Shoreview First-time Homeowners Down Payment Assistance (Due-on-sale)

What is Shoreview First-time Homeowners Down Payment Assistance (Due-on-sale)?

Shoreview First-time Homeowners Down Payment Assistance (Due-on-sale) is a deferred second loan for homebuyers in Shoreview, Minnesota.

• Shoreview First-Time Homeowners Down Payment Assistance (Due-on-sale) is the low-income variant of the City of Shoreview's NWHP-administered DPA. Provides up to $20,000 as a 0% interest deferred second-mortgage loan with no monthly payments for buyers at or below 80% AMI purchasing in Shoreview. Principal is deferred until sale, transfer, payoff of primary mortgage, or loss of owner-occupancy. Funded by City of Shoreview HRA affordable housing funds.
• Up to $20,000 as a 0% interest due-on-sale deferred second-mortgage loan (no monthly payments) for first-time buyers in the City of Shoreview at incomes at or below 80% AMI. Principal payment deferred until sale, transfer of title, when the primary mortgage is paid off, or when the property ceases to be owner-occupied.
• Funding comes from Local Government and HRA.

Do you have to pay it back?

Shoreview First-time Homeowners Down Payment Assistance (Due-on-sale) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Due in full at sale, transfer of title, payoff of primary mortgage, 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 (Due-on-sale) 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 (Due-on-sale) limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% HUD AMI for Minneapolis-St. Paul-Bloomington MSA: 1-person $66,300 to 4-person $124,950 (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 (Due-on-sale) 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 (Due-on-sale) serves buyers purchasing in Shoreview, Minnesota.

How do you apply?

Applications for Shoreview First-time Homeowners Down Payment Assistance (Due-on-sale) 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.