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County/City Down Payment Programs and Details
Funds are provided by the Federal Home Loan Bank, mortgage revenue bonds, HOME the largest federal block grant, private foundations, and allocated by HUD under HERA.
- The Minneapolis Advantage program is a downpayment and closing cost assistance program a maximum of $10,000 to help rebuild the housing market in key neighborhoods that have experienced high levels of mortgage foreclosures. You do NOT have to be a 1st time home buyer.
- Eligible Neighborhoods Jordan, Central, Sumner-Glenwood, Near North, Holland, Harrison, Cleveland, Beltrami, Folwell, Webber-Camden, Shingle Creek, Phillips West, Lind-Bohanon, Bryant, Powerderhorn Park, Corcoran, McKinley, Hawthorne, East Phillips, Willard-Hay, Bottineau, Midtown Phillips, Ventura Village
- Map: http://www.ci.minneapolis.mn.us/cped/docs/Mpls_Advantage_Local_FHLB_map.pdf
- The Minneapolis Advantage loan is offered at zero percent interest, it has no monthly payments, and it is forgiven at the end of five years at the rate of 1/60th of the loan per month assuming you continue to occupy the home as your permanent and primary place of residence. Maximum Household income at or below 120% of MSP AMI $97,080 for a family of 4 The program is divided up into two parts: The first part is finance with funds received from the Federal Home Loan Bank (“FHLB”) and it has a maximum income limit of 80% of the area median family of 4 $67,200. The property must be single family detached home or duplex that is in foreclosed status, or was a foreclosed property which has been purchased by a non-profit for th e purpose of selling it to an owner occupant. The second part is funded by local funds (“Local”) and it has a limit of 120% of the area median $100,680. The property must meet the above conditions OR it must be on the City’s vacant and boarded list or the home must have been in a vacant status at least 30 days prior to signing the purchase contract.
- Coon Rapids Mortgage Assistance Foundation (CRMAF) has allocated a total pool of $300,000 to be available for down payment assistance loans. The funds will be administered directly by Cheryl Bennett, CRMAF staff. The funds are provided in the form of a second mortgage. No payments are required; no interest is assessed unless the loan is repaid within the first three years after closing. The repayment is prorated between years 4-10 and is forgiven after 10 years. Loans are reserved for down payment assistance only at 3.5% of acquisition costs up to $6,000. Funds must be used in conjunction with an FHA 203K mortgage to purchase a single family detached property (within the city of Coon Rapids) with at least $10,000 in repairs. Rehab or renovation work must be completed by a state licensed contractor and work completed within six months of closing. The borrower must occupy the property as their principal homesteaded residence. There are no income requirements. Buyers need not be first time homebuyers. The loan is available for all properties and not foreclosures only.
- Assistance of up to 2% of the 1st mortgage to be used for closing costs and down payment. 0% interest loan no payments due until the sale or refinancing of the home. After 7 years of living in the home it will be forgiven.
- Must be a 1st time home buyer (not owned home in previous 3 years) or purchase in a targeted area or classified as a qualifying veteran (serviced active duty released or discharged other than dishonorable) or performing at least 1/3 of the current federal tax basis or value of the house in renovation work
- We can use some of the funds for rehab home improvements
- Non Targeted Household Income Limits 1-2 ppl $83,900 3+ ppl $92,290
- Target areas all household sizes income limit of $92,290
- Maximum purchase price 1 unit $276,870 2 unit $389,205 Targeted areas 1 unit $369,160 2 unit $553,740
- Federally Designated Targeted Areas Property Address lookup for census tract: http://www.ffiec.gov/Geocode/default.aspx
- Currently 5/16/10 4.5% 30 year fixed Minnesota Mortgage low subsidized fixed rate for 1st time home buyers, to see rates updated daily http://www.mnhousing.gov/
- Income Limits for Household earning less than $83,900 for a family of 1-4 people, $90,700 for 5 people, and $96,400 for 6 people.
- A $3,000 HAF entry cost assistance loan may be available for down payment if you are a single parent headed household, have someone in the household with a disability, ethnic racially diverse borrower, and purchasing in a low income census tract: http://www.ffiec.gov/Geocode/default.aspx
- Must be your principal residence for 5 years
- You must contribute $2,000 earnest money
- 80% metro median income limit by household size
- $1,000-$10,000 in assistance which is a grant issued as an interest deferred loan forgivable in the 6th year after the effective date
- Up to $20,000 0% interest rate principal only subordinate mortgage repaid when you sell down 3 years fulltime permanent uninterupted work history Maximum purchase price of $200,000 single family, townhomes/condos Existing or new construction $2,000 must be contributed by borrower into transaction
- Neighborhood Housing Services of Minneapolis (NHS) Target Area central neighborhood of South Minneapolis $5,000 for down payment and closing costs forgiven after 5 years at a 0% rate You do NOT have to be a 1st time home buyer http://nnhousingnp.qwestoffice.net/ Harrison Neighborhood
- $4,000 for down payment and closing costs forgiven after 5 years at a 3% rate
- http://www.mncee.org/programs_residential/nrp/neighborhood_pages/index.php?page=010 Lyndale Neighborhood
- $2,500 0% interest deferred forgivable loan for single family, condo/townhome, owner occupied duplexes
- www.lyndale.org McKinley
- $4,000 0% interest deferred forgivable loan after 5 years You do NOT have to be a 1st time home buyer Sheridan
- $5,000 0% interest deferred forgivable loan after 6 years, 1-4 unit dwelling You do NOT have to be a 1st time home buyer Phillips Partnership Down Payment Assistance Loan
- Minneapolis properties located specifically between 24th St and Lake St, and Elliot Ave and 12 Ave S
- 10,000 0% deferred forgivable loan after 5 years, 1-4 unit You do NOT have to be a 1st time home buyer Ventura Village
- $5,000 0% interest deferred forgivable loan You do not have to be a 1st time home buyer
- St. Paul Home Loan Fund any residential 1-4 unit in St. Paul Maximum funds given $10,000 or $10% of purchase price whichever is less at a 3% interest rate Deferred for 30 years or when sold You do NOT have to be a 1st time buyer if purchasing in a target census tract http://mn-stpaul.civicplus.com/documentview.aspx?DID=4792
- 1-4 Units $45,000 maximum and $3,000 minimum 3.5% interest rate amortized through 12/1/2022 Do Not have to be a 1st time buyer!!!!
- Must be used with 203ks mortgage single family detached or 2 family structure being converted to 1 family 0% interest if owned for a minimum of 3 years after closing, forgiven after 10 years 3.5% of acquisition cost maximum amoun t of $6,000 NO income limits You do NOT have to be a 1st time home buyer
- Entire City of St. Louis Park Must be employed by a St. Louis Park business Owner occupied single family, condo/townhomes $2,500 3 year deferred forgivable loan, interest rate same as 1st mortgage Vacant/Foreclosed properties ellible for an extra $1,000 Down payment, closing costs, repairs for code violations You do NOT have to be a 1st time home buyer
- Vacant/Foreclosed 1-4 units in Richfield $10,000 for down payment assistance or $15,000 for rehab 0% interest deferred forgivable loan after 5 years Must have 20% equity in property through down payment of your own You do NOT have to be a 1st time home buyer
- 1-4 units in city of Plymouth $25,000 zero payments, 0% interest deferred loan. up to 50% of down payment not to exceed $5,000, 100% of borrower’s closing costs, (not to exceed $5,000), and reduce the mortgage principal up to 10% of the purchase price to a maximum of $20,000 Loan due in 30 years, upon sale, or no longer owner occupied Borrower displaced due to divorce you do not need to be a 1st time home buyer to be elligible
- City of Brooklyn Center single family or townhome that is foreclosed or registered as a vacant propert y with the city Grant is $7,000 or 3.5% of the purchase price whichever is less and requires 203ks Rehab loan Loan is $10,000 0% interest deferred forgivable after 5 years You do NOT have to be a 1st time home buyer Combined mortgage debt cannot exceed 100% of appraised value Max debt ratio 43%
- Single family, twin homes, or townhomes $5,000 or $10,000 or $15,000 for down payment or closing costs Interest free, deferred loan with repayment of teh full loan amount of 100% to be recaptured by the Brooklyn Park EDA for continued use upon maturity or default of first mortgage, sale of property, refinancing, or vacating the property
- City of Edina except the SW quadrant Maximum purchase price $325,000 Single family, condos, townhomes Up to $60,000, 5% simple interest, or 1st mortgage rate minus 1% or share in percentage of appreciation Loan due upon sale, refinance, or maturity of 1st mortgage Buyer pays monthly interest or defers interest and pays principal plus 5% per year simple interest when the loan is due NO FHA conventional only Do Not have to be a 1st time home buyer
- Single family, townhomes/twinhomes/condos $25,000 3% interest paid monthly while principal deferred Principal deferred for 30 years or until sale, transfer of title, payment of 1st mortgage, or no longer owner occupied Minimum buyer investment of $5,000 Debt to income ratio cannot exceed 50% NOT approved for FHA
- Foreclosed or short sale single family dwellings, townhomes, twinhomes, or condos Maximum purchase price of $256,500 $25,000 3% interst which is paid monthly principal is deferred for 30 years or until sale, refinance, no longer owner occupied, transfer of title, or 1st mortgage payment Minimum buyer investment of 5% of total purchase purchase costs which includes closing costs NO FHA conventional only You do NOT have to be a 1st time home buyer
- Dakota county EXCLUDING St. Paul single family, townhome/condo Down payment assistance 2.5% -10% of 1st mortgage amount up to $10,000 based on household income 0% deferred loan 1-2 person income limit $83,900 3 or more $92,290 FHA or VA only
- The Neighborhood Stabilization Program (NSP) provides grants to all states and selected local governments to assist in stabilizing communities most affected by foreclosures and vacancies. It is a federal block grant from HUD run through the Community Development Block Grant Program. Minimum discount of 1% from appraisal of contract price, resale agreement within affordability period Property must be Foreclosed or Vacant You do NOT have to be a 1st time home buyer To be used for 1/2 of required down payment, closing costs, and prepaids, possibly rehab Single Family only Forgivable period determined by amount of assistance. If sold, refinanced or no longer is primary residence during affordability period the loan has to be repaid at a prorated amount. 5 year affordability period loans less than $15,000, 10 year affordability period for loans $15,000-$40,000 and 15 year affordability period for $40,000 or more
- Hennepin County Homebuyer Assistance Loan and REHAB Loan of up to $30,000 in assistance Targeted Areas Brooklyn Park, Champlin, New Hope, Brooklyn Center Funds expended for Brooklyn Park, Crystal, and Richfield
- Anoka County NSP remodeled homes for sale
- Anoka NSP Insentive Fund Program forgiven in the 11th year of living in the home $10,000 0% interest deferred loan
- Elk River $10.000-$15,000 0% interest deferred forgivable loan for down payment Targeted elligible areas Elk River Station, Trout Brook Farms (all subdivisions), Country Crossings, Grandview Addition, Heritage Landing, Sandpiper Estates, and Twin Lake Town Homes http://www.ci.elk-river.mn.us/vertical/Sites/%7B18493844-E9A7-4BC5-BA1B-5149BB77ECC4%7D/uploads/%7BBF30574C-B169-40F4-BB05-1C6AD528C26D%7D.PDF
- Isanti $12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28% up to $30,000 0% deferred forgivable loan for necessary rehab Targeted eligible areas http://www.cmhp.net/documents/ExhibitACityofIsantiNSP.pdf
- Zimmerman $12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28% up to $30,000 0% deferred forgivable loan for necessary rehab city map of targeted areas http://www.cmhp.net/documents/ZimmermanCityMap.pdf
- Monticello and Otsego $12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28% up to $30,000 0% deferred forgivable loan for necessary rehab Targeted Elligible areas http://www.cmhp.net/documents/MonticelloOtsegoinfo.pdf
- Buffalo $12,500 0% deferred forgivable loan with up to $15,000 needs based to bring the front end ratio to 28% up to $30,000 0% deferred forgivable loan for necessary rehab down payment closing costs, rehab Targeted Elligible Areas http://www.cmhp.net/documents/Buffalozoningmap.pdf
- Ramsey County Opening Doors Area Map of 4 target areas http://www.co.ramsey.mn.us/NR/rdonlyres/92478D8B-1E39-4DE4-9BE0-6019BCFE3901/17269/OpeningDoorsMaps1.pdf Up to $10,000 interest free to purchase home and up to $25,000 available for rehab if property does not meet Housing Quality Standards 30 year deferred loan paid at sale, transfer title, refinanced. Additional rehab dollars are forgiven at $1,000 per anniversary of purchase date Minimum buyer investment $2,000
