Brooklyn Park: Down Payment and Closing Cost Assistance

The City of Brooklyn Park's Economic Development Authority (EDA) currently offers down payment and closing cost assistance to first time homebuyers purchasing a home in Brooklyn Park. 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

  • Borrower must be a legal resident and considered a first time homebuyer as defined by someone who hasn’t owned a home within the last 3 years.

  • ​0% APR.

  • ​Amounts up to $7,500 for residents moving to Brooklyn Park. Up to $10,000 for current Brooklyn Park residents.

  • Borrower must contribute at least $1,000 or 1% of purchase price, whichever is less.

  • Income limits apply.

  • The Deferred Loan is 100% forgiven if the borrowers did not sell, transfer ownership, or no longer occupy the property as their primary residence within 10 years of the loan closing.

  • This loan is secured by a mortgage on your property.

  • Closing costs apply.

  • 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).

Property Eligibility

  • Purchase price cannot exceed $340,000.

  • ​Owner-occupied properties.

  • 1-4 units.

  • Owner occupants of condominiums and townhouses are also eligible.

  • Properties held in Trust are 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).