Affordable Housing Entry Cost Assistance Program

Affordable Housing Entry Cost Assistance Program is a deferred second loan for homebuyers in Bemidji, Minnesota. HRDC's 5-county NW MN regional DPA. Deferred 0% second. Beltrami/Clearwater/Hubbard/LOW/Mahnomen. FTHB required. Income/loan amount per funding cycle. The Headwaters Regional Development Commission (HRDC) Affordable Housing Entry Cost Assistance Program provides deferred 0% second-mortgage DPA to low-to-moderate-income first-time homebuyers purchasing a primary residence within HRDC's 5-county region of NW Minnesota: Beltrami, Clearwater, Hubbard, Lake of the Woods, and Mahnomen counties. Funded through Minnesota Housing's Impact Fund, federal HOME, and CDBG, the assistance is structured as a deferred 0% second mortgage with no monthly payments. Detailed loan amount, income limits, and purchase price caps vary by funding cycle and HRDC application round - prospective buyers should contact HRDC directly. Buyers must complete HRDC's homebuyer education and counseling and contribute a minimum of $500 of their own funds. Funding comes from CDBG, HOME, State, and Local Government.

Affordable Housing Entry Cost Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by 0% interest deferred second mortgage. Balance due on sale, refinance with cash-out, transfer of title, or non-owner-occupancy. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Affordable Housing Entry Cost Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: FTHB requirement may be waived in federally targeted areas. On credit, the program states: 640 minimum FICO per first-mortgage product overlay. A homebuyer education course is required, through Headwaters Regional Development Commission - HUD-approved housing counseling agency. Pre-purchase homebuyer education and one-on-one counseling required. Residency requirement: Property must be in HRDC 5-county region: Beltrami, Clearwater, Hubbard, Lake of the Woods, or Mahnomen. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. First-time homebuyer required (no ownership of a primary residence in the prior 3 years). Property must be located within HRDC's 5-county service area (Beltrami, Clearwater, Hubbard, Lake of the Woods, or Mahnomen). Must complete HRDC homebuyer education and one-on-one counseling. $500 minimum borrower contribution from own funds. Property must be primary residence. Income limits, max loan amount, and purchase price caps vary by funding cycle - contact HRDC for current round.

Affordable Housing Entry Cost Assistance Program sets its income limit as follows: Income limits vary by funding cycle. Generally aligned with 80% AMI HUD non-metro NW Minnesota tier. Contact HRDC for current limits. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Affordable Housing Entry Cost Assistance Program caps the purchase price as follows: Per MN Housing Start Up purchase price limits when stacked with MN Housing first mortgage. Specific HRDC cap varies by funding cycle. Eligible property types include Single-family detached, condominium, townhouse, PUD, manufactured home (real-property-titled). New construction is eligible. Manufactured homes are eligible.

Affordable Housing Entry Cost Assistance Program serves homebuyers purchasing in Bemidji, Minnesota.

Applications for Affordable Housing Entry Cost Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application via HRDC Housing Department intake. Pre-purchase counseling required. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.