Home Ownership for Me

Home Ownership for Me is a deferred second loan for homebuyers in Detroit Lakes, Minnesota. MMCDC's lower-income FTHB DPA. Up to $15,000 0% deferred second. NW MN service area. Income $49,400-$128,455. 640 FICO. FTHB required. MMCDC's Home Ownership for Me (HOM) is a deferred 0% second-mortgage DPA targeted to lower-income first-time homebuyers within MMCDC's NW Minnesota service area. Up to $15,000 in down payment, closing-cost, and prepaid expense assistance, structured as a 0% interest deferred second with no monthly payments. Repayable upon sale, refinance with cash-out, transfer of title, or non-owner-occupancy. Income tier $49,400 (1-person) up to $128,455 (4+ person tier ceiling). FTHB required. Funding comes from CDFI, State, HOME, and CDBG.

Home Ownership for Me 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.

Home Ownership for Me 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 MMCDC HUD-approved housing counseling - pre-purchase 8-hour homebuyer education and one-on-one counseling required. Residency requirement: Property must be in MMCDC service area (primarily NW Minnesota 10-county region). Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. First-time homebuyer required. Property in MMCDC service area (primarily 10-county NW Minnesota). Income $49,400 (1-person floor) up to $128,455 (4+ person ceiling). Must complete MMCDC homebuyer education. $1,000 minimum borrower contribution. Property must be primary residence.

Home Ownership for Me limits household income to $128,455. 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.

Home Ownership for Me caps the purchase price as follows: Per MN Housing Start Up county purchase price limits. Eligible property types include Single-family detached, condominium, townhouse, PUD, manufactured home (real-property-titled). New construction is eligible. Manufactured homes are eligible.

Home Ownership for Me serves homebuyers purchasing in Detroit Lakes, Minnesota.

Applications for Home Ownership for Me go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application via MMCDC Lending Department intake. 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.