Dakota County Buyers — First Time Buyer Program is Back!
Posted on February 1st, 2010 by DarcyCan you say FINALLY??? We have been waiting patiently, or maybe for some, impatiently, for more money to come available. It’s here. And a week later, you will see money come out in the cities of St. Paul and Minneapolis for the City Living program – very similar to this.
The skinny on this first time buyer program? Well, you need to be one, which means you could not have owned a home in the last 3 years. Because this is a bond program, you will be offered a lower than market rate and good news … it doesn’t change with market volatility. The rate is 4.99% AND depending on your household income, you could qualify for up to $10000 in down payment assistance. The first time buyer assistance isn’t forgivable, meaning you need to pay the zero interest, down payment money back when you sell. If you get $7000, then you pay back $7000. It’s pretty cool — here’s money to help and just give it back when you’re done using it. Oh is this awesome!
There are sale price and income limits for this program, as with all bond programs.
$83,900 1-2 person household
$92,290 3+ household
Maximum Sale price is $276,683
This isn’t like the other first time program they had called Silver Lining. It’s not as restrictive. No crazy strings like the house needs to appraise at 1% higher than the purchase price and there is no requirement for a special home inspection. One thing that IS required is you have to attend the Homestretch class where you can sign up at http://www.hocmn.org . If you’ve taken this course, it’s acceptable to use your current certificate of completion pending it’s not over a year old from the date of closing on a house.
So, now you have the AFTER closing tax credit up to $8000 and you can get up to $10000 BEFORE your purchase to use toward down payment and closing costs. By all means, please call if you have any questions or want to take advantage of this program. It’s first come first serve, so get out there and buy some of those great deals in Dakota County. Oh and one important point, you DO need $750 of your own money into the transaction. This cannot be a gift.
By the way, not all lenders have access to this program. Make sure you’re working with an expert in first time buyer programs. It’s important you’re educated on how the program works, what the recapture tax is and other parameters for the program.
Tags: City Living, Dakota County, down payment assistance, first house, first time buyer programs, first time home buyer, Minneapolis, pre-approval, purchase agreement, rate, St. Paul, VA
[...] still get $5000 in assistance. We can do the the regular version with both the City Living and Dakota County programs, which are programs that just received a big chunk of money at a low rate. And speaking [...]
[...] after it’s yours. Also, this will meet the pre-requisite to be eligible for most of the first time buyer programs. Look at that — kill 2 birds with one stone — learn about homeownership AND qualify [...]
[...] of this program not just for the rate, but the opportunity to get down payment assistance. The Dakota County program offers three tiers of assistance depending on household income. Household income is defined as [...]