Brooklyn Center First Time Homebuyer Down Payment Assistance Loan

What is Brooklyn Center First Time Homebuyer Down Payment Assistance Loan?

Brooklyn Center First Time Homebuyer Down Payment Assistance Loan is a deferred second loan for homebuyers in Brooklyn Center, Minnesota, administered by Center for Energy and Environment (CEE) on behalf of the City of Brooklyn Center.

• The City of Brooklyn Center, through CEE, offers first-time homebuyers a 0% interest deferred loan of up to $10,000 (not to exceed 10% of purchase price) for down payment assistance. No monthly payments; repaid upon sale, transfer, or when no longer owner-occupied. Available to buyers at/below 80% AMI with a Brooklyn Center residency, employment, school, or business connection.
• 0% interest.
• No monthly payments.
• Up to $10,000.
• Deferred until sale or transfer.

How much assistance does it provide?

Brooklyn Center First Time Homebuyer Down Payment Assistance Loan offers up to $10,000 in assistance.

• Buyer contribution: Borrower must contribute at least $1,000 of 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 — Center for Energy and Environment (CEE) on behalf of the City of Brooklyn Center determines any individual award.

Do you have to pay it back?

Brooklyn Center First Time Homebuyer Down Payment Assistance Loan is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Due upon sale, transfer, or when no longer owner-occupied.
• The assistance is recorded in Subordinate mortgage position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Brooklyn Center First Time Homebuyer Down Payment Assistance Loan is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Brooklyn Center First Time Homebuyer Down Payment Assistance Loan limits household income to 80% of the area median income, which varies by county and household size.

• At/below 80% AMI. Gross assets must not exceed $10,000 excluding retirement accounts.
• 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.

What kind of home can it be used for?

Brooklyn Center First Time Homebuyer Down Payment Assistance Loan can be used for Single Family, 2-4 Unit, Condo, and Townhouse.

Where does it apply?

Brooklyn Center First Time Homebuyer Down Payment Assistance Loan serves buyers purchasing in Brooklyn Center, Minnesota.

How do you apply?

Applications for Brooklyn Center First Time Homebuyer Down Payment Assistance Loan go through Center for Energy and Environment (CEE) on behalf of the City of Brooklyn Center, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Home Stretch workshop or other HUD-approved homebuyer counseling.

2. 2

   Contact Center for Energy and Environment (CEE) on behalf of the City of Brooklyn Center to reserve funds

   Funds are reserved through First come, first served; signed purchase agreement and application at least four weeks prior to closing, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.