Austin/Mower County Homeownership Fund (A/MCHF)

Austin/Mower County Homeownership Fund (A/MCHF) is a repayable second loan for homebuyers in Austin, Minnesota. Joint Austin/Mower County DPA. Up to $25,000 0% forgivable (5-yr/20%/yr). Max PP $195,000. Income $85k-$95k. 640 FICO. FTHB required. The Austin/Mower County Homeownership Fund (A/MCHF) is a joint partnership between the City of Austin, Mower County, the Austin Area Foundation, and Hormel Foundation that provides up to $25,000 in deferred forgivable down payment assistance to first-time homebuyers purchasing a primary residence within the City of Austin or Mower County, Minnesota. The assistance is structured as a 0% interest deferred forgivable loan, forgiven 20% per year over a 5-year compliance period (full forgiveness at end of year 5) so long as the borrower maintains owner-occupancy. Maximum purchase price $195,000. Income limits $85,000 (smaller household) up to $95,000 (larger household). Funding comes from Local Government and Foundation.

Austin/Mower County Homeownership Fund (A/MCHF) offers up to $8,000 in assistance. The program asks homebuyers to contribute $1,000 minimum borrower contribution from own funds. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Austin/Mower County Homeownership Fund (A/MCHF) is a repayable second loan and is repaid under the terms set by the administering agency. Repayment is triggered by 0% interest forgivable loan, forgiven 20% per year over 5-year compliance period (full forgiveness at end of year 5). Sale, refinance with cash-out, transfer of title, or non-owner-occupancy during years 1-5 triggers proportional repayment of unforgiven balance. 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.

Austin/Mower County Homeownership Fund (A/MCHF) 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 for qualifying veterans. On credit, the program states: 640 minimum FICO per first-mortgage product overlay. A homebuyer education course is required, through Three Rivers Community Action (regional HUD-approved counselor) - pre-purchase 8-hour homebuyer education and one-on-one counseling required. Residency requirement: Property must be in City of Austin or unincorporated Mower County, MN. 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 City of Austin or unincorporated Mower County. Maximum purchase price $195,000. Income up to $85,000 (smaller household) - $95,000 (larger household). Must complete HUD-approved homebuyer education with Three Rivers Community Action. $1,000 minimum borrower contribution. 5-year owner-occupancy compliance period (forgiveness vests 20%/year). Sale, refinance with cash-out, transfer of title, or non-owner-occupancy during years 1-5 triggers proportional repayment.

Austin/Mower County Homeownership Fund (A/MCHF) limits household income to $95,000. 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.

Austin/Mower County Homeownership Fund (A/MCHF) caps the purchase price at $195,000. Eligible property types include Single-family detached, condominium, townhouse, PUD, manufactured home (real-property-titled). New construction is eligible. Manufactured homes are eligible.

Austin/Mower County Homeownership Fund (A/MCHF) serves homebuyers purchasing in Austin, Minnesota.

Applications for Austin/Mower County Homeownership Fund (A/MCHF) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application via City of Austin Community Development office. 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.