Anoka Down Payment Assistance Deferred Loan
The City of Anoka's Housing and Redevelopment Authority (HRA) currently offers a Homebuyer Deferred Program for those who purchase a single family property in Anoka.
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 from $1,000 to $2,500.
- No down payment required.
- 1-4 unit, owner-occupied properties.
- Properties under construction or held in Trust are not 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.
- 0% APR.
- Income limit of 80% of HUD median Family Income.
- Financing is secured by a mortgage on the property.
- Loan is forgiven after 30 years. 100% of the loan is due upon selling, transferring or the property is no longer owner-occupied prior to 30 years.
- Funds may be used for down payment or closing costs.
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).