Down Payment Assistance & Grant Programs

Minnesota has many grant programs available. These programs offer first time buyers and even repeat buyers additional funds to help them get into a home. Several communities in the Metro area have individual programs. Below is some information on a few of the various programs. Please feel free to call us for more details.

City Living Home Program - Minneapolis or St. Paul

To utilize the funds the borrowers must purchase a home in the cities of Minneapolis or St. Paul only.
Borrowers must be first time homebuyers evidenced with 3 years personal federal tax returns.
Maximum purchase price applies: contact Loan Officer for details.
Household income limitations apply: see Loan Officer for details.
Homebuyers training required. See homeownershipstandards.com for details.
The home must be your primary residence.
Assistance up to 2% is available, call for current rate.
$1,000 required investment by the borrower, and any program requirement for lender. Fees associated with this program include a $460 administrative fee.

City of Woodbury Assistance - Woodbury

To utilize the furnds you must purchase a home in the City of Woodbury.
Borrowers must be first time homebuyers evidenced with 3 years personal federal tax returns OR the home is in foreclosure.
Maximum purchase price applies: contact Loan Officer for details.
Household income limitations apply: contact Loan Officer for details.
The home must be your primary residence and borrower must contribute 5% down.
Borrower may qualify for up to $25,000 to assist with down payment and closing cost expenses. This is a deferred interest rate loan, call for current rate.
Funds are available on purchases only and must be reserved.

Dakota County Bond Program

To utilize the funds the borrowers must purchase a home in Dakota County.
Borrowers must be first time home buyers evidenced with three years personal federal tax returns.
Maximum purchase price applies: contact Loan Officer for details.
Household income limitations apply: contact Loan Officer for details.
Homebuyers training required prior to closing. Visit hocmn.org for details.
The home must be yoru primary residence and minimum down payment of $750 is required.
Down payment?Closing Cost Assistance available in amounts of 10%, 5%, or 2.5% (dependent upon income limits)

FirstHOME Buyer Assistance Program - Ramsey County

To utilize the funds the borrowers must purchase a home in Ramsey County excluding the City of St. Paul and be employed in Ramsey County including St. Paul for three years.
Borrowers must be first time home buyers evidenced with three years personal federal tax returns.
Maximum purchase price applies: contact Loan Officer for deatils.
Household income limitations apply: see Loan Officer for details.
Homebuyer's training required. Training sessions are available around the metro with many dates to choose from.
Works with any conventional fixed rate loan.
Buyers must contribute 1% of the purchase price or 2% of the mortgage amount, whichever is greater.

Other Assistance Programs include:

Rural Development

To utilize funds the property must be located in a Rural Development Eligible Area. To check if a property is in the eligible area go to: http://eligibility.sc.egov.usda.gov
No purchase price limit.
Household income limitations apply: contact Loan Officer for details.
Homebuyer's training is not required for this program and you do not have to be a first time homebuyer.
Rural Housing does not require a down payment and not monthly mortgage insurance.
Rural Housing loans have competitive rates.
Borrower may qualify 1 year out of bankruptcy or foreclosure.

Many other assistance and grant programs are available across the state of Minnesota. The information on this site provides a general overview of programs available in and around the Metro area. All program criteria are subject to change without notice. Prime Mortgage is not responsible for program updates. For further information on all programs, please contact the Loan Officer listed or call the program office directly.