East Phillips Down Payment Assistance Loan
The East Phillips Improvement Coalition (EPIC) has made funds available to promote owner-occupancy of residential properties in the East Phillips Neighborhood.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $10,000.
- 1-4 unit owner-occupied residential properties located in the East Phillips Neighborhood.
- Townhomes, condominiums and properties held in the name of a Trust are eligible.
- 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 with loan amounts up to $10,000.
- Fixed interest rate.
- Income limits apply.
- 10 year term, 100% of the loan is forgiven if the borrower owns and occupies the property for 10 years.
- Closing costs apply.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Funds may be used for down payment or closing costs.
- Borrower(s) must be U.S. citizens, permanent resident aliens or non-permanent resident aliens.
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).