Program Guidelines At A Glance:

Overview: For 1st time buyrs purchasing in the city of Minnetonka
Loan Amount: Maximum loan amount is $10,0000.00
Interest Rate and Loan Term: rate updated monthly and is 75% of Prime Rate + 2pts. Rate is determined at application and is fixed for a 10 year term.
Borrower Eligibility: First time buyer or someone who has not owned a property in the last 3 years. Your debt to income ratio may not exceed 50% of gross monthly income. The homebuyer must contribute at least 25% of total down payment and closing costs. You must attend a Home Stretch workshop. Your total gross income can not exceed 120% of the median income by household size ( 1 person $69,480.00, 2 person $79,440.00, 3 person $89,400.00, 4 perso $9+9,240.00, 5 person $107,280.00, 6 person $115,200.00, 7 person $123,120.00, 8 person $131,040.00)
Asset Limit: Borrower may not own a secondary property and assets that do not have a penalty for early withdrawl can not exceed $25,000.00.
Property Eligibility: The property must be owner occupied and you must move in within 60 days of closing. Single family homes, townhouses and condos subject to the Association covenants are allowed. The taxable market value for the property can not exceed $300,000.00. The maximum CLTV can not exceed 110%.

For more information please feel free to contact me by phone or through this website.

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