Burnsville Down Payment Assistance Deferred Loan

The City of Burnsville currently offers down payment and closing cost assistance to homebuyers purchasing a home in Burnsville.

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.

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About the Loan

0.25% APR
Loan amount will be up to 10% of the purchase price; purchase price may not exceed $410,000.
Borrower(s) must contribute at least 1% of the purchase price to the down payment or closing costs using their own funds.
Loan is deferred for 30 years.
Income limits apply.

Property Eligibility

Owner-occupied residential properties with up to 4 dwelling units located within the City of Burnsville.
Condominiums and townhomes held in a trust are eligible.
Properties held in a Trust are NOT eligible.
Loan approval is subject to credit and program guidelines.
Purchase price may not exceed $410,000.
To ensure funding we need a signed and executed purchase agreement and the application must be submitted at least four weeks prior to closing.

Loan Details

0.25% APR
Income limits apply. Borrower(s) may not exceed 80% of the area median income (AMI).
- Income will be determined by the household size and adjusted gross income from the most recent tax return. If a tax return is not required, income will be determined by the projected income over the next 12 months.
Loan term up to 30 years. If the borrower has not sold or transferred title and still occupies the property 30 years from the date of the loan, the loan is 100% forgiven. If the borrower sells, transfers title of the property is no longer occupied by the borrower prior to 30 years, the loan is 100% due and payable.
This loan is secured by a mortgage to your property.

Funds may be used for down payment or closing costs.
Loan funds will be made payable and delivered to the title or closing agent. The loan will be signed at closing of the purchase mortgage.

Documents

Burnsville DPA Sample Mortgage Burnsville DPA Sample Note

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).