First-Time Homebuyer Program
The 2009 program has been canceled due to the poor bond market.
It is hoped that the program will be able to resume in April of
2010. To see if you qualify for other mortgage programs, call MHFA
at the number noted at the bottom of this page. The county’s Down
Payment Assistance Program is still operating; those first time
homebuyers interested in that program should contact ACCAP at
763-783-4747.
|
 Applying for the First-Time Homebuyer Program:
Contact an MHFA-approved lender to see if you qualify.
Take the "Home Stretch" class offered by
ACCAP, 763-783-4747
Get more information from the
MHFA's Web site at
www.mnhousing.gov
|
About the Program
This loan program is financed by the Minnesota Housing Finance
Agency (MHFA), and you must use an MHFA-approved lender. They provide funds for fixed rate, low-interest loans to
qualified first-time homebuyers. Additional funds may also be available through MHFA or the
Anoka County Community Action Program (ACCAP) to help with entry
costs such as down payment and/or closing fees.
Summary and Requirements of the First-Time Homebuyer Program:
- You must be a first-time homebuyer or not have owned a home
within the last three (3) years.
- You must have copies of your federal income tax returns for
the last 3 years.
- You need to have acceptable credit as determined by an
MHFA-approved lender.
- We strongly encourage people seeking First-Time Homebuyer
funds to attend a homebuyer education course prior to applying for
a mortgage. The Anoka County Community Action Program (ACCAP)
offers a “Home Stretch” class that explains, step-by-step, the
buying process and offers guidance to potential new buyers so that
they can make informed decisions when seeking a loan and
purchasing a home. This class is available throughout the year.
- The limits on household income and home purchase price for
2009 are listed below:
|
Combined Gross
Income by Household Not to Exceed: |
| Area |
1-4
Persons |
5
persons |
6
Persons |
7
Persons |
8
Persons |
9 Persons |
10 Persons |
| 11-County Twin
City Metro Area |
$67,200 |
$72,600 |
$78,000 |
$83,400 |
$88,800 |
$94,100 |
$99,500 |
|
Maximum home purchase
price not to exceed |
| 11-County Twin
Cities Area |
New
Construction and Existing Residences not to exceed: $298,125 |
If you are interested in:
- ACCAP’s “Home Stretch” class or down payment assistance
program, call 763-783-4747;
- More detailed program information, call MHFA at 651-296-8215
or 800-710-8871 or go to the MHFA Web site at
www.mnhousing.gov.
We will continue to post information on this program as it
becomes available.
page last updated -
11/25/2008
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