Shoreview First-time Homeowners Down Payment Assistance
The City of Shoreview is offering down payment and closing cost assistance loans to encourage first-time homebuyers to purchase a home in Shoreview. There are two programs, one that is amortizing (with monthly payments) and one that is due-on-sale (no monthly payments). Amortizing: For buyers with incomes below 120% AMI, the down payment assistance is in the form of a loan of up to $30,000 with low interest, paid back in monthly payments. Due-on-sale: For buyers whose incomes are at or below 80% of the Area Median Income, up to $20,000 is available in a due-on-sale loan with 0% interest and no payments, paid back when the house is sold, transferred, or no longer owner-occupied.
Details
- Down Payment Assistance TypeDeferred Loan
- Max Purchase Price424998
- Down Payment Assistance Amount Up To29999
- First-Time HomebuyersYes
- FHA Down Payment Eligible Yes
- Can be Layered with other ProgramsYes
- Down Payment Assistance Administrator Neighborworks
Eligible Property Types
- Single Family Home
- Duplex/2-unit
- Tri-plex/3-unit
- Quadplex/4-unit
- Town Home
- Condo
Funds can be used for:
- Down Payment
- Closing Cost
State(s)
- Minnesota
Homebuyer Education Requirement Option(s)
- Home Stretch
Occupancy Type
- Primary Home
Financial Instution
Bell Bank
Additional Information
$25 Application fee
Role
Loan Officer
Location
563 Bielenberg Dr, Woodbury, MN 55125, USA
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About the listing author
Born in Chicago, I moved to Minnesota when I was 10 years old and later earned a bachelor’s degree in criminal justice and sociology from Hamline University in St. Paul,…
Born in Chicago, I moved to Minnesota when I was 10 years old and later earned a bachelor’s degree in criminal justice and sociology from Hamline University in St. Paul,…