Shoreview First-time Homeowners Down Payment Assistance (Amortizing)

What is Shoreview First-time Homeowners Down Payment Assistance (Amortizing)?

Shoreview First-time Homeowners Down Payment Assistance (Amortizing) is a repayable second loan for homebuyers in Shoreview, Minnesota.

• Shoreview First-Time Homeowners Down Payment Assistance (Amortizing) is the moderate-income variant of the City of Shoreview's NWHP-administered DPA. Provides up to $30,000 as a low-interest amortizing second-mortgage loan with monthly payments for buyers at incomes between 80% and 120% AMI purchasing in Shoreview. Funded by City of Shoreview HRA affordable housing funds. Pairs with first-mortgage lenders.
• Up to $30,000 as a low-interest amortizing second-mortgage loan with monthly payments for first-time buyers in the City of Shoreview at incomes between 80% and 120% AMI. Combines with NWHP and Minnesota Housing first-mortgage products. Loan is repaid in monthly installments over a defined term (typically 10-30 years) with no balloon.
• Funding comes from Local Government and HRA.

How much assistance does it provide?

Shoreview First-time Homeowners Down Payment Assistance (Amortizing) offers up to $30,000 in assistance.

• Buyer contribution: Minimum buyer contribution per City of Shoreview / NWHP guidelines.
• 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.

Do you have to pay it back?

Shoreview First-time Homeowners Down Payment Assistance (Amortizing) is a repayable second loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Monthly amortizing payments over loan term and balance also due on sale, transfer, or loss of owner-occupancy.
• The assistance is recorded in 2 position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Shoreview First-time Homeowners Down Payment Assistance (Amortizing) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Shoreview First-time Homeowners Down Payment Assistance (Amortizing) limits household income to 120% of the area median income, which varies by county and household size.

• Household income above 80% and at or below 120% HUD AMI for Minneapolis-St. Paul-Bloomington MSA: 1-person $104,950 to 4-person $197,850 (FY2025).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 4.
• 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?

Shoreview First-time Homeowners Down Payment Assistance (Amortizing) caps the purchase price at $425,000.

• Eligible property types include Single-family detached, Townhome, and Condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Shoreview First-time Homeowners Down Payment Assistance (Amortizing) serves buyers purchasing in Shoreview, Minnesota.

How do you apply?

Applications for Shoreview First-time Homeowners Down Payment Assistance (Amortizing) 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 Minnesota Homeownership Center / Framework / NWHP-approved counseling agency..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application via NWHP with City of Shoreview verification., 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.