EDA adjusts Homebuyer Assistance Loan program
NEW ULM - Homebuyer Assistance Loan Program policy and flat rent adjustments in New Ulm were approved during Tuesday’s Economic Development Authority (EDA) meeting. Following an August work session, changes were proposed for the Homebuyer Assistance Loan Program policy. The loan program assists first time homebuyers with a downpayment plan. Previously offering a maximum $10,000 loan amount, the new policy bumps that amount up to $15,000. With the increased maximum loan amount, a 2% interest rate was added. Prior to these changes there was no interest rate. Applicants are no ...