Down Payment Assistance & Grant Programs

Minnesota has many grant programs available. These programs offer first time buyers and even repeat buyers additional funds to help them get into a home. Several communities in the Metro area have individual programs. Below is some information on a few of the various programs. Please feel free to call us for more details.

City Living Home Program - Minneapolis or St. Paul

To utilize the funds the borrowers must purchase a home in the cities of Minneapolis or St. Paul only.
Borrowers must be first time homebuyers evidenced with 3 years personal federal tax returns.
Maximum purchase price applies: contact Loan Officer for details.
Household income limitations apply: see Loan Officer for details.
Homebuyers training required. See homeownershipstandards.com for details.
The home must be your primary residence.
Assistance up to 2% is available, call for current rate.
$1,000 required investment by the borrower, and any program requirement for lender. Fees associated with this program include a $460 administrative fee.

City of Woodbury Assistance – Woodbury

To utilize the funds you must purchase a home in the City of Woodbury.
Borrowers must be first time homebuyers evidenced with 3 years personal federal tax returns OR the home is in foreclosure.
Maximum purchase price applies: contact Loan Officer for details.
Household income limitations apply: contact Loan Officer for details.
The home must be your primary residence and borrower must contribute 5% down.
Borrower may qualify for up to $25,000 to assist with down payment and closing cost expenses. This is a deferred interest rate loan, call for current rate.
Funds are available on purchases only and must be reserved.

Dakota County Bond Program

To utilize the funds the borrowers must purchase a home in Dakota County.
Borrowers must be first time home buyers evidenced with three years personal federal tax returns.
Maximum purchase price applies: contact Loan Officer for details.
Household income limitations apply: contact Loan Officer for details.
Homebuyers training required prior to closing. Visit hocmn.org for details.
The home must be your primary residence and minimum down payment of $750 is required.
Down payment? Closing Cost Assistance available in amounts of 10%, 5%, or 2.5% (dependent upon income limits)

Ramsey County Down Payment Assistance

To utilize the funds the borrowers must purchase a home in Ramsey County excluding the City of St. Paul and be employed in Ramsey County including St. Paul for three years.
Borrowers must be first time home buyers evidenced with three years personal federal tax returns.
Maximum purchase price applies: contact Loan Officer for details.
Household income limitations apply: contact Loan Officer for details.
Homebuyer's training required. Training sessions are available around the metro with many dates to choose from.
Works with any conventional fixed rate loan.
Buyers must contribute 1% of the purchase price or 2% of the mortgage amount, whichever is greater.

Come Home To Edina

To utilize funds you must purchase in the city of Edina.
This is a second mortgage of no more than $60,000.
Used in combination with conventional financing, it can negate the need for mortgage insurance.
Terms are the same as the first mortgage, the lesser of 5% simple interest or the note rate for the first mortgage.
Sales price cannot exceed $325,000.
Borrower must contribute at least $1,000 towards down payment, closing costs and/or prepaid expenses.
Income and asset limits apply, please call for details.

Anoka County Down Payment Assistance

To utilize funds you must purchase a home in Anoka County.
Up to $10,000 in down payment assistance.
Maximum sales price is $201,400.
Borrower minimum investment is $2,000.
Funds will be secured against the property as a 0% deferred loan for five years. In the sixth year of repayment the loan is forgiven if you still owner occupy and have not refinanced.
There is no first time buyer requirement.
Homebuyer training is required.
Income and debt restrictions apply, contact us for more details.

Scott County First Time Home Buyer Grant

To utilized funds the home must be located in Scott County.
Up to $3,000 grant or 10% of sales price, whichever is less.
Being a first time home buyer is required.
Home buyer education required through Scott County’s Home Buyer Club program.
Income and sales price restrictions apply, please call for details.

Minneapolis Advantage Program

To utilize funds the property must be in an eligible neighborhood and be a foreclosed property, a prior foreclosure owned by a non profit agency or vacant for more than 30 days.
Up to $10,000 to be used for down payment, closing costs, prepaid items or repairs.
0% interest & no monthly payment.
1/60^th of loan is forgiven monthly, being completely forgiven by the end of the 5^th year if the original borrower still occupies the property as their residence.
Homebuyer training is required.
There is no sales price limit but there is income limitations.
Can be combined with some additional Minneapolis neighborhood programs.

Many other assistance and grant programs are available across the state of Minnesota. The information on this sites provides a general overview of programs available in and around the Metro area. All program criteria are subject to change without notice. Prime Mortgage is not responsible for program updates. For further information on all programs please contact the Loan Officer listed or call the program office directly.