City of Woodbury First-Time Homeownership Assistance Program

City of Woodbury First-Time Homeownership Assistance Program is a deferred second loan for homebuyers in Woodbury, Minnesota, administered by Washington County CDA on behalf of City of Woodbury HRA. The City of Woodbury First-Time Homeownership Assistance Program offers deferred loans of up to 3.5% of the purchase price to income-qualified first-time buyers purchasing in Woodbury, MN. Loans carry a fixed 3% rate with interest-only monthly payments; veterans and buyers age 65+ get 2.75%; first-generation buyers get 0% with no required monthly payments. Principal is deferred (max 30-year term) until sale, transfer, first-mortgage payoff, or loss of owner-occupancy. Administered by the Washington County CDA on behalf of the Woodbury HRA. Up to 3.5% of purchase price (deferred). 3% fixed (interest-only); 2.75% veterans/seniors; 0% first-generation. 30-year deferred principal. Stackable with CDA First-Gen Grant. Online application. $25 processing fee. Funding comes from City of Woodbury Housing and Redevelopment Authority (HRA) fund balance.

City of Woodbury First-Time Homeownership Assistance Program provides assistance worth 3.5% of the purchase price, as set by the program. Award tiers: Standard: 3% fixed, interest-only monthly payments, 30-year deferred term, Veterans or age 65+: 2.75% fixed, and First-generation homebuyers: 0% interest, no monthly payments. Up to 3.5% of purchase price. Homebuyer contribution: Minimum $1,000 paid by/for the buyer from seasoned funds (90-day history). Gifts allowed with gift letter. Personal loans/credit cards NOT acceptable. The program can be combined with Washington County CDA First-Generation Grant ($5,000); First-Generation Community DPA Fund; Minnesota Housing Start Up DPA. Amounts are the program's published maximums, not an offer — Washington County CDA on behalf of City of Woodbury HRA determines any individual award.

City of Woodbury First-Time Homeownership Assistance 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 Sale, transfer of title, payoff of primary mortgage, or property no longer owner-occupied; maximum 30-year term. The assistance is recorded in Second (subordinate to first mortgage; HRA mortgage) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Woodbury First-Time Homeownership Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Standard 3-year lookback. Exception for certain foreclosed properties where the buyer is the first owner-occupant after foreclosure. A homebuyer education course is required, through 8 hours pre-purchase education from a HUD-approved agency (National Industry Standards); certificate dated within 12 months of closing. Providers include Washington County CDA HomeStretch and NeighborWorks Home Partners. Residency requirement: Property must be in City of Woodbury, MN; no prior Woodbury residency required. Apply at least 35 days before closing; full manual underwriting; buyer must be pre-approved by a first mortgage lender. $1,000 minimum contribution (seasoned funds). Flood-plain properties ineligible. Income limit $158,000 flat (not AMI). 2022 guidelines PDF lists superseded terms ($30,000 max / 3.5% min contribution); the current web page governs.

City of Woodbury First-Time Homeownership Assistance Program limits household income to $158,000. 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.

City of Woodbury First-Time Homeownership Assistance Program caps the purchase price at $451,500. Eligible property types include Single Family, Townhome, Twin Home, and Condo. Manufactured homes are not eligible.

City of Woodbury First-Time Homeownership Assistance Program names veterans and first-generation homebuyers among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

City of Woodbury First-Time Homeownership Assistance Program serves homebuyers purchasing in Woodbury, Minnesota. The program targets specific areas: City of Woodbury, MN (Washington County).

Applications for City of Woodbury First-Time Homeownership Assistance Program go through Washington County CDA on behalf of City of Woodbury HRA, which publishes the current terms and the application steps on its own site. Funds are reserved through Rolling; application required at least 35 days 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.