Roseville Down Payment Assistance Loan
The Roseville Economic Development Authority (REDA) is making funds available for down payment and closing cost assistance available to first-generation homebuyers.
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.
- Loan amounts from up to $25,000.
Eligibility
- 1-4 unit, owner occupied properties located in the City of Roseville.
- Townhomes or condominiums are eligible.
- Loan approval is subject to credit and program guidelines.
- Property must have an estimated market value at or below $383,460.
- 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.
- Income limits apply.
- Closing costs apply.
- Property must have an Estimated Market Value at or below the Roseville Median Value x 110%. Value is updated annually. The current median value is $335,400 (110% is $368,940).
- 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.
- Funds may be used for down payment or closing costs.
- Borrower(s) must be a first-generation homebuyer and must sign the first-generation homebuyer affidavit.
- Definition of a First Generation Homebuyer:
- I do not currently own a home, nor have I previously owned a home;
- My parents and/or legal guardian do not currently own a home, and if they previously owned a home, such ownership terminated as a result of foreclosure;
- My spouse, if applicable, does not currently own a home, and if my spouse previously owned a home, such ownership terminated as a result of foreclosure; and
- My spouse’s parents and/or legal guardian do not own a home, and if they previously owned a home, such ownership terminated as a result of foreclosure.
- 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).
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