Brooklyn Park Down Payment Assistance Loan

Brooklyn Park Down Payment Assistance Loan is a forgivable loan for homebuyers in Brooklyn Park, Minnesota, administered by Brooklyn Park Economic Development Authority (EDA); administered by Center for Energy and Environment (CEE). The City of Brooklyn Park EDA, through CEE, offers a 0% APR deferred forgivable loan for down payment and closing costs to first-time homebuyers purchasing a 1-4 unit owner-occupied home in Brooklyn Park. Amounts are up to $7,500 for those moving to Brooklyn Park and up to $10,000 for current residents, with no monthly payments. Fully forgiven after 10 years of continuous owner-occupancy. 0% APR. No monthly payments. Deferred 10-year loan, fully forgiven. For down payment and/or closing costs. Funding comes from City of Brooklyn Park Economic Development Authority (EDA).

Brooklyn Park Down Payment Assistance Loan offers up to $10,000 in assistance. Award tiers: Up to $7,500 for borrowers moving to Brooklyn Park; up to $10,000 for current Brooklyn Park residents. Homebuyer contribution: Borrower must contribute the lesser of $1,000 or 1% of the purchase price. Amounts are the program's published maximums, not an offer — Brooklyn Park Economic Development Authority (EDA); administered by Center for Energy and Environment (CEE) determines any individual award.

Brooklyn Park Down Payment Assistance Loan is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 100% due if property is sold, ownership transferred, or no longer primary residence within 10 years; also on refinance without consent or rental. Fully forgiven after 10 years of owner-occupancy. The assistance is recorded in Second (subordinate to senior/first mortgage) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Brooklyn Park Down Payment Assistance Loan is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer per HUD: no ownership interest in a principal residence within the last three years. On credit, the program states: Not specified by program; borrower must qualify for and meet first mortgage lender requirements. A homebuyer education course is required, through Home Stretch workshop or HUD-approved counseling agency course; certificate dated within 12 months of closing (hocmn.org). Residency requirement: Property within City of Brooklyn Park; loan tier depends on current residency. Citizenship or immigration status: All borrowers must be legal residents of the U.S. with a Social Security Number (citizens, permanent and non-permanent resident aliens). ITINs not acceptable; foreign nationals ineligible. Fully executed purchase agreement and application at least 4 weeks (28 days) before closing; DPA process completed within 28 days; HUD-approved homebuyer education certificate (within 12 months) for all borrowers; contribute lesser of $1,000 or 1% of purchase price; no cash to borrower; no more than 49% of residence used for trade/business.

Brooklyn Park Down Payment Assistance Loan limits household income to 115% of the area median income, which varies by county and household size. 115% of Area Median Income; income determined by Adjusted Gross Income from most recent tax return and household size. 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.

Brooklyn Park Down Payment Assistance Loan caps the purchase price at $515,200. Eligible property types include Single Family, 2-4 Unit, Condo, and Townhouse. Manufactured homes are not eligible.

Brooklyn Park Down Payment Assistance Loan serves homebuyers purchasing in Brooklyn Park, Minnesota.

Applications for Brooklyn Park Down Payment Assistance Loan go through Brooklyn Park 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 CEE issues Conditional Commitment within 10 business days; DPA process completed within 28 days; application at least 4 weeks before closing. 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.