Brooklyn Center Down Payment Assistance Loan
The City of Brooklyn Center offers a financial assistance program for homeownership funded by the Community Development Block Grant (CDBG) 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.
The First Time Homebuyer Program provides financial assistance for low and moderate income households to become homeowners.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $10,000.
- 1-4 unit owner-occupied properties.
- Condominiums, duplexes and townhouses 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.
- Amounts up to $10,000, but cannot exceed more than 10% of the purchase price. Funds can pay up to 100% of closing costs and up to 50% of the required down payment.
- Borrower must contribute at least $1,000 towards purchase price.
- Closing costs apply.
- This loan is secured by a mortgage on your property.
- The deferred loan is 100% forgiven if the borrowers do not sell, transfer ownership, or no longer occupy the property as their primary residence within 10 years of the loan closing.
- Income and Asset restrictions apply.
- Must be considered a first time homebuyer (someone who hasn’t owned a home within the last 3 years).
- Residency requirements must meet one of the following:
- Must work in Brooklyn Center
- Have a family member who attends school in Brooklyn Center
- Own a business in Brooklyn Center
- Currently a resident of Brooklyn Center
- Must be a U.S. citizen or have legal immigration status.
- Property must be free of lead paint hazards at the time of 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).