.
Homeowners interested in finding out more should call their hotline at (218) 499-9480 to be connected with a disaster case manager that will take them through every step of the qualifying process.