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, please submit application at least 4 weeks prior to closing.

Loan Terms

  • Amounts up to $10,000

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

  • 0% APR

  • Income limits apply

  • The Deferred Loan is 100% due when the borrower sells, transfers ownership or no longer occupies the property as the primary residence

  • This loan is secured by a mortgage on your property

  • Closing costs apply

  • Prior to closing homebuyers must attend a Homestrech Workshop or other valid homebuyer course offered through a HUD approved counseling agency

Property Eligibility

  • Purchase price cannot exceed $328,000

  • ​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).