Down payment help is here!
Roughly 80 percent of active listings qualify for down payment assistance programs. That means you may qualify to receive a down payment loan or grant if you meet the eligibility requirements. In fact, some programs are available for homes with sales prices of $500,000 or more and household income as high as $100,000.
One of the biggest hurdles for home buyers is oftentimes coming up with a down payment for a home. What many home buyers don’t realize is that there is help through down payment assistance for first time home buyers who qualify for first time home buyer grants as well as repeat buyers who are eligible for down payment assistance loans or grants.
In addition to federal government help for first time home buyers, many community, city, county and state agencies offer down payment grants and down payment assistance, which have unique qualification requirements regarding income, assets, credit, occupancy and location.
If you’re in search of grants for home buying, you’ve come to the right place. Now you can see whether a property qualifies for down payment assistance programs through a Down Payment Resource (DPR) icon displayed directly on the property listing detail page.
There are many government down payment assistance grants, first time home buyers grants, and other down payment assistance loans available. Below are a few examples of down payment assistance programs.
Anoka County Down Payment Assistance Program: Anoka County has a down payment assistance program administered by Anoka County Community Action Program, Inc. The program is designed to help qualified first time home buyers purchase homes more affordably by providing $1,000 to $10,000 in down payment assistance. This program is available to low- to moderate-income first time home buyers purchasing a home valued up to $276,683 in Anoka County.
Plymouth, MN – First Time Homebuyer Program: The City of Plymouth has allocated down payment and closing cost assistance funds up to $25,000 for a first time low-to-moderate-income home buyer purchasing in the city of Plymouth. The assistance is in the form of a no-interest, deferred-payment 30-year loan secured by a subordinated lien placed on the purchased property after the first mortgage is recorded. Repayment is required if the home is sold or no longer homesteaded within the first 30 years of ownership. The City of Plymouth Housing and Redevelopment Authority administers the program and funds are subject to availability.
Dakota County Community Development Agency: First time home buyers in Dakota County can apply for down payment and closing cost assistance loans of up to $10,000, depending on household income. The zero-percent interest loans require no monthly payments, but must be repaid when the primary mortgage is paid off, the home is no longer the primary residence, or when the home is sold or refinanced.
HOME HELP: A federally funded loan for qualified first time home buyers that lends $7,000 in interest-free funds for a down payment and closing costs; 70 percent of the loan is forgiven after six years. The goal of this down payment assistance program is to make housing more affordable by lowering the borrower’s housing debt ratio to 30 percent.
The Minneapolis/St. Paul – CityLiving Down Payment Assistance Program: This down payment assistance loan was created for home buyers purchasing in the cities of Minneapolis and St. Paul. The program provides borrowers access to a non-interest bearing loan equal to 2 percent of the first mortgage amount. There is no monthly payment due until the sale or refinance of the home. In addition, the down payment assistance grant is forgiven after seven years of occupancy by the buyer. This is primarily a first time home buyer program in Minnesota, specifically for those who purchase a home in Minneapolis or St. Paul, but is also available to non-first time home buyers who purchase in targeted areas and military personnel.
Homeownership Assistance Fund (HAF): This Minnesota housing program awards eligible first time home buyers an interest-free, deferred loan – up to $5,000 – to help with down payment and closing costs. Home buyers interested in the HAF should contact a Minnesota Housing participating lender prior to signing a purchase agreement. Participating lenders determine eligibility, which generally includes households earning from 60 – 80 percent or less of area median income, depending on other qualifications.
* Subject to funds available
Q: Why don’t I see the DPR icon on all property listings?
A: Not all properties qualify for down payment assistance grants and programs. Only eligible properties display the DPR icon.
Q: Do I have to qualify as “low-income” in order to be eligible for down payment assistance and loan programs?
A: No. Depending on the eligibility requirements, some programs allow sales prices of $500,000 or more and household income as high as $100,000.
Q: Is DPR an Edina Realty exclusive?
A: No, DPR is an online tool that Edina Realty is displaying on its listings in conjunction with Northstar MLS listings.
Q: Do I have to pay back the money I receive from a down payment assistance grant or loan?
A: Maybe. This is subject to the specific guidelines established by the down payment assistance program for which you qualify.
Q: Why are you asking for my personal information?
A: In order to determine eligibility for a down payment assistance program offered on a particular property, DPR requires that you provide income and related information.