Southeast Como Down Payment Assistance Loan

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SECIA has made Neighborhood Revitalization Program (NRP) deferred funds available for closing cost/down payment assistance for people purchasing a property in the Southeast Como neighborhood. 

The guidelines below are subject to change at any time without notice. Loan funds are subject to availability and may only be used for down payment or closing cost requirements related to the purchase of the subject property. Email or call for complete details. 

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About the Loan

  • 0% APR.
  • No monthly payments.
  • Loan amounts up to $5,000.

Property Eligibility

  • 1-4 unit residential structures located in the Southeast Como neighborhood that will become owner-occupied.
  • Properties under construction or held in Trust are 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

  • Income limits apply.
  • This loan is secured by a mortgage on the property.
  • 100% of the loan is forgiven if the borrower owns and occupies the property for 15 years.
  • Closing costs apply. 
  • Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
  • Funds may be used for down payment or closing costs.

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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Browse our other Southeast Como loan options.