Down Payment News
Updated June 20, 2019
As we continue to see a very competitive market, we wanted to make sure that you are aware of the status of our down payment programs.
- Project Reinvest – We recently had a customer withdrawal which leaves us with 1 slot available for a homebuyer purchasing in St. Paul or Minneapolis with household income of 100% AMI or below. We can close in 30 days. This program has an approved lender list.
- Slots still available + new service area in Minneapolis!
Community Keys – up to $20,000 in down payment and closing cost assistance for customers buying homes in the Frogtown, North End and Rondo neighborhoods of St. Paul. https://nwhomepartners.org/get-ready/down-payment-help/community-keys-down-payment-assistance/ – 1 slot remaining in the current program.
Coming soon – Community Keys – Minneapolis! – up to $15,000 in down payment and closing cost assistance for customers buying homes in North Minneapolis neighborhoods – Shingle Creek, Lind-Bohanon, Humbolt, Webber-Camden, Cleveland, Folwell, McKinley, Willard-Hay, Near North, Jordan, Hawthorne, Harrison, Sumner-Glenwood Heritage Park. Half of the funds ($7,500) are due on sale, half of the funds are a 1% interest pay back loan. Buyers should have incomes at or below 100% AMI, and have a housing ratio of 25% or greater with all DPA included. Community Keys funds will layer with Minneapolis HOM funds.
- City of Minneapolis HOM funds – Buyers must have an income below $108,500. Buyers whose income is between $75,500 and $108,500 are eligible for $5,000. Buyers whose income is below $75,500 are eligible for $10,000. Financial wellness certificate must be obtained prior to signing a purchase agreement. https://nwhomepartners.org/homeownership-opportunity-minneapolis-hom-down-payment-assistance/
- City of Woodbury First Time Homeownership – The City of Woodbury updated their guidelines to provide up to $25,000 in a low interest loan for buyers with incomes up to $95,000 with a purchase price limit up to $390,000. https://nwhomepartners.org/city-woodbury-homeownership-programs/ I have attached the new guidelines for your reference.
- City of Shoreview – First Time Homebuyers and Purchase/Rehab Combo Loans – up to $15,000 in a low interest loan towards the purchase of a home purchase of up to $303,800. Please see income guidelines based on household size on the program webpage. The Purchase/Rehab loan also allows up to a total of $30,000 in downpayment and rehab funds with one application. The rehab loan will be processed after closing on the home. https://nwhomepartners.org/city-of-shoreview-homeownership-programs/
How does the application process work?
All of our down payment programs are lender driven.
- the loan officer downloads the submission package for the program. Submission packages for all programs can be found on the Lender Forms and Information Page
- the customer completes the documents electronically and signs and scans the completed documents back to the loan officer
- the loan officer submits the application and supporting documents electronically via their secure email following the instructions in the application packet. (please contact NWHP if your company does not have access to secure email).
We appreciate your electronic applications as we have moved to a paperless process to save you and your customers time and paper!
About the Author:
I have worked for more than 15 years in a number of non-profit community development and fundraising roles including seven years as Executive Director of a neighborhood CDC. I am passionate about serving the community through partnerships and innovative programs to improve housing. I can be found at our cabin on summer weekends and love to grow a variety of flowers and veggies in my home garden.