Southeast Down Payment Assistance Loan
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.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $5,000.
- 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.
- 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).