INACTIVE Brooklyn Park Down Payment Assistance Loan
No funding is currently available for this program. Please check back soon. In the meantime, visit our Loan page for all available programs.
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.
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.
Hablamos Español: 612-335-5856
About the Loan
- 0% APR.
- No monthly payments.
- Amounts up to $7,500 for residents moving to Brooklyn Park. Up to $10,000 for current Brooklyn Park residents.
- This loan is deferred for 10 years.
Property Eligibility
- Purchase price cannot exceed $515,200.
- 1-4 unit, owner-occupied residential structures.
- Owner occupants of condominiums and townhouses, and properties held in a trust are also eligible.
- Loan approval is subject to credit and program guidelines.
- 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% 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.
- Closing costs apply.
- The loan is 100% forgiven if the borrower(s) did not sell, transfer ownership, or no longer occupied the property as the borrower(s) primary residence within 10 years of the loan closing date. If the loan is sold, ownership is transferred, or is not the borrower(s) primary residence before 10 years of the loan closing, 100% of the loan is due.
- This loan is secured by a mortgage on your property.
- Funds may be used for down payment or closing costs.
- 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.
- 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).
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).
Browse More Brooklyn Park Loans
Thanks to Brooklyn Park's partnership with CEE, we offer additional loan programs for Blaine residents.
