Anoka: Homebuyer Assistance Deferred Loan

The City of Anoka's Housing and Redevelopment Authority (HRA) currently offers a Homebuyer Deferred Program for those who purchase a single family, foreclosed property in Anoka. The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Please call us at 612.335.5884 for complete details.

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 Terms

  • Deferred Loan amounts from $1,000 to $2,500

  • 0% (.204% APR)

  • Income limit of 80% of HUD median Family Income

  • Loan is forgiven after 30 years. 100% of the loan is due upon selling, transferring or the property is no longer owner-occupied prior to 30 years.

  • Financing is secured by a mortgage on the property

  • Closing costs apply

Property Eligibility

  • Owner-occupied foreclosed properties

  • Single-family homes

  • Properties under construction or held in Trust are not eligible

     

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).

* APR is based on $2,500 for 30 years