Down Payment Assistance Beltrami County HRA

What is Down Payment Assistance Beltrami County HRA?

Down Payment Assistance Beltrami County HRA is a deferred second loan for homebuyers in Bemidji, Minnesota.

• Beltrami County HRA DPA (administered by HRDC). Up to $15,000 0% deferred second. Beltrami County only. Income $83,200-$109,800. 640 FICO. FTHB required.
• The Beltrami County HRA Down Payment Assistance Program (administered by Headwaters Regional Development Commission on behalf of the Beltrami County HRA) provides up to $15,000 in deferred 0% second-mortgage DPA to low-to-moderate-income homebuyers purchasing a primary residence within Beltrami County, Minnesota (Bemidji and surrounding communities). Funded through Beltrami County HRA local levy, MN Housing Impact Fund, and federal HOME/CDBG, the assistance is a deferred 0% second mortgage with no monthly payments, due in full upon sale, refinance with cash-out, transfer of title, or non-owner-occupancy. Income limits range $83,200 (1-2 person) to $109,800 (3+ person) per Beltrami County HRA / HUD AMI guidance.
• Funding comes from Local Government, State, HOME, and CDBG.

Do you have to pay it back?

Down Payment Assistance Beltrami County HRA 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% interest deferred second mortgage. Balance due on sale, refinance with cash-out, transfer of title, or non-owner-occupancy.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Down Payment Assistance Beltrami County HRA is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Down Payment Assistance Beltrami County HRA limits household income to $109,800.

• 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?

Down Payment Assistance Beltrami County HRA caps the purchase price as follows: Per MN Housing Start Up purchase price limits when stacked with MN Housing first mortgage.

• Eligible property types include Single-family detached, condominium, townhouse, PUD, manufactured home (real-property-titled).
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Down Payment Assistance Beltrami County HRA serves buyers purchasing in Bemidji, Minnesota.

How do you apply?

Applications for Down Payment Assistance Beltrami County HRA go through the administering agency, 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 Headwaters Regional Development Commission (administrator) - HUD-approved housing counseling agency. Pre-purchase homebuyer education and one-on-one counseling required..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application via HRDC Housing Department intake on behalf of Beltrami County HRA., 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.