Blaine Down Payment Assistance Loan

Blaine Down Payment Assistance Loan is a forgivable loan for homebuyers in Blaine, Minnesota, administered by City of Blaine Economic Development Authority (EDA); administered by Center for Energy and Environment (CEE). The City of Blaine EDA, through CEE, offers a 0% interest deferred forgivable loan for down payment and closing costs to first-time homebuyers purchasing a 1-4 unit owner-occupied home in Blaine (Anoka County). Loans are up to $10,000 for current Blaine residents or people employed in Blaine, and up to $5,000 for all others. Forgiven after 30 years of continuous owner-occupancy; 100% due on sale, transfer, or loss of owner-occupancy before then. 0% APR. No monthly payments. Deferred 30 years, fully forgivable. No prepayment penalty. Larger amount for local residents/employees. Funding comes from City of Blaine Economic Development Authority (local funds).

Blaine Down Payment Assistance Loan offers between $5,000 and $10,000 in assistance. Award tiers: Up to $10,000 for current Blaine residents or persons employed in Blaine; up to $5,000 for all others. Homebuyer contribution: Borrower must contribute at least 1% of the purchase price with their own funds. The program can be combined with Intended to supplement MHFA, CEE, private lender first-mortgage programs. Amounts are the program's published maximums, not an offer — City of Blaine Economic Development Authority (EDA); administered by Center for Energy and Environment (CEE) determines any individual award.

Blaine Down Payment Assistance Loan is forgiven after 30 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 100% due if borrower sells, transfers title, or property is no longer primary residence before 30-year maturity; fully forgiven at 30 years. The assistance is recorded in Second mortgage (subordinate to first) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Blaine Down Payment Assistance Loan is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: No program-set minimum; based on first-mortgage lender approval. A homebuyer education course is required, through Home Stretch workshop or a HUD-approved counseling agency course (e.g., via hocmn.org); certificate required prior to closing. Residency requirement: Property must be within City of Blaine; higher tier for current Blaine residents/employees. Citizenship or immigration status: All borrowers must be legal residents of the U.S.; Foreign Nationals ineligible. First-time homebuyer per HUD definition; Home Stretch or HUD-approved education before closing; contribute at least 1% from own funds; U.S. legal residency; owner-occupy as primary residence; signed purchase agreement and application at least 4 weeks before closing.

Blaine Down Payment Assistance Loan limits household income to 90% of the area median income, which varies by county and household size. Household income must not exceed 90% of Area Median Income based on household size and adjusted gross income from the most recent tax return. 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.

Blaine Down Payment Assistance Loan caps the purchase price at $450,000. Eligible property types include Single Family, 2-4 Unit, Townhouse, Twinhome, and Condo. Manufactured homes are not eligible.

Blaine Down Payment Assistance Loan serves homebuyers purchasing in Blaine, Minnesota.

Applications for Blaine Down Payment Assistance Loan go through City of Blaine Economic Development Authority (EDA); administered by Center for Energy and Environment (CEE), which publishes the current terms and the application steps on its own site. Funds are reserved through Application via CEE through first-mortgage lender; signed purchase agreement and application at least four weeks before closing; subject to fund availability. 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.