Dakota County 2010 First Time Homebuyer Mortgage Program

Thanks to our friend Paul Lundeen for the following info:

Dakota County 2010 First Time Homebuyer Mortgage Program

Highlights:

Current interest rate 4.99%, 30-year fixed rate – rate will periodically change
Must be a first time home buyer or have not owned a home in the past 3 years
Buyers must owner-occupy the property
Income Limit 1-2 person household $83,900
Income Limit 3 person household or more $92,290
Maximum Purchase Price

  • $276,683 for single family home, townhome, or condo
  • $389,205 for duplexes (not eligible for Downpayment Assistance)

Loan Types – FHA or VA ONLY
Loans immediately available for existing homes throughout Dakota County
New Construction Loans Available for select cities in Dakota County
Downpayment and Closing Cost Assistance Loans up to $10,000 available

  • Available assistance depends on household income – call for details
  • Zero percent interest loan that must be repaid upon sale or refinance
  • Borrower must have at least $750 of their own funds into the transaction

Seller paid closing costs allowed per program guidelines
May utilize one-time $8,000 federal tax credit until deadline
Required 9 Hour Home Stretch Education Class – send your buyers NOW!

The foregoing statement is not an offer to enter into a loan agreement at a specified interest rate. An offer to enter into such an agreement may only be made pursuant to Minn. Statute 47.206. Rates and terms are subject to change without notice.

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