CITY PROGRAMS

BROOKLYN CENTER

 

Brooklyn Center, MN - Official Website - ReNew Home Purchase Program

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The City of Brooklyn Center's ReNew Home Purchase program is getting foreclosed, vacant homes re-occupied with responsible, informed homeowners. The program is designed for people who can afford to purchase and maintain a home, along with managing the responsibilities of home ownership. More than half of the funds have already been used by new Brooklyn Center homeowners!

Additional Information
The following information is a brief overview of the city's ReNew Home Purchase programs. Application materials, eligibility requirements, and detailed program guidelines are available:

 

http://mn-brooklyncenter.civicplus.com/DocumentCenter/Home/View/75

The Economic Development Authority (EDA) of Brooklyn Center, Minnesota (EDA) has partnered with the Greater Metropolitan Housing Corporation to provide a down payment and closing cost assistance program to help rebuild the housing market in Brooklyn Center. The
ReNew Buyer Incentive Program features two products. An eligible home buyer may apply for
either of the following:


ReNew Grant offers a grant of 3.5% of the acquisition cost (purchase price plus rehab costs)
up to $7,000 to be used for the payment of down payment with an FHA 203 K
Purchase/Rehab Loan, or other approved purchase/rehab loan.


ReNew Loan provides a $10,000 no-interest deferred loan that is forgivable at the
end five years if the borrower resides in the home during that time. The ReNew Loan
may be used for payment of down payment, closing costs or home repairs when
used in connection with any prime “A” fixed-rate first mortgage loan program.

 

The ReNew Grant is a down payment program to help increase home ownership and encourage reinvestment. This program offers a grant of 3.5% of the acquisition cost (purchase price plus rehab costs) up to $7,000 when used with a FHA 203K Purchase/Rehab Loan, or other approved purchase/rehab loan.
ReNewGrant Terms
a) Must be used with an FHA 203K loan, or other approved purchase/rehab loan.
b) A minimum of $15,000 in home improvements is required by the EDA to qualify for the
ReNew Grant funds.
c) Construction work must be completed by a licensed contractor, with applicable permits and
inspections completed.
d) A ReNew Grant agreement must be signed by the home buyer who certifies they will be an
owner-occupant.
e) Use of local contractors is encouraged.
Use of Funds
The ReNew Grant funds must be used for down payment. The borrower may not receive
any portion of these funds as cash.

 

Click on above links

 
 

BROOKLYN PARK

 

The City of Brooklyn Park partners with developers to purchase and rehabilitate previously vacant and foreclosed homes in the community. These homes are offered at an affordable price and include many amenities such as modern kitchens and baths, energy efficient appliances and fixtures, and updated landscaping. Buyers of these homes may be able to receive assistance of $7,500 or more.

 

http://www.brooklynpark.org/assets/1/25/Homebuyer_Program_Details2.pdf

 

 

 

COON RAPIDS

 

site info taken from:  http://www.ci.coon-rapids.mn.us/308/Down-Payment-Assistance[removed][removed][removed][removed][removed][removed][removed][removed][removed][removed][removed]

 

ReGenerations Loan Program
The Coon Rapids Mortgage Assistance Foundation (CRMAF) has funds available for down payment assistance loans.

Funds must be used in conjunction with a Federal Housing Association (FHA) 203(k) mortgage to purchase and renovate a single-family detached property within the City of Coon Rapids.

Required Renovation Work
A minimum of $10,000 of rehab or renovation work must be completed by a state licensed contractor and the work must be completed within 6 months of closing. The borrower must occupy the property as the principal homesteaded residence.

Loan Terms
Funds are reserved for down payment assistance at 3.5% of acquisition plus rehab costs, not to exceed $6,000 in assistance. Funds are provided in the form of a second mortgage

No payments are required and no interest is assessed unless the loan is repaid within the first 3 years of closing. The loan balance is reduced proportionately between years 4 - 10 and completely forgiven after 10 years.

Program Limits
This program:

 

  • Has no income limits on borrowers

  • Is not restricted to first time home buyers

  • Is not limited to foreclosed properties

 

 

EDEN PRAIRIE

 

Site info taken from:  http://www.edenprairie.org/city-government/departments/community-development/housing-and-community-services/first-time-homebuyer-program

 

City of Eden Prairie : First-Time Homebuyer Program

 

The City of Eden Prairie offers a zero-interest, deferred loan up to $25,000 for qualifying first-time homebuyers purchasing a home in Eden Prairie.

  • Financial assistance can be used for part of the required down payment (up to 50 percent), closing costs (up to $5,000) and mortgage principle reduction (up to 10 percent of the purchase price or $20,000).

  • Repayment of the loan is required if the home is sold or no longer homesteaded within the first 30 years of ownership. After 30 years, the loan becomes due and payable.

  • Applicants are accepted on a first-come, first-served basis (see application below).

  • Program guidelines and income requirements are subject to change. 

  • Must be a first-time homebuyer — have not owned a home in the last three years or have been displaced due to a divorce. 

  • Must buy a home in Eden Prairie. 

  • Must complete a homebuyer training course with Community Action Partnership of Suburban Hennepin prior to closing. 

  • Must use a participating lender for the primary mortgage. 

  • Household income must not exceed the maximum income limits by household size. This is based on gross earnings and includes all income received, such as wages, child support, alimony, etc. Income limits are revised yearly.

 

 

2015 FIRST-TIME HOMEBUYER INCOME LIMITS

# Occupants
Income Limit

 1 $46,100

 2 $52,650

 3 $59,250

 4 $65,800

 5 $71,100

 6 $76,350

 7 $81,600

 8 $86,900

 

EDINA

 

Site info taken from:  http://www.comehome2edina.org/index.php?section=program

 

Edina come to home: Edina Come To Home [removed] [removed] [removed] [removed] [removed] [removed][removed]

 

Program Overview

 

PurposeTo provide assistance to families and individuals looking for affordable home ownership options in Edina.

Maximum Loan AmountA maximum of 25 percent of the purchase price, not to exceed $60,000. The borrower must spend at least 25 percent of their gross income on housing (first mortgage, PITI, etc.)

 

Term Identical to the term of the first mortgage loan.

 

Interest RateOption 1: Same as the 1st mortgage loan interest.
Option 2: A % share in the appreciation -- never to exceed 5% simple interest.

 

Payments

Option 1: Monthly payments of interest only. Principal due upon sale, refinance or maturity of the 1st mortgage.

Option 2: Defer all payments until sale, refinance or maturity of the 1st mortgage loan. Payments won't exceed the principal loan amount plus a share of the appreciation (not to exceed 5% per year simple interest).

 

Security:  The loan will be secured by a subordinate mortgage on the property.

Assumability:   The subordinate loan is assumable with the approval of the East Edina Housing Foundation.

Purchase Price:    Not more than $350,000.

Down payment: Borrower shall pay not less than $1,000 towards downpayment, closing costs and/or prepaid expenses.

 

Income Eligibility

Loans will be made to households earning at or below the following annual income levels:*

Household Size Household Income Level

1-2$86,600

3+$99,500

 

*Same as MHFA start up program - subject to change. 

Asset EligibilityHousehold assets shall not be more than $50,000 after closing, excluding retirement accounts (i.e. 401(k), 503(b), IRA, SEP, etc.) However, a borrower who is 65 or older may have household assets up to $250,000 after closing, including retirement accounts.

 

HUTCHINSON

 

Site info taken from:  http://www.hutchinsonhra.com/introducing-the-new-streamlined-city-deferred-grant-program/

 

Introducing the new Streamlined City Deferred Grant Program

 

The newly approved owner occupied, home improvement program for limited home improvements is a no-monthly payment, 0% interest loan that is forgiven after 5 years.


The Streamlined Deferred Grant Program will only be for the following improvements requiring a building permit from the City of Hutchinson: roof, windows/doors, siding or furnace replacement.* Two bids from Minnesota licensed contractors will be needed. No materials only loans.

 

You may apply for up to $10,000 in deferred grant funds for 50% of your total project repair costs.  An owner match for the other 50% of the total repair costs is required.   Ask about your eligibility for available loan funds administered by the Hutchinson HRA for your required owner match.

 

For more information on this program go to the home improvements page on our website http://www.hutchinsonhra.com/home-improvements/ or call Judy at 234-4451.

 

*This Streamline loan program addresses only limited eligible work items requested by the homeowner that are subject to the City of Hutchinson’s building permit. Only a building permit inspection for the specific work item will be performed. The HRA and City of Hutchinson will not perform a full house inspection and is not responsible for any other code issues that may be present.

 
 

Minneapolis

 

Site info taken from:  http://www.ci.minneapolis.mn.us/cped/housing/HOM

 

Homeownership Opportunity Minneapolis - City of Minneapolis [removed]

 

Maybe you’ve thought homeownership wasn’t possible, or you didn’t know where to start. Maybe you thought your credit wasn’t good enough or you haven’t saved enough for a down payment. We can help!

 

The City of Minneapolis is partnering with Minnesota Housing and the Minnesota Homeownership Center to provide access to down payment assistance, quality, affordable mortgages and free, non-biased housing experts that can help you become a successful home owner!

 

Down Payment Assistance – Homeownership Opportunity Minneapolis

The City of Minneapolis wants to make affordable homeownership a reality for you. The City is providing up to $7,500 to qualified buyers to cover down payment and closing costs when purchasing a home anywhere within Minneapolis city limits.

 

To qualify for this program, you must meet the following income eligibility requirements:

  • Homebuyers with household income up to 115% of the area median income (currently $99,500) are eligible for up to $5,000

  • Homebuyers with household income up to 80% of the area median income (currently $69,280) are eligible for up to $7,500.
    Ask your lender to contact the HousingResource Center for an application: www.gmhchousing.org/down-payment-assistance

 

HousingResource Center™ – North
2148 44th Ave North, Minneapolis, MN 55412
Phone: 612-588-3033
Fax: 612-588-3028

HousingResource Center™ – South
3749 Cedar Ave South, Minneapolis, MN 55407
Phone: 612-722-7141
Fax: 612-722-6367

Minnetonka

 

Site info taken from:  http://www.ci.minneapolis.mn.us/cped/housing/HOM

 

Overview: The City of Minnetonka is offering down payment and closing cost assistance to first-time homebuyers purchasing a home to live in and homestead within the City of Minnetonka. Current available dollars for loans are based upon the fund balance for any
given period.


Loan Amount: The maximum loan amount is $10,000.
Interest Rate & Loan Term: 1%
The loan term is up to 10 years.
Loan Security: All loans will be secured by a mortgage in favor of the City. The loan may
be secured in a subordinate lien position behind other loans in accordance with the City’s
loan subordination guidelines. Subordination requests are subject to the current
subordination guidelines in effect at the time of the request.


Borrower Eligibility:
a. First-time Homebuyer Status: Borrower must be a first-time homebuyer (a
person or household that has not owned a home within the last three years).
b. Debt to Income: Borrower’s gross monthly debts cannot exceed 50% of gross
monthly income.
c. Homebuyer Contribution: The homebuyer must contribute at least 25% of the
total down payment and closing costs.
d. Homebuyer Workshop: The borrower must attend a Home Stretch workshop
prior to the real estate purchase.
e. Income: The total gross annual household income cannot exceed 120% of the
area median income by household size as determined by the U. S. Department of
Housing and Urban Development (HUD).


Household Size Income Limit
1 $ 72,120
2 $ 82,440
3 $ 92,760
4 $ 102,960
5 $ 111,240
6 $ 119,520
7 $ 127,680
8 $ 135,960


Welcome to Minnetonka Guidelines
Rev. 4/7/15 2
f. Asset Limit: Borrower may not own a second property. Borrower will be required to fill out a Declaration of Assets form. The maximum gross assets of the borrower, excluding the residential property to be purchased, and a retirement account that is or was subject to penalty for early withdrawal before the age of 59 ½ , shall not exceed $25,000. Gross assets will generally be defined as: cash on hand, money in checking and savings accounts, cash value of securities or bonds, and recreational vehicles such as boats or snowmobiles.


Property Eligibility:
• Only properties that will be owner-occupied and homesteaded will be eligible. Owner must reside in the property within 60 days of purchase.
• Single-family detached homes; townhouses and condos subject to Association
covenants.
• Taxable market value of home, as determined by Hennepin County for the year you
apply for the loan, cannot exceed $300,000.
• First mortgage loan must be a prime/A-rated fixed-rate loan
• Contract for Deed properties will be considered by the city on a case-by-case basis.
• Maximum loan to value, including the loan being applied for, cannot exceed 110% loan to value.


 

 

Northfield

 

Site info taken from:  http://www.ci.northfield.mn.us/index.aspx?NID=209

 

Assistance for First-Time Homebuyers
The Northfield HRA is excited to provide first-time homebuyers with the opportunity to receive assistance towards a down payment or closing costs. We provide up to $10,000 in a zero interest, deferred loan that is payable when the homeowner sells or refinances the first mortgage.

Eligibility
Buyers must meet income guidelines, be first-time homebuyers and purchase a home within the city limits. Single family homes, townhomes, or condominiums all qualify for this program.

Income eligible households must be at or below 80% of area median income for Dakota County.  Amount of award is dependent on need and annual income.

Plymouth

 

Site info taken from:  http://www.plymouthmn.gov/index.aspx?page=86

 

City of Plymouth : First Time Home Buyer [removed]

 

The Plymouth Housing and Redevelopment Authority offers a zero interest deferred loan up to $25,000 for qualifying first time home buyers purchasing a home in Plymouth.

 

  • Financial assistance can be used for up to 50% of the required down payment, 100% of allowable closing costs up to $5,000 and for reduction of the mortgage principle.

  • Repayment of the loan is required if the home is sold or no longer homesteaded within the first 30 years of ownership. After 30 years, the loan becomes due and payable.

  • Applicants will be accepted on a first-come, first-serve basis.

  • Program guidelines and income requirements are subject to change.

 

Eligibility Criteria 

  • Must be a first time home buyer -- have not owned a home in the last three years or have been displaced due to a divorce. 

  • Must buy a home in Plymouth. 

  • Must register and attend all home buyer training sessions with Community Action Partnership of Suburban Hennepin prior to closing. 

  • Must use only a participating lender for your primary mortgage. 

  • Household income must not exceed the maximum income limits by household size. This is based on your gross earnings and includes all income received, such as wages, child support, alimony, etc. Income limits are revised yearly.

 

Household Size

Maximum Household Income

    1-Person Household

    $46,100

    2-Person Household

    $52,650

    3-Person Household

    $59,250

    4-Person Household

    $65,800

    5-Person Household

    $71,100

    6- Person Household

    $76,350

 

St. Louis Park

 

Site info taken from:  http://www.ci.northfield.mn.us/index.aspx?NID=209

 

Live Where You Work - St Louis Park, MN [removed] [removed] [removed]

 

Grant program encourages local employees to live in the Park

Unless you enjoy sitting in rush-hour traffic for long periods of time, commuting is no fun. It's no wonder lengthy commutes are frequently mentioned as one of the least favorite parts of working. But what if you could both work and live in St. Louis Park? That's the goal of a new city program called "Live Where You Work."

Live Where You Work is an assisted home ownership program providing employees of St. Louis Park-based businesses with a grant toward the purchase of a home near their workplace.

The employer and the city provide a grant up to $2,500 for each eligible employee. Employers are invited to contribute a matching or lesser amount to the city's contribution.

Once the employee obtains a mortgage from a participating lender, the grant can be used to help finance a down payment, closing costs and gap financing. The program not only gives workers an opportunity to own a home close to their job, it increases employee loyalty, retention, and morale, and creates a positive community building environment for the homeowner and their family, the company they work for and the city. Having employees living in the community also will reduce commute times and fuel costs.

Live Where You Work also allows the city to partner with local businesses, make home ownership more affordable, revitalize neighborhoods and schools, encourage shorter commutes, and set an example for other cities. Participating banks include Associated Bank, Bremer Bank, US Bank, Wells Fargo and Citizens Independent Bank*. MN Housing approved lenders may also participate.

The city also sees this as an opportunity to have foreclosed properties occupied by home owners. As a result, qualified buyers purchasing foreclosed properties in St. Louis Park would be eligible for an additional $1,000 grant from the city in recognition that these homes have additional maintenance needs.

For further details about this program and eligibility requirements, contact the City of St. Louis Park's Housing Programs Coordinator, Marney Olson, at 952.924.2196, or molson@stlouispark.org. If you are interested in applying for a forgivable loan, call the Center for Energy & Environment (CEE) at 612.335.5891. 

 

 

Homes Within Reach is a program of West Hennepin Affordable Housing Land Trust that purchases properties, rehabilitates and then turns around and sells the home to qualified low to moderate income households. Buyers pay for the cost of the home only and lease the land for 99 years. City funds are leveraged with Hennepin County Affordable Housing Incentive Fund (AHIF), HOME Partnership, Metropolitan Council, Minnesota Housing and other funds. Since the program began in 2007, thirteen homes have been sold to low to moderate income families and one is in the process of being rehabbed. Homes Within Reach creates and preserves affordable homeownership opportunities for working households in the western suburbs of Hennepin County by using the Community Land Trust practice, which takes the cost of the land out of the real estate transaction, making the home more affordable. This means that families can more easily purchase a home where they work or live, retain it for generations, and not over burden their incomes in becoming homeowners. As a result, both the families and communities can rely on affordable homeownership option, which expands homeownership, sustains community resources, supports residential stability, preserves affordable housing and supports a stronger local workforce.

 

 

 
 

 ST. PAUL

 

Site info taken from:  https://www.stpaul.gov/homeowner-incentive-programs

 

SAINT PAUL EMERGENCY DEFERRED PAYMENT LOAN

 

Receive financial assistance for emergency home repairs!DescriptionA 0% interest loan up to a maximum of $25,000 is available to homesteaded and owneroccupiedsingle-family dwellings. The loan provides financial assistance to homeownerswho have serious home repair issues that must be addressed. The loan will be forgivenafter 30 years unless the owner sells and/or moves off the property. If the owner doesmove or sell, the loan must be repaid. To qualify for the loan, borrowers must meet theincome limits listed below.

 

1 Person 2 Persons 3 Persons 4 Persons 5 Persons 6 Persons
$46,100 $52,650 $59,250 $65,800 $71,100 $76,350
7 Persons 8 Persons 9 Persons 10 Persons 11 Persons 12 Persons
$81,600 $86,900 $92,150 $97,400 $102,650 $107,950
Maximum Loan Amount: $25,000

 

Eligible Improvements
• Furnace/Heating Systems
• Sewer Lines
• Electrical
• Health/Safety Improvements
• Other improvements on a case-by-case basis
• Single-family dwellings
Terms and Eligibility
• Secured with a mortgage at 0% interest
• Repayment is deferred until the borrower sells, transfers title or no longer lives in the property
• Forgiven after 30 years of continued ownership and occupancy
• Limited funds available
• Program open to residents citywide

 

 

 WOODBURY

 

Site info taken from:  http://www.ci.woodbury.mn.us/images/stories/econdev-docs/Woodbury-First-Time-Homeownership-Program-Guidelines-01-27-16.pdf

 

The objective of the Woodbury First-time Home Ownership Program is to encourage home ownership in the City of Woodbury by providing financing to low- and moderate-income first-time purchasers. Low-interest, deferred loans of up to $25,000 are available to income-qualified households who earn no more than $95,000. First-time home buyers are defined as a person or household that has never owned a home or has not owned a home in the last three years. The purchase price of the affected homes may not exceed $290,500. Single-family detached houses, townhomes or condo units are eligible for this program.

 

Program Overview

The City of Woodbury, in partnership with the Greater Metropolitan Housing Corporation (GMHC), has made down payment and closing cost assistance loans available to encourage homeownership in the City of Woodbury. Current available dollars for loans are based upon the fund

balance for any given period.

 

Loan Amount

The maximum loan amount is $25,000.

Interest Rate & Deferred Loan Term: The interest rate will be fixed at 3 percent simple annual interest, with monthly installment payments of interest only. Borrowers aged 65 or older or who are military veterans shall have an interest rate of 2.75 percent. Payment of principle will be deferred until sale, transfer of title, when the primary mortgage is paid off, or when the property ceases to be owner occupied. Loan term shall not exceed 30 years.

 

Eligible Use of Funds:

The loan funds can be used for down payment and closing costs. The

borrower cannot receive any portion of these funds as cash.

Applicant Eligibility:

 

First Time Homebuyer Status: Applicant(s) must be a first time homebuyer (a person or household that has not owned a home with in the last three years).

 

Debt-to-Income Ratio:  Applicant “debt-to-income” ratio cannot exceed 50 percent.

 

Current on Debt Payments: Applicant(s) must be current on any ongoing debt payments.

 

Minimum Contribution: There must be a Minimum Contribution of 5 percent of the purchase price paid by or on behalf of the home buyer. Acceptable sources of the Minimum Contribution include but are not limited to: buyer funds, gift from a relative, seller contribution, lender credits, etc.

 

Income Limit: Applicant total gross annual household income cannot exceed $95,000. (Note for FHA funded first mortgages:

One person households may not have a gross annual income in excess of $69,805.  Two person households may not have a gross annual income in excess of $79,695. Three person households may not have a gross annual income in excess of $89,700.

 

Effective Date: January 27, 2016

 

http://ci.woodbury.mn.us/images/stories/econdev-docs/Woodbury-First-Time-Homeownership-Program-Guidelines-01-27-16.pdf

 

 

 

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We are not a lender.  We cannot gurantee the accuracy of loan informaiton posted on this site and make no guarantees of any kind of your ability to qualify for any programs or offers.  This is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of MN. Stat. Section 47.206 (3) and (4)

Aaron Davis

InsuranceWorks Agency

670 Commerce Drive Suite 110

Woodbury, MN 55125

Office – 651-328-6202

aaron@insuranceworksinc.com

www.insuranceworksinc.com

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Russo Realty  LLC  |  Realtor 

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