FPP Funds in Hennepin County

This source of down payment assistance funds is designed for home buyers within certain census tracts in Brooklyn Park, Brooklyn Center, Champlin, Crystal, New Hope, Maple Grove, Robbinsdale, Rogers/Hassen Township, and Richfield of Hennepin County.

Note that I said home buyers, not first time home buyers.  This program is fairly rare in that you do not have to be a first time home buyer, but at the same time, you cannot currently own another property. 

The program can provide up to $10,000 of incentive assistance, however the program can provide up to another $20,000 of affordability assistance under certain circumstances.

The property for sale cannot be a foreclosure.  I’ve detailed some of the highlights below.

Eligible Borrowers for FPP

Income Limitations for FPP Assistance in Hennepin County

The household income (all occupants) cannot exceed eighty percent of the HUD median income for the are.  The maximum incomes are listed below based on family size.

Hennepin County FPP Loan Terms

The FPP assistance is a second mortgage on the property you purchase but it has no interest and no monthly payments.  The term of the loan is either 5 years or 10 years depending upon the amount of assistance that you receive.  During the term of the loan, if you no longer occupy the property or you sell the home,  the loan must be paid back.

Do I Qualify for FPP Funds?

Call me today at 651-491-5381 or start your pre-approval application at www.peterlindquist.com

Property Types Eligible for FPP

• Single family houses including detached housing, townhomes, condominiums)
• Homes that are not under foreclosure ONLY
• Homes that are not currently rented ONLY

Maximum Purchase Price for Hennepin County FPP

The maximum sales price is $200,000 if you want to use Hennepin County’s FPP program.

Homeownership Counseling

As with most down payment assistance programs, you will be required to attend a Home Stretch Workshop.  You can find and schedule these workshops at www.hocmn.org

Minimum Investment Required for FPP funds in Hennepin County

You must contribute at least $1,000 of your own money toward down payment or closing costs.

Hennepin County Exclusion for FPP Program

If you have had another loan through Hennepin County you cannot qualify for this financing. 

Prior Foreclosures

You cannot have had a foreclosure in the last 5 years.

Eligible Census Tracts for FPP in Hennepin County

The home must be within a certain census tract of Brooklyn Park, Brooklyn Center, Champlin, Crystal, New Hope, Maple Grove, Robbinsdale, Rogers/Hassen Township, and Richfield of Hennepin County in order to qualify. 

To find the census tract use this website:

http://factfinder.census.gov/

The census tract of the property must be in one of the following in Hennepin County: