Standish Ericsson Down Payment Assistance Loan
Standish Ericsson neighborhood has designated City of Minneapolis NRP dollars for improving and purchasing homes in the neighborhood.
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About the Loan
- 0% APR.
- No monthly payments.
- Loan amounts up to $2,000.
- Owner-occupied 1-4 unit residential properties within the Standish Ericsson neighborhood.
- Townhomes, condominiums, and properties held in a trust are eligible
- Borrowers may only have a maximum of two outstanding loans (from any combination of programs) at any one time.
- 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.
- 0% APR.
- Income limits apply.
- Loan will be deferred until the borrower sells or transfers title of the property, at which time 100% of the loan is due.
- Borrowers may have a maximum of two NRP loans out from any combination of the programs at any one time.
- Must be considered a first time homebuyer (someone who hasn’t owned a home within the last 3 years).
- Funds may be used for down payment or closing costs.
- 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).