Program Quick Look

Eligible Primary/First Mortgage Loan Products: Prime, Fixed Rate (FHA, VA, Conventional)
Maximum Borrower Income: 80% of Hud Median Income (AMI)
Maximum Housing Ratio: 30%
Minimum Borrower Investment: Greater of 1/2 of required downpayment or $1000.00
Elgible Property: Non-Forclosed home in target area that is not a current rental property
Loan Rate and Term: 0% Deferred, Forgivable Assistance up to $14,999.00 has a 5 year term, Assistance of $15,000 to $30,000.00 has a ten year term
Minimum Loan Amount: $1000.00
Maximum Assistance: $10,000.00
Maximum Homebuyer Gap assistance for household at or below 80% AMI: Up to a additional $20,000.00 to ensure housing ratio of 30%
Borrower Occupancy Requirement: Borrowers must owner occupy the assisted property as their principal residence.
Borrower Homebuyer Education Requirement: Borrower must attend Home Stretch Classes
First Time Home Buyer Requirement: No, cannot have ownership interest in another property at the time of signing the purchase agreement.

More information can be found at www.hennepin.mn.us/hba

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