East Phillips Down Payment Assistance Loan
The East Phillips Improvement Coalition (EPIC) has made funds available to promote owner-occupancy of residential properties in the East Phillips Neighborhood.
NOTICE: To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least FOUR WEEKS prior to closing.
The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Email or call for complete details.
Hablamos Español: 612-335-5856
About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $10,000.
Property Eligibility
- 1-4 unit owner-occupied residential properties located in the East Phillips Neighborhood.
- Townhomes, condominiums and properties held in the name of a Trust are eligible.
- To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.
Loan Details
- 0% APR with loan amounts up to $10,000.
- Fixed interest rate.
- Income limits apply.
- 15 year term, 100% of the loan is forgiven if the borrower owns and occupies the property for 15 years.
- Closing costs apply.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Funds are held in a non-interest bearing escrow account at CEE from loan closing until the work is completed and all final documentation is received.
- Funds may be used for down payment or closing costs.
- Borrower(s) must be U.S. citizens, permanent resident aliens or non-permanent resident aliens.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement, and that such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).
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