Down Payment Assistance Deferred Loan

Down Payment Assistance Deferred Loan is a deferred second loan for homebuyers in St. Louis Park, Minnesota. St. Louis Park city deferred DPA. Up to $20,000 0% deferred second. Income $117,300-$124,900. 640 FICO. FTHB required. SLP city limits only. The City of St. Louis Park Down Payment Assistance Deferred Loan provides up to $20,000 in deferred 0% second-mortgage DPA to first-time homebuyers purchasing a primary residence within the City of St. Louis Park, Minnesota (Hennepin County). Funded through St. Louis Park Housing Authority and federal CDBG/HOME, the assistance is structured as a 0% interest deferred second mortgage with no monthly payments, due in full upon sale, refinance with cash-out, transfer of title, or non-owner-occupancy. Income limits $117,300 (1-2 person) - $124,900 (3+ person). Aligned with 100-110% AMI Minneapolis-St. Paul MSA. Funding comes from Local Government, HOME, and CDBG.

Down Payment Assistance Deferred Loan 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 Deferred Loan 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 for qualifying veterans. On credit, the program states: 640 minimum FICO per first-mortgage product overlay. A homebuyer education course is required, through NeighborWorks Home Partners (HUD-approved) - pre-purchase 8-hour homebuyer education and one-on-one counseling required. Residency requirement: Property must be in City of St. Louis Park, 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). Property must be located within City of St. Louis Park, MN. Income $117,300 (1-2 person) - $124,900 (3+ person). Must complete HUD-approved homebuyer education with NeighborWorks Home Partners. $1,000 minimum borrower contribution. Property must be primary residence within 60 days of closing.

Down Payment Assistance Deferred Loan limits household income to $124,900. 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 Deferred Loan caps the purchase price as follows: Per MN Housing Start Up Twin Cities-area purchase price limits ($604,400-$659,550). Eligible property types include Single-family detached, condominium (project-approved), townhouse, PUD, 1-2 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

Down Payment Assistance Deferred Loan serves homebuyers purchasing in St. Louis Park, Minnesota.

Applications for Down Payment Assistance Deferred Loan go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application via St. Louis Park Housing Division. 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.