FirstHome Down Payment Assistance Program

FirstHome Down Payment Assistance Program is a forgivable loan for homebuyers in St. Paul, Minnesota. Ramsey County (excl. Saint Paul) FTHB forgivable DPA. Up to $10,000 0% (5-yr/20%/yr). Max PP $372,600. Income $72,950-$174,800. 640 FICO. FTHB required. Ramsey County FirstHome Down Payment Assistance Program provides up to $10,000 in deferred forgivable down payment, closing-cost, and prepaid expense assistance to first-time homebuyers purchasing a primary residence within Ramsey County, Minnesota (excluding the City of Saint Paul, which administers its own DPA program). Funded through Ramsey County HRA/CED levy and federal HOME/CDBG, the assistance is structured as a 0% interest deferred forgivable loan, forgiven 20% per year over a 5-year compliance period (full forgiveness at end of year 5) so long as the borrower maintains owner-occupancy. Maximum purchase price $372,600. Income up to $72,950 (1-person) - $174,800 (4+ person tier ceiling). Funding comes from Local Government, HOME, and CDBG.

FirstHome Down Payment Assistance Program offers up to $15,000 in assistance. The program asks homebuyers to contribute $1,000 minimum borrower contribution from own funds. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

FirstHome Down Payment Assistance Program is forgiven after 20 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 0% interest forgivable loan, forgiven 20% per year over 5-year compliance period. Sale, refinance with cash-out, transfer of title, or non-owner-occupancy during years 1-5 triggers proportional repayment of unforgiven balance. 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.

FirstHome Down Payment 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: 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 Ramsey County, Minnesota, EXCLUDING City of Saint Paul. 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 Ramsey County, Minnesota, EXCLUDING the City of Saint Paul (Saint Paul administers its own DPA via PED). Maximum purchase price $372,600. Income up to $72,950 (1-person) - $174,800 (4+ person ceiling). Must complete HUD-approved homebuyer education with NeighborWorks Home Partners or other HUD-approved counselor. $1,000 minimum borrower contribution. 5-year owner-occupancy compliance period (forgiveness 20%/year). Sale, refinance with cash-out, transfer of title, or non-owner-occupancy during years 1-5 triggers proportional repayment.

FirstHome Down Payment Assistance Program limits household income to $174,800. 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.

FirstHome Down Payment Assistance Program caps the purchase price at $372,600. Eligible property types include Single-family detached, condominium (project-approved), townhouse, PUD, manufactured home (real-property-titled). New construction is eligible. Manufactured homes are eligible.

FirstHome Down Payment Assistance Program serves homebuyers purchasing in St. Paul, Minnesota.

Applications for FirstHome Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application via Ramsey County CED office. 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.