If you are a first-time home buyer and would like to purchase a home in Woodbury, MN you may qualify for a program that will help share the costs of purchasing a home. Funds also are available through the City of Woodbury Housing and Redevelopment Authority (HRA) to assist with purchasing foreclosed homes in Woodbury MN.
The maximum amount of these loans is $25,000; loans take the form of a deferred second mortgage behind a lender's first mortgage. The funds can be used for down payment assistance, closing costs or to reduce the amount of the first mortgage. For information regarding the income restrictions and other criteria of these programs, view the program descriptions below. Please note that program guidelines and income requirements are subject to change without notice.
The objective of the Woodbury First-time Home Ownership Program is to encourage home ownership in the City of Woodbury by providing financing to low- and moderate-income first-time purchasers. Low-interest, deferred loans of up to $25,000 are available to qualified families who earn no more than 80 percent of area median income, currently $64,400 for a family of four. First-time home buyers are defined as a person or household that has never owned a home or has not owned a home in the last three years. The purchase price of the affected homes may not exceed $256,500. Single-family detached houses, townhomes or condo units are eligible for this program.
Here are the program Guidelines:
http://www.ci.woodbury.mn.us/planning/howfthopg.pdf
These loans can be piggy backed with FHA home loans in Woodbury, MN as well. Please call on gettring pre-qualified or Pre-approved for this program.
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