Blaine Down Payment Assistance Loan
The City of Blaine Economic Development Authority’s Program provides down-payment/closing cost assistance to first-time homebuyers purchasing a home in Blaine.
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 $10,000 for current Blaine residents or employees and up to $5,000 for all others.
- Owner-occupied 1-4 unit properties located in the City of Blaine.
- Townhomes and condominiums are eligible.
- Purchase price cannot exceed $350,000.
- 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.
- Income limits apply.
- Borrowers must contribute at least 1% of purchase price.
- After 30 years the loan is 100% forgiven. If the home is sold, transferred or no longer owner-occupied prior to 30 years, 100% of the loan is due.
- 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).