ANOKA COUNTY DOWN PAYMENT ASSISTANCE AT A GLANCE
Terms and Conditions: Down Payment Assistance funds will be provided to eligiblerecipients in an amount not to exceed $10,000.00.Funds will be secured against the property as a 0% interest deferred loan for five years. In the sixth year repayment requirements of down payment assistance funds will be forgiven. If the property is sold or refinanced or no longer the princpal place of residence within the five year affordability period, the full balance of the down payment assistance funds will be due and payable immediately.
Max Applicant Income: Maximum household income based on household size, and % of AMI effective 7/13/11
Size 80% ( 1 person $46,312, 2 person $52,928, 3 person $59,544, 4 person $66,160, 5 person $71,453, 6 person $76,746, 7 person $82,038, 8 person $87,,331)
Property Requirements: Housing must be located in Anoka County. Housing must be your primary residence. Elgible properties are single family dwellings defined as 1-4 units, condominimums, town houses and cooperative units.
Inspection Requirements: Properties must meet all state and local housing quality standards and code requirements. An Anoka County representative will complete an inspection prior to closing. This inspection is not to guarantee the condition of the unit but to ensure the unit meets federal program requirements.
Eligible Primary/First Mortgage Loan Products: Prime, Fixed Rate, Conforming Mortgage (Conventional, Fannie Mae/Freddie Mac, Hud and VA). Loans musts be fully amortized fixed rate loan up to 30 years with a rate that does not exceed the market rates for conforming loans. The borrowers must be able to qualify for a VA, FHA, Fannie or Freddie mortgage.
Maximum Housing Ratio: 26%-35% A homebuyers PITI can not exceed 35% of their gross income.
Minimum Borrower Investment: $2000 earnest money submitted with Purchase Agreement and recorded on Settlement Statement at time of sale.
Maximum Purchase Price: The maximum purchase price as of 2010 is $276,683.00
Other: There is no first time homebuyer requirement