On a purchase or refinance loan, up to $15,000, per property is forgiven over a 5 year period.
For a Home Improvement loan, the forgivable portion is determined by your household income compared to the median income for Linn/Polk County. The amount forgiven will be 25%, 33% or 50% of the rehab costs up to $15,000. The higher the household income, the less that is forgiven. Please contact an originator to determine the amount of forgivable funds available to you.