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.

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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.

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% due when the borrower(s) sell(s), transfers ownership, or no longer occupies the property as the borrower(s) primary residence.
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).

Documents

Brooklyn Park DPA Guidelines Brooklyn Park DPA Sample Mortgage
Brooklyn Park DPA Sample Note

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).