St. Louis Park Down Payment Assistance Deferred Loan
The City of St. Louis Park HRA currently provides down-payment/closing cost assistance to first-time homebuyers in purchasing a home in St. Louis Park.
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.
Hablamos Español: 612-335-5856
About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $15,000 (not to exceed 5% of the purchase price).
- An additional $5,000 may be eligible for homebuyers working in St. Louis Park.
Property Eligibility
- Owner-occupied single-family properties.
- Townhomes and condominiums are eligible.
- Loan approval is subject to credit and program guidelines.
- 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 $15,000. Not to exceed 5% of the purchase price.
- Additional $5,000 for employees of St. Louis Park businesses.
- Income limits apply.
- Income limit of 100% of AMI for household size of 2 or less.
- Income limit of 115% AMI for household size of 3 or more.
- Closing costs apply.
- After 20 years the loan is 100% forgiven. If the home is sold, transferred or no longer owner occupied 100% of the loan is due.
- 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 first time Homebuyer(s) as defined by someone who hasn’t owned a home within the last 3 years.
- Prior to closing the homebuyer(s) MUST attend a Home Stretch workshop or other valid homebuyers course offered through an approved counseling agency by the US Department of Housing and Urban Development (HUD).
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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