Audubon Down Payment Assistance Loan
The Audubon Park Neighborhood has made NRP dollars available that have been designated to assist homebuyers purchase a home in the Audubon Park Neighborhood.
The intent of these programs is to encourage investment in the neighborhood by improving the housing stock. Other sources of funds are also available, such as MHFA and CEE, which may be used to supplement this program. The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Email or call for complete details.
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About the Loan
- 0% APR.
- No monthly payments.
- Amounts up to $5,000.
- No down payment required.
- Owner-occupied 1-4 unit residential properties located within the boundaries of the Audubon Park Neighborhood.
- Individual condo and townhome owners and properties held in a trust 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.
- 0% APR
- Loan is forgiven after 10 years, if the property is still owned and occupied.
- No income limit.
- Closing costs apply.
- This loan is secured by a mortgage on your property.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- These funds may only be used for down-payment or closing cost related to the purchase of the subject property.
- Eligible borrowers must provide evidence of legal U.S. residence prior to closing.
- 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).