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Several Programs Available To First Time Home Buyers

 

Do you lack down payment funds?
Are you hesitant to buy because you think your monthly payments will be too high?
Would you like to qualify for a little more but don’t want an adjustable rate mortgage?
Do you know what GREAT Loan Products and Entry Cost Assistance Programs are available for you?

 

Here are some of the special programs now available:

USBank American Dream 30year fixed rate portfolio loan with a minimum 3% down and NO mortgage insurance! Rate is consistently at or below Conventional 30year pricing. Maximum household income $62,000 for family size 1-4 in 11county metro area. Higher income limits for 5+ in household. NOT required to be 1st time homebuyer. No income limits if buying in low/moderate income census tract.

USBank Entry Cost Assistance Up to $3000 at 0%, no payments. Soft 2nd mortgage can be used with American Dream loans and MN Housing Finance Agency loans.

MN Housing Finance Agency ECHO Up to $3000 at 5% simple interest capped after 10 years, no payments. Soft 2nd mortgage can be used with USBank American Dream loan.

MN Housing Finance Agency CASA $3,000 entry cost assistance 0%, no payments, plus $75/mo payment supplement for 1st year. Rate is below Conventional 30year pricing. Must be 1st time homebuyer.

President Bush’s American Dream Down Payment Initiative The higher of 6% of purchase price or $10,000 entry cost assistance loan with 0% interest and no payments. Maximum household eligibility income is 80% of median income based on family size. Available in suburban Hennepin County. Max sale price $244,625

Anoka County Down Payment Assistance Program Up to $5,000 at 0%, no payments on this 2nd mortgage, must buy in Anoka County, maximum household eligibility income is 80% of median income based on family size.

Plymouth HRA 1st Time Homebuyer Program Up to $25,000 at 0%, no payments on this 2nd mortgage, must buy in the City of Plymouth, maximum household eligibility income is 80% of median income based on family size.

Interfaith Outreach and Community Partners Up to $3000 for entry cost assistance to lower income families in Plymouth, Wayzata, Minnetonka.

Washington County Bond Program Up to 4% of the mortgage amount in a down payment assistance GRANT. Must buy in Washington County, maximum household eligibility income is 80% of median income based on family size. Maximum purchase price $255,080 for single family home. Must be 1st time homebuyer.

Washington County HRA Assistance Loan No payments and 0% interest on this 2nd mortgage, must buy in Washington County. Up to $10,000 if household eligibility income is 80% of median income based on family size. Up to $20,000 if household eligibility income is 50% of median income based on family size.

Dakota County Bond Program Up to 4% of the mortgage amount in a down payment assistance GRANT. Must buy in Dakota County, maximum household income for family of 1 or 2= $77,000; for 3+= $84,700. Maximum purchase price $254,100 for single family home. Must be 1st time homebuyer.

Dakota County CDA Assistance Loan No payments and 0% interest on this 2nd mortgage, must buy in Dakota County. Up to $5,000 if household eligibility income is 80% of median income based on family size. Up to $10,000 if household eligibility income is 50% of median income based on family size.

CityLiving Bond Program Up to 3% of the mortgage amount in down payment assistance GRANT. Must buy in the city limits of Minneapolis or St Paul, maximum household income for family of 1 or 2= $77,000; for 3+= $84,700. Max purchase price $254,100 for single family home. Must be 1st time homebuyer unless buying in Low Income Census Tract.

Neighborhood Funds Several Neighborhoods have Entry Cost Assistance Loans including the Minneapolis Neighborhoods of Sheridan $5000, Folwell $2000, funds also available in Lyndale and Phillips.

· All of these programs are subject to availability of current funding.

· Several can be combined for maximum benefits to your client.

· The programs have a wide variety of income, asset and sale price restrictions.

· Some have subsidy recapture clauses, and some are forgiven after a period of time.

· If you are going to use any of these great programs, it is imperative that they work with a mortgage loan officer that has extensive experience with this type of lending.

We work hand-in-hand with US Bank on these great programs and would appreciate the opportunity to help you get the best mortgage terms available by utilizing as many of them as possible.