The First Time Homebuyer Program is an initiative of Dakota County Community Development Agency (CDA). All first time homebuyers are eligible to receive up to $10,000 in down payment and closing cost assistance in the form of a second mortgage, depending on household size and income.

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First Time Homebuyer Program

Financial Assistance for Homebuyers in Minnesota

The First Time Homebuyer Program is an initiative of Dakota County Community Development Agency (CDA). In order to help low and moderate income families achieve their dreams of homeownership, the CDA’s First Time Homebuyer Program has been providing homebuyers with fixed interest mortgages and down payment and closing cost assistance since 1983.

All first time homebuyers are eligible to receive up to $10,000 in down payment and closing cost assistance in the form of a second mortgage, depending on household size and income. This is a zero-interest loan, with no required monthly payments. The funds need only be repaid when the primary mortgage is paid off, upon amortization, sale of the home, or refinance. This second mortgage can be prepaid in full or in part at any time.

Eligibility Requirements
All borrowers are required to contribute at least $1,000 towards the purchase of their home. The amount each applicant receives in assistance funds is determined based on the price of the home being purchased and the household income. Eligible applicants receive assistance based on three income thresholds:  
  • Applicants with a household income at or below 50 percent of the area median income (AMI) may receive 10 percent of the purchase price, up to a maximum of $10,000.
  • Households between 50 and 80 percent of the AMI can receive 5 percent of the purchase price, up to a maximum of $7,500.
  • All those above 80 percent of the AMI but within program income limits are eligible to receive 3.5 percent of the purchase price, up to a maximum of $7,500.
Income Limits
At or below 50% AMI
1 person household: $31,650
2 person household: $36,200
3 person household: $40,700
4 person household: $45,200
5 person household: $48,850
6 person household: $52,450
7 person household: $56,050
8 person household: $59,700
 
Between 50% AMI and 80% AMI
1 person household: $47,600
2 person household: $54,400
3 person household: $61,200
4 person household: $68,000
5 person household: $73,450
6 person household: $78,900
7 person household: $84,350
8 person household: $89,800
 
Above 80% AMI
1 person household: $90,400
2 person household: $90,400
3 person household: $103,900
4 person household: $103,900
5 person household: $103,900
6 person household: $103,900
7 person household: $103,900
8 person household: $103,900

Note: these figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.

Down Payment Grants in Minnesota

The First Time Homebuyer Program is an initiative of Dakota County Community Development Agency (CDA). All first time homebuyers are eligible to receive up to $10,000 in down payment and closing cost assistance in the form of a second mortgage, depending on household size and income.

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