Ramsey County’s FirstHOME Buyer Assistance Program is available through responsible local financial institutions. The program helps first home buyers purchase homes more affordably by providing deferred loans that can be used for downpayment assistance, closing cost, and occasionally health and safety codes inprovementns. Eligible buyers may qualify for up to $10,000.00 with a 0% interest to help bring their monthly housing cost down to 30% of income.

Elgibility Requirements:

Income: Limit based on household size 1 person $44,950.00, 2 person $51,400.00, 3 person $57,800.00 and for 4 person $64,200.00

Employment: Buyers need to demonstrate s minimum of 3 years of fulltime, permanent uniterrupted work history. Previous employment does not need to be same job. Full-time is 2080 hours annually; post secondary education is not counted as employment.

Property Requirements: The property must be owner occupied and located in Ramsey County (the city of St. Paul is excluded). New and existing single family detached homes, condos, town houses and duplexes. The home must be inspected and meet housing quality standards and local codes prior to occupying. The maximum purchase price is $200,000.00.

Mortgage Qualification: Borrower should qualify for FHA, VA or fannie mae approved conventional mortgage as determined by the private lender or must meet the requirements of locally approved initiatives designed to meet affordable housing needs in suburban Ramsey County. Buyers must contribute $2,000.00 in private funds to the transaction.

Homebuyer Training: Buyers must successfully complete an approved homebuyer training program prior to closing the loan. HomeStretch classes are found on the Homeownership Center website www.hocmn.org .

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