Availability:
Cook, Lake, and St. Louis Counties (excluding the City of Duluth).

Program Description:
Minnesota State Law requires homeowners paying off a special mortgage to receive counseling.

A special mortgage is defined as a residential mortgage loan originated, subsidized or guaranteed by or a through a state, tribal, or local government, or nonprofit organization that has one or more of the following nonstandard payment terms:

• Payments vary with income
• Payments of principal or interest are not required or can be deferred under specified conditions
• Principal or interest is forgivable under specified conditions
• No interest or an annual interest rate of two percent or less

During the counseling session you can expect to discuss the following:

• Purpose of the proposed refinance
• Advantages of the special mortgage
• How to determine if you can refinance without paying off the special mortgage(s)
• Benefits and costs of refinancing

Contact:
Carol Gehrke
(218) 749-2912 ext. 274
(800) 662-5711 ext. 274
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