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CityLiving program in Minneapolis Saint Paul

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City Living Program in St Paul and Minneapolis, MN.

2.5% down payment assistance

River walks, people, fine dining and concerts. And that’s just the beginning. From condos and lofts in downtown to charming homes in historic residential neighborhoods, the Twin Cities area has much in the way of housing options that allow you to enjoy all that major cities have to offer. With City Living’s loan programs, the reality of urban living and home ownership is not far away.

Homebuyers accessing  the First Time Homebuyer CityLiving Program in Minneapolis and St Paul may qualify for a below market interest rate, and may also be eligible for Down payment and Closing Cost Assistance. As a borrower, you can choose from two market mortgage interest rates options; one rate comes with a Down Payment Assistance Grant (DPA) of either 2.5% of your new homes purchase price, while the other rate is without the grant (Non-DPA). This program is made available by the cities of Saint Paul and Minneapolis, and is available for homes within the Minneapolis and St Paul City limits.

General Program Information and Qualifications

First Time Home Buyer money NOW AVAILABLE.  Apply online and be ready to go!

Homebuyer Education Workshops
Homebuyer Education Workshops are offered at a low cost through the Home Ownership Center. The workshops provide first-time homebuyers comprehensive information to prepare them for home ownership.

The Home Stretch Program teaches potential homebuyers about the entire home buying process and the responsibilities of homeownership. Topics covered in these monthly seminars include: Budgeting and Credit Issues, Financing and Qualifying for a Home, Shopping for a Home, The Purchase Process, Closing on a Home and Life as a Homeowner.

Home buyer education is taught by professionals in the home buying field. Home Stretch � is a nine-hour course that is held monthly. Either over three days from 6 to 9 p.m. each night, or an all day Saturday class. Participants must attend all three nights or the single all day session full day to complete the course. A small cost of $15-$25 per household may be required. The workshops are offered in English, Spanish, Hmong and Cambodian. Bilingual counselors or interpreters are also available for other languages. Call 651-552-3681 to register.

Most Minnesota city, and county mortgage and down payment assistance funds are limited, and on a first-come, first-serve basis, including the City Living Program.  Contact us as early as possible in the home buying process to be sure you are qualified. If you have questions about the home buying process, call 651-552-3681, or APPLY online 24-hours a day via our secure application. There are no costs or obligations.

To apply for a City Living Loan contact a participating mortgage lender like us. The lender will review your income and credit history to determine whether or not you will qualify for the loan. It is important that you know not all lenders are able to offer the City Living Program. We are proud to be a provider of many of these loans. Knowing your full exact situation will help us determine if a government assistance loan programs are right for you. Being pre-approved also gives you ultimate buying power and the upper hand in negotiating.

Ready? There are no costs or obligations to get started!

Down Payment & Closing Cost Loans Income Limits

Household Income Limits (These limits are determined by HUD and subject to change in March 2010). The “household” income includes all persons living in the property, regardless of family relation or whether they are a party to the first mortgage. Income from all members of the household age 18 years and older must be included when determining which level of assistance applies to the household

If you have questions about the home buying process, call 651-552-3681, or   online 24-hours a day via our secure application. There are no costs or obligations.

The FULL DETAILS:
Buyers and their spouses must meet first-time buyer requirement

  • Buyers must live in the property they purchase as their principal residence.  All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.

  • Buyers must occupy the property purchased within 60 days of closing

  • The past three years federal income tax returns are required

  • The program requires a minimum credit score of 620 (the mid score must be 620 or above).

  • HOUSEHOLD INCOME LIMITS: Include income of borrower(s) and spouse(s)

  • and any person who will live in the household who is 18 years of age or older.

  • MAXIMUM HOUSEHOLD INCOME LIMITS: Non-Targeted Areas: 1 or 2 person households: $83,900 - 3 or more person households: $92,290. Targeted Areas: 1 or 2 person households: $92,290, 3 or more person households: $92,290. 50% of the funds must be held for persons or families with incomes not greater than $83,061 for the first six months of the Origination Period.

  • Eligible properties include 1-4 unit, existing single family homes, townhomes, FHA approved condominiums in Minneapolis/Saint Paul. Existing 2-4 units dwellings must be at least 5 years old. Borrowers of multiple unit dwellings must occupy one of the units.) Homes are considered new if never previously occupied.

  • Max price: = $376,870
  • Cosigners are permitted for FHA/VA loans under very specific conditions.  The co-signor / guarantor is acting in such capacity solely for purposes of providing additional security for the Mortgage Loan. The co-signor / guarantor has no Present Ownership Interest or other financial interest in the Residence. The cosignor/guarantor has no intention to and will not occupy the Residence as a permanent residence, and the co-signor / guarantor executes the Affidavit of Cosignor or Guarantor. A cosigner’s income is not considered for bond program purposes, tax returns are not required and cosigners do not sign any bond documents.

  • The 2.50% Down payment and closing cost assistance is with a first mortgage, and a second mortgage secured by a 0%, deferred second that is forgiven on the 7th anniversary of the loan. Prior to the seventh anniversary, the loan must be repaid when the primary mortgage is paid off, the home is no longer the primary residence, or when the home is sold or refinanced.

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