Use of Funds: Brooklyn Park, Brooklyn Center, Champlin, Maple Grove, and Rogers/ Hassen Township
Eligible Borrowers: 120% Median Income (1person 69,450.00, 2 person 79,400, 3 person 89,300, 4 person 99,250, 5 person 107,200, 6 person 115,100, 7 person 123,050, 8 person 131,00)
Eligible Properties:Single Family Housing (detached, town homes, condos) to occupied as a principal place of residence, Vacant and foreclosed homes and purchased for no more than 99% of the appraised value (determined by Hennepin County ordered appraisal and purchase price at or below 200k (80%ami) or 276,683 (120%ami)
Elgible Primary Financing: Primary financing must be prime, fixed rate first mortgage loan
The Loan:maximum incentive assistance for households 81%-120% ami is $10,000.00. In addition to the incentive, households at or below 80% ami may qualify for “Affordability” assistance up to $20,000.00. The loan will be secured by a promissory Note.
Loan Terms:The assistance will be in the form of a forgiveable, deffered (no monthly payments), zero percent interest loan with a term of 5 or ten years depending upon how much assistance you use. During the loan term if the property is no longer being occupied or when the property is transferred sold or refinanced the loan will need to be paid back.
Housing Counseling:Must attend a Home Stretch homeownership class provided by a HUD approved counseling agency.
Maximum Housing Ratio: 30% Housing Ratio required before the use of any assistance
Minimum Borrower Investment: $1000.00

Thanks for installing the Bottom of every post plugin by Corey Salzano. Contact me if you need custom WordPress plugins or website design.


No Comments on Nov 11th 2011

Leave a Reply