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.

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.

Down Payment Assistance Beltrami County HRA is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: FTHB requirement may be waived in federally targeted areas. On credit, the program states: 640 minimum FICO per first-mortgage product overlay. A homebuyer education course is required, through Headwaters Regional Development Commission (administrator) - HUD-approved housing counseling agency. Pre-purchase homebuyer education and one-on-one counseling required. Residency requirement: Property must be in Beltrami County, MN. Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. First-time homebuyer required (no ownership of a primary residence in the prior 3 years). Income up to $83,200 (1-2 person) - $109,800 (3+ person). Property must be located within Beltrami County. Must complete HRDC homebuyer education and one-on-one counseling. $500 minimum borrower contribution from own funds. Property must be primary residence within 60 days of closing.

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.

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.

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

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