Audubon Park Down Payment Assistance Loan
The Audubon Park Neighborhood has made resources available to help residents purchase properties in the Audubon Park Neighborhood. Other sources of funds, such as MHFA and CEE loans, may be used to supplement this program.
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.
- 10 year term.
- Loan amounts up to $5,000.
- No income limits.
- 1-4 unit owner-occupied residential properties located in 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.
- Maximum loan of $5,000.
- Closing costs apply.
- 10 year term, after 10 years the loan is 100% forgiven if the property is still owned and occupied.
- 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 only be used for down-payment or closing costs relates to the purchase of the property.
- Must be considered a first time homebuyer (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).
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
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).