MINNESOTA HOME OWNERSHIP CENTER

Transcription

1 MINNESOTA HOME OWNERSHIP CENTER Entry Cost Matrix - vember 2009 PURPOSE: Produced by the and sponsored by the Minnesota Association of Realtors, this tool is designed to inform housing counselors and industry professionals of entry cost programs available to their clients. Programs include down payment, closing cost assistance and funds to reduce the principal loan. This tool includes programs available Statewide, countywide and for the cities of Minneapolis and St. Paul. An electronic copy of this Matrix can be found at This Matrix is updated by the Center on a quarterly basis. Please note programs may change or funds may run out prior to the next scheduled update. Questions regarding programs should be directed to the contact listed for the program. If you have specific questions about the Matrix or would like to include your entry cost program, please contact Brooke Walker at x 106 or by at brooke@hocmn.org TABLE OF CONTENTS Statewide Homeownership Assistance Fund (HAF)... 1 Home Homeowner Entry Loan Program (HOME HELP)... 2 Greater Minnesota Housing Fund/Federal Home Loan Bank Downpayment Assistance Program... 3 City of Minneapolis Central Home Buyer Assistance... 4 Harrison Entry Cost Assistance Deferred Loan... 5 Homebuyer Assistance Program Lyndale... 6 Homebuyer Assistance Program McKinley, Webber, Camden... 7 Homebuyer Assistance Program Sheridan... 8 Jordan Advantage... 9 Minneapolis Advantage (Local & FHLB) Minneapolis -Fowell Neighborhood Phillips Partnership Down Payment Assistance Loan Pohlad Foundation Homebuyer Assistance Program Shingle Creek Home Buyer Assistance Program University District Alliance Ventura Village Program Willard Hay/Near rth Home Buyer Assistance Program City of St. Paul St. Paul Heroes Program Cityliving Special Assistance Funds A P a g e

2 Anoka County NSP Incentive Fund Program Anoka Home Down Payment Assistance Program Dakota County Silver Lining (NSP) Hennepin County Brooklyn Center Renew Buyer Incentive Program Crystal Downpayment Assistance Program Come Home 2 Edina Hennepin County NSP Homebuyer Assistance Program Plymouth First Time Buyer Program Richfield Foreclosure Purchase Incentive Program St Louis Park Program Ramsey County FirstHome Opening Doors (NSP) Scott County Scott County CDA Homebuyer Club Washington County Woodbury First-Time Homeownership Program Woodbury Foreclosure Purchase Program Central/West Central Minnesota Buffalo (NSP) - Central MN Housing Partnership Cambridge Heritage Greens Cold Springs Granite Ledge City of Elk River (NSP) Isanti (NSP) - Central MN Housing Partnership Monticello & Otsego - Central MN Housing Partnership Hutchinson City Revolving Gap Loan Program Hutchinson HRA Entry Cost Assistance Program Princeton Neighborhood Stabilization Program (NSP) St Cloud HRA (NSP) - Benton, Sherburne & Stearns County Zimmerman (NSP) - Central MN Housing Partnership rthwest Minnesota Economic Development Housing Authority Downpayment Assistance Program (East Grand Forks) rthwest Minnesota Multi-County HRA Mentor Housing rtheast Minnesota AEOA Homeownership Program Duluth Hillside Homeownership Initiative Program Duluth Homeownership Incentive Program Kootasca Community Action First Time Homebuyer Assistance Program (Itasca and Koochiching) B P a g e

3 Southeast Minnesota Emerging Markets Gap Program rthfield Housing Assistance Program Southwest Minnesota Austin/Mower County Homeownership Fund Olmsted County - Heritage Homes (NSP) C P a g e

4 STATEWIDE HOMEOWNERSHIP ASSITANCE FUND (HAF) Minnesota Housing CONTACT INFORMATION Consumer Information Line at Buyer contacts a participating lender prior to signing a purchase agreement. To find a participating lender go to: Buyer must qualify for a MN Housing first mortgage loan. Available Statewide Single family and duplex $3,000-0% interest 30 year deferred loan for buyer approved for the MN Housing Minnesota Mortgage Program; $5,000-0% interest 30 year deferred loan for buyer approved for the MN Housing CASA loan. Down payment or closing cost Funds are available on a first come, first served basis Deferred for 30 years or until the home is sold Buyer must be approved for a MN Housing first mortgage loan. Requires buyers to have a minimum 620 credit score At or below 60% Area Median Income (AMI). Estimated income for a household of four is $50,400. Or qualify for MN Housing CASA Mortgage Program which targets at or below 80% AMI. Estimated income for a household of four is $67, 200. $1,000 ADDITIONAL INFORMATION Yes Buyer must complete Home Stretch Workshop To qualify buyers must meet one of the following criteria: eligible for CASA program, qualify as an eligible target market or earn at or below 60% of the Area Median Income. For more information go to: 1 P a g e

5 STATEWIDE HOME HOMEOWNER ENTRY LOAN PROGRAM (HOME HELP) Minnesota Housing CONTACT INFORMATION Mary Rivers Buyer contacts a participating lender prior to signing a purchase agreement. To find a participating lender go to: Target zipcodes in the state of Minnesota. For targeted zipcodes and map go to: For first time buyers, single family homes in targeted zip codes. n first-time buyers must purchase a foreclosed property in targeted zipcodes. 11-County Twin Cities Metro purchase price must be at or below $276,683. Remainder must be at or below $200,160 $5,000-0% interest deferred loan, or $10,000 if approved for MN Housing CASA Loan. 70% forgivable after 5 years, the remaining 30% is due upon maturity of the first mortgage or transfer. Down payment or closing cost Funds are available on a first come, first served basis Deferred loan that must be repaid within the first 5 years if the buyer sells or vacates the home. After the fifth year 70% of the loan is forgiven and the remaining 30% is repaid, when the loan matures, the property is sold, or the home is no longer occupied Buyer must be eligible for MN Housing mortgage loan. Requires buyers to have a minimum 620 credit score At or below 80% Area Median Income. For income limits go to: $1,000. n first time homebuyers must purchase a foreclosed property. Buyer must complete Home Stretch Workshop 2 P a g e

6 STATEWIDE GREATER MINNESOTA HOUSNG FUND/FEDERAL HOME LOAN BANK DOWNPAYMENT ASSISTANCE PROGRAM CONTACT INFORMATION Three Rivers CAP, Southwest MN Housing Partnership, Midwest MN CDC, Central MN Housing Partnership SE Region: Three Rivers CAP Barbara SW Region: Southwest MN Housing Partnership NW, WC, NE Regions: Midwest MN CDC Kathy Central Region: Central MN Housing Partnership Lenee See above for website or information Buyers should contact the administrator directly based on the regions above Greater Minnesota only. t available in the Metro Foreclosed or short sale home. Homes must be located in an incorporated municipality and have city sewer and water service Up to $15,000-0% interest deferred forgivable loan Down payment or closing cost Funds are available on a first come, first served basis 5 year forgivable loan if the buyer remains in the home. Percentage of loan is forgiven each month At or below market fixed rate loan. Minimum 30 year amortization, maximum 40 year amortization At or below 80% Area Median Income for county $500 Buyer must complete Home Stretch Workshop 3 P a g e

7 CITY OF MINNEAPOLIS CENTRAL HOME BUYER ASSISTANCE PROGRAM Neighborhood Housing Services of Minneapolis, Inc CONTACT INFORMATION Administrative Office Contact Administrative Office Minneapolis properties located in the Central neighborhood 1-4 unit detached dwellings $5,000, 0% interest deferred forgivable loan Down payment, closing cost, and to reduce principal Funds are available on a first come, first served basis 5 year forgivable loan Fair market fixed rate loan. Sustainable as determined by administrator ne t required Buyer must complete Home Stretch Workshop 4 P a g e

8 CITY OF MINNEAPOLIS HARRISON ENTRY COST ASSISTANCE DEFERRED LOAN Center for Energy and Environment CONTACT INFORMATION Brenda Yaritz Prior to application buyer must have purchase agreement and loan commitment. For application visit Minneapolis properties located in the Harrison neighborhood Owner occupied 1-4 unit dwellings, condominiums, townhomes and co-op units $4,000, 3% interest deferred forgivable loan Down payment and closing cost Funds are available on a first come, first served basis 5 year forgivable loan; 20% is forgiven annually Fair market fixed rate loan At or below 75% of the Area Median Income. Estimated income for a household of four is $58,248. t required Yes Buyer must complete Home Stretch Workshop 5 P a g e

9 CITY OF MINNEAPOLIS HOMEBUYER ASSISTANCE PROGRAM LYNDALE Lyndale Neighborhood Association CONTACT INFORMATION rma Pietx x 15 norma@lyndale.org ADDITIONAL INFORMATION Contact administrator Properties located in the Lyndale neighborhood of Minneapolis Single family dwellings, condominiums, townhomes and owner occupied duplexes and Land Trust properties $2,500, 0% interest deferred forgivable loan Down payment, closing cost and rehab Funds are available on a first come, first served basis 5 year forgivable loan. Buyer must participate in post purchase counseling within 1 year from closing requirements ne t required Yes Post purchase counseling provided by Neighborhood Housing Services or other local provider Buyer must have rented in the Lyndale neighborhood for the year prior to applying for funds. Loans secured by the property must not exceed 100% of the property value 6 P a g e

10 CITY OF MINNEAPOLIS HOMEBUYER ASSISTANCE PROGRAM MCKINLEY, WEBBER, CAMDEN Greater Metropolitan Housing Corporation CONTACT INFORMATION rthwest Housing Resource Center Contact administrator Properties located in the McKinley, Webber and Camden neighborhoods in Minneapolis Owner occupied single family detached dwellings, duplexes, condominiums and townhomes $4,000, 0% interest deferred forgivable loan Down payment and closing cost Funds are available on a first come, first served basis 5 year forgivable loan Fixed rate financing. Contract for deed is allowed if financed and held by a nonprofit that has developed or renovated the property. ne t required t required 7 P a g e

11 CITY OF MINNEAPOLIS HOMEBUYER ASSISTANCE PROGRAM - SHERIDAN Greater Metropolitan Housing Corporation CONTACT INFORMATION rtheast Housing Resource Center slarson@gmhchousing.org Contact administrator Minneapolis properties located in the Sheridan neighborhood 1-4 unit dwellings $5,000, 0% interest deferred forgivable loan Down payment and closing cost Funds are available on a first come, first served basis 6 year forgivable loan Prime mortgage At or below 80% of the Area Median Income. Estimated income for a household of four is $62,131 t required t required 8 P a g e

12 CITY OF MINNEAPOLIS JORDAN ADVANTAGE Neighborhood Housing Services of Minneapolis, Inc CONTACT INFORMATION Administrative Office Contact Administrative Office Properties located in the Jordan neighborhood in Minneapolis 1 and 2 unit dwellings, detached only. Foreclosed properties. $5,000, 0% interest deferred forgivable loan Down payment, closing cost, reduce principal and rehab Funds are available on a first come, first served basis 5 year forgivable loan; 1/60 th forgiven each month Fair market fixed rate loan. Sustainable as determined by administrator ne t required Buyer must complete Home Stretch Workshop 9 P a g e

13 CITY OF MINNEAPOLIS MINNEAPOLIS ADVANTAGE PROGRAM (LOCAL & FHLB) Greater Metropolitan Housing Corporation CONTACT INFORMATION Suzanne Snyder x 23 ssnyder@gmhchousing.org Buyers submit completed Advantage Program application. Applications available at Targeted Minneapolis neighborhoods. Map available at Single family detached or duplex home in foreclosure, foreclosed properties purchased by non profit or Minneapolis properties listed on the vacant and boarded building list for more than 30 days $10,000, 0% interest deferred forgivable loan Down payment and closing cost Funds are available on a first come, first served basis. Once application is approved, funds are reserved 5 year forgivable loan, with 1/60 th of the loan forgiven each month Fixed rate FHA, VA, Fannie Mae or Freddie Mac prime lending product Local program: at or below 120% of the Minneapolis/St Paul Area Median Income (AMI). Estimated income for a household of four is $97,080. FHLB program: at or below 80% of the Minneapolis/St Paul AMI. Estimated income for a household of four is $64,720 ne Buyer must complete Home Stretch Workshop 10 P a g e

14 CITY OF MINNEAPOLIS MINNEAPOLIS FOLWELL NEIGHBORHOOD Greater Metropolitan Housing Corporation CONTACT INFORMATION rthwest Housing Resource Center Contact administrator Properties located in the Folwell neighborhood in Minneapolis Owner occupied single family detached dwellings, duplexes, condominiums and townhomes $4,000, 0% deferred forgivable loan Down payment and closing cost Funds are available on a first come, first served basis 5 year forgivable loan Prime, fixed rate ne ne t required 11 P a g e

15 CITY OF MINNEAPOLIS PHILLIPS PARTNERSHIP DOWN PAYMENT ASSISTANCE LOAN Project for Pride in Living CONTACT INFORMATION Josh Tolkan Prior to application buyers must complete Home Stretch and have a purchase agreement. For application visit Minneapolis properties located in the Phillips neighborhood. For a map visit Single family, duplex, tri-plex, four-plex or townhome $10,000, deferred forgivable loan Down payment and closing cost Funds are available on a first come, first served basis 5 year forgivable loan requirements ne t required Buyer must complete Home Stretch Workshop 12 P a g e

16 CITY OF MINNEAPOLIS POHLAD FOUNDATION HOMEBUYERS ASSISTANCE PROGRAM CONTACT INFORMATION Neighborhood Housing Services of Minneapolis, Inc.; Dayton s Bluff Neighborhood Housing Services (St. Paul) Administrative Office Mpls: St. Paul: Contact Administrative Office Properties located in the and zip codes (rth Minneapolis) and in zip code (East Side of St. Paul). Owner occupied 1 and 2 unit dwellings, townhomes, condos $8,000, 0% interest deferred forgivable loan Down payment, closing cost and reduce principal Funds are available on a first come, first served basis 7 year forgivable loan Fair market fixed rate loan. Sustainable as determined by administrator ne t required First time home buyers must complete Home Stretch Workshop and Post Purchase Workshop provided by administrator 13 P a g e

17 CITY OF MINNEAPOLIS SHINGLE CREEK HOME BUYER ASSISTANCE PROGRAM Center for Energy and Environment CONTACT INFORMATION Jim Hasnik Prior to application the buyer must have purchase agreement and loan commitment. For application materials contact administrator Properties located in the Shingle Creek neighborhood in Minneapolis Single family dwelling, duplex, condo, townhome, land trust and cooperative units $5,000, 0% interest deferred forgivable loan Down payment and closing cost Funds are available on a first come, first served basis 10 year forgivable loan; due and payable if the home is sold or the title is transferred Fair market fixed rate loan Based on family size, not to exceed 80% of the AMI. Estimated income for a household of four is $62,131 t required Buyer must complete Home Stretch Workshop and post purchase counseling 14 P a g e

18 CITY OF MINNEAPOLIS UNIVERSITY DISTRICT ALLIANCE Greater Metropolitan Housing Corporation CONTACT INFORMATION rtheast Housing Resource Center Contact administrator Properties located in the University District, Cedar Riverside, West Bank, Prospect Park, East River Road, Southeast Como and Marcy-Holmes neighborhoods in Minneapolis Single family, and if one unit is owner occupied duplexes and tri-plexes. $10,000, 2% interest deferred forgivable loan Down payment and closing cost Funds are available on a first come, first served basis 5 year forgivable loan; 20% forgiven annually Fixed rate FHA, VA, Fannie Mae or Freddie Mac prime lending products ne t required t required 15 P a g e

19 CITY OF MINNEAPOLIS VENTURA VILLAGE PROGRAM Greater Metropolitan Housing Corporation CONTACT INFORMATION South Housing Resource Center Contact administrator Properties located in the Ventura Village neighborhood in Minneapolis Single family, condos, townhomes, duplexes and land trust $5,000, 0% interest deferred forgivable loan Down payment and closing cost Funds are available on a first come, first served basis 5 year forgivable loan Prime Loan ne t required t required 16 P a g e

20 CITY OF MINNEAPOLIS WILLARD HAY/NEAR NORTH HOME BUYER ASSISTANCE PROGRAM Neighborhood Housing Services of Minneapolis, Inc. CONTACT INFORMATION Administrative Office Contact administrative office Properties located in Willard Hayward and Near rth neighborhoods in Minneapolis Owner occupied 1 and 2 unit dwellings, townhomes, condos $5,000, 2% interest deferred forgivable loan Down payment, closing cost, reduce principal and rehab Funds are available on a first come, first served basis 7 year forgivable loan Fair market fixed rate loan. Sustainable as determined by administrator ne t required Strongly encouraged, may be required by first mortgage lender 17 P a g e

21 CITY OF ST. PAUL ST PAUL HEROES PROGRAM Saint Paul Home Loan Fund CONTACT INFORMATION Saint Paul Home Loan Fund ADDITIONAL INFORMATION Buyer must contact approved lenders and participate in the Tax Credit Mortgage Certificate Program. To find an approved lender go to City of St. Paul Any property in the City of St Paul, including foreclosed and vacant homes $15,000, 0% interest deferred forgivable loan For up to 50% of the closing cost and/or to reduce the principal Funds are available on a first come, first served basis (Funds depleted as of 11/11/09) Call Program Administrator for wait-list information. 10 year forgivable loan Fixed rate conventional, FHA, VA or RHS mortgage product. Cannot be financed by a Mortgage Revenue Bond $83,900 maximum for household of 1-2. $92,290 maximum for household of 3 or more Eligibility based on adjusted gross income t required Yes Buyer must complete Home Stretch Workshop Only available for the following professions serving the community: Active military and veterans, police officers, firefighters, emergency response personnel, health care workers, teachers and public employees 18 P a g e

22 CITY OF ST. PAUL CITYLIVING SPECIAL ASSISTANCE FUNDS City of St. Paul CONTACT INFORMATION Saint Paul Home Loan Fund Buyer complete and submit application. For application materials go to City of St. Paul Any property in the City of St Paul $10,000 or 10% of purchase price, whichever is less 3% interest Down payment and closing costs. Additional rehab dollars available for the cost of repairing and replacing lead-based paint Funds are available on a first come, first served basis Deferred for 30 years or until the home is sold t applicable $64,702 maximum for 1 person; $65,800 maximum for 2 person; $66,800 maximum for 3 person; $67,800 for 4 person; not to exceed $93,100 t required Yes, unless purchasing in target census tract. For target census tract go to Buyer must complete Home Stretch Workshop 19 P a g e

23 ANOKA COUNTY NSP INCENTIVE FUND PROGRAM (NSP) Anoka County CONTACT INFORMATION Kate Thunstrom MAXIMUM FUNDS/TERMS Buyers are pre-approved for first mortgage with local lender and then submit Incentive Fund application prior to entering purchase agreement. Contact administrator for application Properties must be purchased in targeted areas of Anoka County. For targeted areas visit Bank-owned, foreclosed single family dwelling, no associations. Must be primary residence $10,000, 0% interest deferred forgivable loan To reduce the principal Funds are available on a first come, first served basis Forgivable loan. Structure based on the amount of assistance provided to the household Fully amortized, fixed rate loan with interest rate at or below market At or below 120% of the Area Median Income (AMI) as established by HUD. Estimated income for a household of four is $97,080. Assets may not exceed $25,000 The buyer must invest at least $1,000 in earnest money at time of purchase agreement Required for everyone listed on the mortgage. Education must be HUD Certified Home Stretch Workshop 20 P a g e

24 ANOKA COUNTY ANOKA HOME DOWN PAYMENT ASSISTANCE PROGRAM Anoka County Community Action Program Inc. CONTACT INFORMATION Teresa McCauley MAXIMUM FUNDS/TERMS Buyer submits a completed application and required documentation at least three weeks prior to closing. Application available at Anoka County Single family dwellings, condominiums, cooperatives, townhomes and manufactured units that meet program criteria. Maximum purchase price at or below $276,683. The home must be primary residence for five years $10,000 grant Down payment Funds are available on a first come, first served basis Borrowers are required to pay back 100% of the grant if they sell, transfer title, refinance or no longer occupy the property within 5 years Fixed rate, fully amortized mortgage over a minimum of 20 years. VA, FHA, Fannie Mae, Freddie Mac approved conventional loan. At or below 80% of the Area Median Income (AMI). Estimated income for a household of four is $64,720 IRAs, 401K, other tax sheltered retirement accounts $1,000 Yes Buyer must complete Home Stretch Workshop and participate in financial counseling session with administrator ADDITIONAL INFORMATION The loan to value ratio must be at least 105% 21 P a g e

25 DAKOTA COUNTY SILVER LINING (NSP) Dakota County CDA CONTACT INFORMATION Karly Shoeman MAXIMUM FUNDS/TERMS Buyer contacts participating lenders to complete application. For a list of lenders go to Properties must be purchased in targeted areas of Dakota County. For targeted areas go to Bank-owned, foreclosed single family dwelling duplex, townhome or condominium. The home must be primary residence and buyer can have no ownership interest in other properties $15,000, 0% interest deferred loan Funds can be used for down payment, closing costs, or to reduce the principal Funds are available on a first come, first served basis and cannot be reserved 30 year deferred loan paid at the time the home is sold, refinanced or maturity of first mortgage 30 year fully amortized fixed loan acceptable to Fannie Mae/Freddie Mac, FHA or conventional At or below 120% of the Area Median Income. Estimated income for a household of four is $97,080 Follows HUD Section 8 income restrictions The buyer must pay 50% of down payment required by first mortgage Required for everyone listed on the mortgage. Education must be HUD Certified Home Stretch Workshop ADDITIONAL INFORMATION Temporarily out of funds. Anticipate funds will be available vember P a g e

26 HENNEPIN COUNTY BROOKLYN CENTER RENEW BUYER INCENTIVE PROGRAM Brooklyn Center Economic Development Authority & Greater Metropolitan Housing Corporation CONTACT INFORMATION HousingResource Center Contact administrator City of Brooklyn Park Single family detached dwelling or townhome that is in foreclosed status and is registered as a vacant property with the City of Brooklyn Center Renew grant is $7,000 or 3.5% of purchase price, whichever is less. Renew Loan is $10,000, 0% interest deferred forgivable after 5 years Down payment, closing cost or rehab Funds are reserved if the buyer meets program criteria Renew loan is forgivable after five years of continuous ownership Grant requires FHA 203k loan or other approved prime loan; Loan requires prime, A-rated, fixed-rate first mortgage, without a cosigner. $83,900 maximum for household of 1-2; $96,485 maximum for household of 3 or more t required Buyer must complete Home Stretch Workshop ADDITIONAL INFORMATION Combined mortgage debt cannot exceed 100% of appraised value. Maximum debt to income ratio is 43% 23 P a g e

27 HENNEPIN COUNTY CRYSTAL DOWNPAYMENT ASSISTANCE PROGRAM Greater Minnesota Housing Corporation CONTACT INFORMATION rthwest Housing Resource Center Contact administrator City of Crystal Vacant single family detached dwellings. Purchase price must be at or below $256,000 3% of acquisition cost up to $5,000, 0% interest forgivable loan Down payment and closing cost Funds are available on a first come, first served basis Full amount of the loan is forgiven after 5 years if the buyer continues to own and occupy the home. Requires FHA 203k loan or other approved prime lending product Households of 1 or 2 at or below $83,900; Households of 3 or more at or below $96,485 ADDITIONAL INFORMATION ne Yes, must complete homeownership training program approved by the Housing Resource Center Can be used with FHA 203k purchase rehab loan 24 P a g e

28 HENNEPIN COUNTY COME HOME 2 EDINA Edina Housing Foundation CONTACT INFORMATION Joyce Repya jrepya@ci.edina.mn.us Contact administrator City of Edina, except the SW quadrant Owner-occupied. Single family, townhouses and condos are eligible. Purchase price must be at or below $325,000 Up to $60,000, 5% simple interest or 1 st mortgage rate minus 1% or share in percentage of appreciation Down payment, closing costs, prepaid loan expenses, points and/or buy-down costs. Funds are available on a first come, first served basis Loan due upon sale, refinance or maturity of first mortgage. Buyer pays monthly interest or defers interest and pays principal plus 5% per year simple interest when the loan is due 3% down. FHA. Contact program administrator for more information. Depends on household size. At or below $67,200 for a household of four. Household assets after closing may not be more than $50,000, excluding retirement. For additional information visit $1,000 t required 25 P a g e

29 HENNEPIN COUNTY HENNEPIN COUNTY NSP HOMEBUYER ASSISTANCE PROGRAM (NSP) Hennepin County Housing, Community Works and Transit Department CONTACT INFORMATION Tonja West-Hafner MAXIMUM FUNDS REPAYMENT REQUIREMENTS/TERMS Contact Alyce Osborn at or by at to request eligibility application packet Properties must be purchased in targeted areas of Hennepin County; Brooklyn Park, Brooklyn Center, Champlin, Crystal, New Hope, Richfield Vacant foreclosed (bank-owned) single family dwelling. Purchase price must be at or below $276,683 and purchased at no more than 99% of appraised value. Buyer must use the property as their primary residence Households below 120% AMI are eligible for up to $10,000 in incentive funds. Households below 80% AMI MAY BE eligible for up to $20,000 in additional affordability assistance. To reduce the principal, one-half of the required down payment, closing and other approved settlement costs Funds are available on a first come, first served basis Forgivable loan. Structure based on the amount of assistance provided to the household. $1,000- $14,999-0% interest deferred loan forgivable after 5 years. $15,000-$30,000-0% interest deferred loan forgivable after 10 years Prime, fixed rate FHA, VA or Conventional originated by a Participating Loan Officer At or below 120% of the Area Median Income (AMI) as established by HUD. Income limit for a household of four is $100,700 All household income considered, unless specifically exempted in the regulations $1,000 of their own funds. Buyer cannot have any ownership interest in other property. Education must be HUD Certified Home Stretch Workshop 26 P a g e

30 HENNEPIN COUNTY PLYMOUTH FIRST TIME BUYER PROGRAM City of Plymouth CONTACT INFORMATION Plymouth HRA Buyer must complete Home Stretch, pre-purchase counseling and be pre-approved by lender prior to application. To apply contact administrator City of Plymouth Properties located in the City of Plymouth $25,000, 0% interest deferred loan. Up to 50% of down payment, 100% of closing cost and up to $5000 to reduce principal Down payment, closing costs or to reduce principal Funds are available on a first come, first served basis Loan due at 30 years or before if the home is sold or is no longer owner-occupied Must receive mortgage financing through one of the participating lending organizations. Contact administrator for list of lenders. Based on household size. At or below $44,800 for 1 person household; $51,200 for 2 person household; $57,600 for 3 person household; $64,000 for 4 person household. Larger households contact administrator for limits All income included, including child support and alimony t required Yes Must attended Home Stretch and pre-purchase counseling at Community Action Partnership of Suburban Hennepin (CAPSH) P a g e

31 HENNEPIN COUNTY RICHFIELD FORECLOSURE PURCHASE INCENTIVE PROGRAM City of Richfield CONTACT INFORMATION City of Richfield Community Development Housing Specialist Buyers must first demonstrate they are not eligible for Hennepin County NSP program. Buyers submit completed application. For application visit City of Richfield Vacant and foreclosed dwellings located in the City of Richfield $10,000, 0% interest deferred forgivable loan for down payment assistance. $15,000, 0% interest deferred forgivable loan for rehab Down payment or rehab Funds are available on a first come, first served basis through year forgivable. Must be buyer s primary residence Must be fixed rate loan ne Must have 20% equity in the property through down payment and/or difference between appraised value and total liens Required for everyone listed on the mortgage. Education must be HUD Certified Home Stretch Workshop 28 P a g e

32 HENNEPIN COUNTY ST LOUIS PARK PROGRAM City of St Louis Park/Center for Energy and Environment CONTACT INFORMATION Michelle Schnitker Contact the Center for Energy and Environment at Buyer must be employed by a St Louis Park business City of St Louis Park Single unit dwellings, including condos and townhomes located in St Louis Park. Must be buyers primary residence $2,500, 3 year deferred forgivable loan. Interest rate same as first mortgage. Vacant foreclosed properties are eligible for an additional $1,000 Down payment, closing cost, principal reduction and repairs for code violations Funds are available on a first come, first served basis through 2010 Forgivable loan after 5years if primary residence Fixed rate. cash out from first mortgage. 120% of the area median income. Estimated income for a household of four is $97,080 $1,000 ADDITIONAL INFORMATION Home Stretch is required for first time buyers Buyers must be employed by a St Louis Park business 29 P a g e

33 RAMSEY COUNTY FIRSTHOME Ramsey County CONTACT INFORMATION Denise Beigbeder Mary Lou Egan Buyer may apply through any lender. Lender contact administrator for approval Properties located in suburban Ramsey County. Properties in the City of St Paul are not eligible Single family dwellings, duplexes, condominiums, and townhouses. Property must meet Housing Quality Standards and local codes. The maximum purchase price is $200,000 $20,000, 0% interest deferred loan Down payment, closing cost and health/safety/code improvements Funds are available on a first come, first served basis. Lender can reserve funds on behalf of the buyer for 60 days 30 year deferred loan must be paid at the time the home is sold, refinanced or title is otherwise transferred Must be fixed market rate and term At or below 80% of the Area Median Income. Estimated income for a household of four is $64,720 Program uses IRS adjusted gross income to determine eligibility $2,000 Yes or displaced homemaker Buyer must attend Home Stretch Workshop 30 P a g e

34 RAMSEY COUNTY OPENING DOORS (NSP) Ramsey County CONTACT INFORMATION Denise Beigbeder Mary Lou Egan Buyer must be pre-approved for first mortgage with local lender and then contact administrator for application Properties must be purchased in targeted neighborhoods of Maplewood and Little Canada Bank-owned, vacant foreclosed single family dwelling, duplex or townhome. Purchase price must be at or below $275,000. Must be primary residence $10,000, 0% interest deferred loan. Additional $25,000 deferred forgivable loan available for rehab if property does not meet Housing Quality Standards To reduce the principal Funds are available on a first come, first served basis 30 year deferred loan must be paid at the time the home is sold, refinanced or title is otherwise transferred. Additional rehab dollars are forgiven at $1,000 per year on anniversary of purchase date Fully amortized, fixed rate loan with interest rate at or below market At or below 120% of the Area Median Income (AMI) as established by HUD. Estimated income for a household of four is $97,080 Program uses IRS adjusted gross income to determine eligibility $2,000 ADDITIONAL INFORMATION Required for everyone listed on the mortgage. Education must be HUD Certified Home Stretch Workshop Rehab option can only used in conjunction with Opening Doors Program 31 P a g e

35 SCOTT COUNTY SCOTT COUNTY CDA HOMEBUYER CLUB Scott County CDA CONTACT INFORMATION Nicole Horner Contact Nicole Horner for Scott County HBC application Participant must be a Scott County resident. requirements regarding property type Grant of $7,500 or 10% of the purchase price, whichever is less Down payment Funds are available on a first come, first served basis. Limited to 8 grants per year ne requirement Based on MN Housing first time buyer income guidelines. Any income excluded under federal regulations for the CDA s housing program t required Yes Must complete the Scott County CDA Home Buyers Club 32 P a g e

36 WASHINGTON COUNTY WOODBURY FIRST-TIME HOMEOWNERSHIP PROGRAM Greater Metropolitan Housing Corporation CONTACT INFORMATION St. Paul Housing Resource Center Contact administrator City of Woodbury Single family dwellings, townhomes, twin homes or condominiums. Purchase price must be at or below $236,500 $25,000, 3% deferred principal only. Interest is paid monthly Down payment and closing cost All funds must be allocated by Funds are available on a first come, first served basis Principal deferred for 30 years or until sale, transfer of title, upon payment of first mortgage or the property is no longer owner occupied. Accrued interest is paid monthly Must be prime or A-rated, fixed rate mortgage At or below 80% of the Area Median Income (AMI), not to exceed $90,000. If purchasing a foreclosed property AMI income limits are 115%, not to exceed to $90,000 ne Yes t required ADDITIONAL INFORMATION Debt to-income ratio cannot exceed 50% 33 P a g e

37 WASHINGTON COUNTY WOODBURY FORECLOSURE PURCHASE PROGRAM Greater Metropolitan Housing Corporation CONTACT INFORMATION St. Paul Housing Resource Center Contact administrator City of Woodbury Foreclosed or short-sale single family dwellings, townhomes, twin homes or condominiums. Purchase price must be at or below $236,500 $25,000, 3% principal only deferred 30 year loan. Interest is paid monthly Down payment and closing cost Funds are available on a first come, first served basis Principal deferred for 30 years or until sale, transfer of title, upon payment of first mortgage or the property is no longer owner occupied. Accrued interest is paid monthly. Must be prime or A-rated rate fixed rate mortgage Households of 1 or 2 at or below $83,900; households of 3 or more at or below $96,485 5% of total purchase costs including closing cost t required ADDITIONAL INFORMATION Debt to-income ratio cannot exceed 50% 34 P a g e

38 CENTRAL MINNESOTA CENTRAL MN HOUSING PARTNERSHIP BUFFALO (NSP) Central Minnesota Housing Partnership CONTACT INFORMATION Lenee Hoffman Prior to application buyers must be approved by lender. Lender must submit approval letter with rates and terms of loan and include buyer s income verification documents. For application and directions visit Targeted neighborhoods within the City of Buffalo. For a map of Buffalo visit and Foreclosed properties and vacant dwellings $10,000, 0% deferred forgivable loan for down payment assistance to achieve 28% front-end ratio. Up to $30,000, 0% deferred forgivable loan for necessary rehab Down payment and rehab All funds must be allocated by Funds are available on a first come, first served basis Forgivable period determined by amount of assistance. If sold, refinanced or becomes non-homestead during affordability period the loan has to be repaid at a prorated amount. 5 year affordability period for loans less than $15,000, 10 year affordability period for $15,000 -$40,000, and 15 year affordability period for 40,000 or more subprime loans allowed At or below 120% of the Area Median Income (AMI). Estimated income for a household of four is $100,700 $1,000 Education must be HUD Certified Home Stretch Workshop 35 P a g e

39 CENTRAL MINNESOTA CAMBRIDGE HERITAGE GREENS Central Minnesota Housing Partnership CONTACT INFORMATION Jason Krebsbach Contact local participating lender. Lender provide application to CMHP for review and approval. Restricted to Heritage Greens of Cambridge new construction development. Specific home designs are available for buyers purchasing with gap financing. Single-family homes $10,000, 0% interest, 30-year deferred loan Down payment and closing costs First come, first served. Deferred loan Must be fixed-rate, 30-year minimum term with affordable interest rate 80% of state median income based on family size $1,000, however buyers using Minnesota Housing gap financing must be first-time buyers. Yes, Home Stretch is required. 36 P a g e

40 CENTRAL MINNESOTA COLD SPRINGS GRANITE LEDGE Central Minnesota Housing Partnership CONTACT INFORMATION Jason Krebsbach Contact local participating lender. Lender provide application to CMHP for review and approval. Restricted to Granite Ledge new construction development in Cold Spring. Specific home designs are available with prices at or below limits set by Greater Minnesota Housing Fund. Single-family homes $15,000, 30-year 0% interest deferred loan Down payment and closing costs First come, first serve. Call for loan availability. Deferred loan Must be fixed-rate, 30 year minimum with affordable interest rate. 80% of state median income based on family size $1,000 Home Stretch required 37 P a g e

41 CENTRAL MINNESOTA CITY OF ELK RIVER (NSP) Tri- County Action Program, Inc CONTACT INFORMATION Julie Pace Prior to application buyers must be approved by lender. For application visit City of Elk River. Must be in the targeted neighborhoods: Elk River Station, Park Point, Trout Brook Farms, Windsor Oaks Foreclosed properties $5,000, 0% interest deferred forgivable loan for down payment ; $30,000, 0% interest deferred forgivable loan for rehab Down payment and rehab Funds are available on a first come, first served basis. Funds must be allocated by September 2010 Forgivable loan. Structure based on the amount of assistance provided to the household subprime loans allowed At or below 120% of the Area Median Income as established by HUD. Estimated income for a household of four is $97,080 $1,000 Education must be HUD Certified Home Stretch Workshop 38 P a g e

42 CENTRAL MINNESOTA CENTRAL MN HOUSING PARTNERSHIP ISANTI (NSP) Central Minnesota Housing Partnership CONTACT INFORMATION Lenee Hoffman Prior to application buyers must be approved by lender. Lender must submit approval letter with rates and terms of loan and include buyer s income verification documents. For application and directions visit Targeted neighborhoods within the City of Isanti. For a map visit Foreclosed properties and vacant dwellings $12,500, 0% deferred forgivable loan; or $15,000 (needs based) 0% deferred forgivable loan for down payment assistance. Up to $30,000, 0% deferred forgivable loan for necessary rehab Down payment and rehab All funds must be allocated by Funds are available on a first come, first served basis Forgivable period determined by amount of assistance. If sold, refinanced or becomes non-homestead during affordability period the loan has to be repaid at a prorated amount. 5 year affordability period for loans less than $15,000, 10 year affordability period for $15,000 -$40,000, and 15 year affordability period for 40,000 or more subprime loans allowed At or below 120% of the Area Median Income. Estimated income for a household of four is $100,700 $1,000 Education must be HUD Certified Home Stretch Workshop 39 P a g e

43 CENTRAL MINNESOTA CENTRAL MN HOUSING PARTNERSHIP MONTICELLO, OTSEGO (NSP) Central Minnesota Housing Partnership CONTACT INFORMATION Lenee Hoffman Prior to application buyers must be approved by lender. Lender must submit approval letter with rates and terms of loan and include buyer s income verification documents. For application and directions visit Targeted neighborhoods within the Cities of Monticello and Otsego. For a map of Monticello and Otsego visit Foreclosed properties and vacant dwellings $12,500, 0% deferred forgivable loan; or $15,000 (needs based) 0% deferred forgivable loan for down payment assistance. Up to $30,000, 0% deferred forgivable loan for necessary rehab Down payment and rehab All funds must be allocated by Funds are available on a first come, first served basis Forgivable period determined by amount of assistance. If sold, refinanced or becomes non-homestead during affordability period the loan has to be repaid at a prorated amount. 5 year affordability period for loans less than $15,000, 10 year affordability period for $15,000 -$40,000, and 15 year affordability period for 40,000 or more subprime loans allowed At or below 120% of the Area Median Income (AMI). Estimated income for a household of four is $100,700 $1,000 Education must be HUD Certified Home Stretch Workshop 40 P a g e

44 CENTRAL MINNESOTA HUTCHINSON HOME PURCHASE OPPORTUNITY PROGRAM, HRA ENTRY COST ASSISTANCE Hutchinson HRA CONTACT INFORMATION Judy Flemming Contact a Home Purchase Opportunity Program lender, see website for contact list City of Hutchinson Single family, one unit. Can be a foreclosed home. $3,000 to $5,000 based on need. 0% interest loan, same term as first mortgage. Down payment and/or closing costs Call for availability 0% interest loan, same term as first mortgage. Fixed rate Use CASA income guidelines $300 Yes, first time buyers must complete a Home Stretch workshop or other curriculum approved by HRA Loan Review Committee 41 P a g e

45 CENTRAL MINNESOTA HUTCHINSON HOME PURCHASE OPPORTUNITY PROGRAM, CITY REVOLVING REHAB LOAN Hutchinson HRA CONTACT INFORMATION Judy Flemming Contact a Home Purchase Opportunity Program lender, see website for contact list City of Hutchinson Single family, one unit. Can be a foreclosed home. $15,000-$35,000. Funds are a 0% interest loan, same term as first mortgage Gap loans, down payment and/or closing costs Call for availability 0% interest loan, same term as first mortgage. Fixed-rate 80% area median income $300 Home Stretch 42 P a g e

46 CENTRAL MINNESOTA PRINCETON NEIGHBORHOOD STABLILIZATION PROGRAM (NSP) Lakes and Pines Community Action Council CONTACT INFORMATION Lezlie Ballis x 123 lezlieb@lakeandpines.org Buyer submits completed application and documents. If approved, the buyer works with the city to find an eligible home to purchase. For application visit Targeted areas within the City of Princeton. For a map visit Determined by program administrator. 0% interest deferred forgivable loan, based on household income. At or below 50% Area Median Income (AMI) up to $14,000, 51-80% AMI up to $8,000 and % AMI up to $3,000 Down payment and principal reduction Funds are available on a first come, first served basis. Lower income households are given preference Forgivable loan. Structure based on the amount of assistance provided to the household Fixed rate, traditional mortgages. Buyers encouraged to use FHA, MHFA, RD when possible At or below 120% of the Area Median Income. Estimated income for a household of four is $68,050 t required Education must be HUD Certified Home Stretch Workshop 43 P a g e

47 CENTRAL MINNESOTA ST. CLOUD HRA (NSP) BENTON, SHERBURNE & STEARNS COUNTY St. Cloud HRA CONTACT INFORMATION Shannon Adamski Cliff Knettel Prior to application buyers must be pre-qualified by a local lender. For application visit home-ownership/home-ownership-programs/neighborhood-stabilization-program/nsp-homebuyer-incentive 14 targeted neighborhoods in Benton, Sherburne and Stearns County Foreclosed bank owned properties, no investors or short sales. Properties must be discounted at least 1% by the bank selling the property $14,000, 0% interest forgivable loan for entry costs; Up to $50,000, 0% interest deferred loan for necessary rehab Down payment, closing cost, to reduce principal or rehab Funds are available on a first come, first served basis Entry cost loan forgivable over 10 years; 1/10 th forgiven annually. Rehab loan 30 year deferment period; must be paid at 30years or if the home is sold or is no longer the primary residence FHA, VA, Rural Development or Conventional At or below 120% of the Area Median Income (AMI) for county. Estimated income for a household of four in Benton and Stearns county is $77,400. Estimated income for a household of four in Sherburne County is $97,100 Buyer must pay half of the required down payment as determined by the first mortgage Education must be HUD Certified Home Stretch Workshop 44 P a g e

48 CENTRAL MINNESOTA CENTRAL MN HOUSING PARTNERSHIP ZIMMERMAN (NSP) Central Minnesota Housing Partnership CONTACT INFORMATION Lenee Hoffman Prior to application buyers must be approved by lender. Lender must submit approval letter with rates and terms of loan and include buyer s income verification documents. For application and directions visit Targeted neighborhoods in the City of Zimmerman. For a map visit Foreclosed properties and vacant dwellings $12,500, 0% deferred loan; or $15,000 (needs based), 0% deferred loan for down payment assistance. Up to $30,000, 0% deferred loan for necessary rehab Down payment and rehab Funds are available on a first come, first served basis. Re-sale restrictions during affordability period based on loan amount. If sold during restricted period, the home must be sold to a household who meets income requirements. 5 year restriction period applies for loans less than $15,000, 10 year restriction period applies for $15,000 - $40,000, and 15 year restriction period applies for 40,000 or more requirement At or below 120% of the Area Median Income. Estimated income for a household of four is $100,700 $1,000 Education must be HUD Certified Home Stretch Workshop 45 P a g e