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.
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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).