11 County Metro Area Program List

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ANOKA COUNTY

Available only in Coon Rapids.

 

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

 

http://www.ci.coon-rapids.mn.us/308/Down-Payment-Assistance

 

 
 

CARVER COUNTY

 

 

There are currently no programs funded that are specific to Carver County but check out our State of MN Down Payment Assistance page for programs available to home buyers looking in Carver County.

 

 

CHISAGO COUNTY

 

 

There are currently no programs funded that are specific to Chisago County but please check out our State of MN Down Payment Assistance page for programs available to home buyers looking in Chisago County.

 

 

DAKOTA COUNTY


First Time Homebuyer Program & Downpayment Assistance

 

Homebuyers in Dakota County can now access fixed, low-interest mortgage financing along with a Mortgage Credit Certificate and up to $10,000 in downpayment and closing cost assistance through the CDA First Time Homebuyer Program.

 

Dakota County Community Development Agency - Homebuyers

Eligible Financing
The First Time Homebuyer Program may only be used with 30-year amortizing fixed-rate FHA or VA mortgage loans or HFA Preferred conventional mortgage loans.

Interest Rates

  • FHA/VA: 3.75% - Effective rate as low as 2.44% with Mortgage Credit Certificate
     

  • HFA Preferred: 4.25% - Effective rate as low as 2.76% with Mortgage Credit Certificate

    *Interest rates are subject to change

Program Eligibility

  • Homebuyers must be first time homebuyers or someone who has not owned a home in the last three years.

  • Honorably discharged Veterans are eligible whether or not they are first time homebuyers. To be eligible, the Veteran cannot have used a similar program to purchase a home in the past.

  • Properties must be located in Dakota County.

  • Homebuyers must occupy the home as their primary place of residence after purchase.

  • Homebuyers must have a minimum credit score of 640 for HFA Preferred Conventional Financing or 660 for FHA Financing.

Income Limits

  • 1 or 2 person households: $86,600

  • 3 or more person households: $99,500

Maximum Purchase Price: $285,780 for single family homes, townhomes or condominiums.

NOTE: Borrowers will pay an application fee at closing. Income and purchase price limits are subject to change.

 
 

ISANTI COUNTY

 

 

There are currently no programs funded that are specific to Isanti County but check out our State of MN Down Payment Assistance page for programs available to home buyers looking in Isanti County.

 

 

HENNEPIN COUNTY

 

 

Currenlty the only program available in Hennpin county is through the city of 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

 

 

RAMSEY COUNTY

 

Ramsey County’s FirstHOME buyer assistance program helps first-time buyers with low to moderate incomes who are purchasing homes in Ramsey County communities outside Saint Paul. Eligible buyers may qualify for up to $10,000 with zero percent interest to help bring their monthly housing costs down to 30 percent of income. Buyers are responsible for a minimum investment of $2,000. This principle-only subordinate mortgage must be repaid when the property is sold. The loans can be used for downpayment assistance, closing costs and, occasionally, health, safety, or code improvements.Contact your bank, credit union or mortgage company if you would like to take advantage of the Ramsey County FirstHOME Buyer Assistance Program. Eligible buyers should ask their lenders to reserve funds on their behalf.

 

Eligibility Requirements:

 

  • The FirstHOME Program requires that all parties to the mortgage be owner-occupants and that the incomes of all, including co-signers, be included in the calculation of income eligibility for buyer assistance.

  • The annual gross income of the borrower(s) cannot exceed the maximum income allowed by the US Department of Housing and Urban Development. This limit is based on 80 percent of the median income by household size in Minneapolis-Saint Paul. Review the current income limits by household size (PDF).  

  • Buyers need to demonstrate a minimum of three years of full-time, permanent and uninterrupted work history. Thjis does not all have to be at the same job. Full-time is 2,080 hours annually. Post-secondary education is not counted as employment.

  • The property must be in suburban Ramsey County (the City of Saint Paul is excluded). New and existing single-family detached homes, condos, townhouses and duplexes are eligible for FirstHOME assistance. The home must be inspected and meet housing quality standards and local codes prior to occupancy. The maximum purchase price is $200,000.

  • Borrowers should be able to qualify for a Veterans Administration, Federal Housing Adminstration, or Fannie Mae-approved conventional mortgage as determined by the private lender, or they must meet the requirements of locally approved initiatives designed to meet affordable housing needs in suburban Ramsey County.

  • Buyers must successfully complete an approved homebuyer training program called Home Stretch before closing the loan. Home Information about the Home Stretch classes is available from the Homeownership Center.

 

https://www.ramseycounty.us/residents/property-home/homebuyer-and-homeowner-programs/home-buyer-assistance

 

SCOTT COUNTY

 

 

 

The Scott County CDA's Homebuyers Club gives buyers the tools for successful homeownership. Some topics covered during the Homebuyers Club include:

  • Budgeting

  • Understanding, reviewing, and improving credit

  • Shopping for a realtor, loan officer, and home inspector

  • Comparing and choosing the best mortgage loan

  • Do-it-yourself home maintenance

  • And much, much more!

The Scott County CDA's Homebuyers Club is open to all who want to learn more about homebuying, whether you have just started thinking about buying a home or have a closing scheduled; whether you have great credit or need help with credit improvement; whether you're a first-time homebuyer or a first-time homebuyer again. 

Homebuyers Club classes are offered quarterly. View Homebuyers Club Dates. Enrollment is limited. Download the Homebuyers Club registration materials.

The Scott County CDA's Homebuyers Club uses the Home Stretch® curriculum and meets most first-time homebuyer education requirements. Please contact your lender prior to registering for the Homebuyers Club to ensure that it is approved for your plan.

Participants may be eligible for a grant from the Scott County CDA. The grant never needs to be repaid and can be used toward down payment or closing costs. Learn more about the Homebuyers Club Grant Criteria.

Do you have a signed Purchase Agreement and Loan Estimate/Transaction Summary from your lender? Have you completed the Scott County CDA Homebuyers Club and met with a certified Homeownership Advisor, or will have before closing? Have you reviewed the eligibility criteria and determined that you qualify? Then it's time to apply for a Homebuyers Club Grant. 


Materials can also be picked up at our office or mailed to you. For more information about the Homebuyers Club or the grant, contact Melissa J. at 952.402.9022 x202.

 

http://www.scottcda.org/page.php?id=16

 

 

SHERBURNE COUNTY

 

 

There are currently no programs funded that are specific to Sherburne County but please check out our State of MN Down Payment Assistance page for programs available to home buyers looking in Carver County.

 

 

 WRIGHT COUNTY

 

 

There are currently no programs funded that are specific to Wright County but check out our State of MN Down Payment Assistance page for programs available to home buyers looking in Wright County.

 

 

 WASHINGTON COUNTY

 

Currently only available in the city of Woodbury.

 

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)