Good news for those looking for Twin Cities first time home buyer loans! The cities of Minneapolis and St Paul along with Dakota County are offering new first mortgage products for first time home buyers. These are at or below current market rates and have down payment assistance available.
2/11/2010
Minneapolis/Saint Paul Housing Finance Board
City Living Program
- For homes within the city limits of Minneapolis and St Paul
- First time home buyers(at least 3 years without owning a home)
- Minimum credit score 620
- Maximum income $83,900
- Rates at 4.75% and 4.99%
- Down payment assistance available (amount varies with income) up to 2% of the loan amount forgivable after 7 years
Dakota County CDA 2010 first time Homebuyer Program Bond Program
- For homes in Dakota County
- First time home buyers(at least 3 years without owning a home)
- Rate of 4.99%
- Maximum purchase price $276,683
- Minimum credit score 620
- Maximum income $83900
- Down payment assistance available
- Buyer must have $750 minimum into the transaction
For both of these programs the buyers need to attend Home Stretch classes from an approved community development agency. Visit www.hocmn.org for list of classes. Twin Cities first time home buyer loans must be originated by an approved lender.
Thank you and have a great day!
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