City of New Ulm Homebuyer Assistance Loan Program

City of New Ulm Homebuyer Assistance Loan Program is a deferred second loan for homebuyers in New Ulm, Minnesota, administered by City of New Ulm Economic Development Authority (EDA). The City of New Ulm EDA offers 0% interest, deferred-payment loans of 5% of the purchase price up to $10,000 to first-time homebuyers who live or work in New Ulm. Funds may be used for down payment and/or closing costs. The loan has a 10-year term with up to 5-year deferred payments and requires a fixed-rate first mortgage. Up to $10,000 (5% of price). 0% interest. Up to 5-year deferred payments, 10-year term. For down payment and/or closing costs. Available to those who live OR work in New Ulm. Funding comes from City of New Ulm Economic Development Authority.

City of New Ulm Homebuyer Assistance Loan Program offers up to $10,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — City of New Ulm Economic Development Authority (EDA) determines any individual award.

City of New Ulm Homebuyer Assistance Loan 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% deferred-payment loan, 10-year term with up to 5-year deferred payments (repayable, not forgivable). Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of New Ulm Homebuyer Assistance Loan Program 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: Must have positive credit history. Residency requirement: Must live in New Ulm and/or work in New Ulm 32+ hours/week; home must be within New Ulm city limits. First-time homebuyer; fixed-rate first mortgage; positive credit history; New Ulm resident and/or 32+ hr/week employee. Requires pre-approval letter + credit report, purchase agreement, and proof of residency/employment.

City of New Ulm Homebuyer Assistance Loan Program serves homebuyers purchasing in New Ulm, Minnesota.

Applications for City of New Ulm Homebuyer Assistance Loan Program go through City of New Ulm Economic Development Authority (EDA), which publishes the current terms and the application steps on its own site. Funds are reserved through Funds are limited. 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.