St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer)

What is St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer)?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) is a forgivable loan for homebuyers in St. Louis Park, Minnesota, administered by City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE).

• The City of St. Louis Park HRA, through CEE, provides 0% interest deferred down payment/closing-cost assistance to first-time homebuyers in St. Louis Park. Base loan up to $15,000 (not to exceed 5% of purchase price), with an additional $5,000 for employees of SLP businesses. Forgiven 100% after 20 years; if sold/transferred/no longer owner-occupied before then, the full amount is due.
• 0% interest.
• No monthly payments.
• Up to $15,000 (+$5,000 SLP employees).
• 100% forgiven after 20 years.

How much assistance does it provide?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) offers up to $20,000 in assistance.

• Award tiers: Base up to $15,000 (not to exceed 5% of purchase price); additional $5,000 for employees of St. Louis Park businesses.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE) determines any individual award.

Do you have to pay it back?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) is forgiven after 20 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by If sold, transferred, or no longer owner-occupied, 100% due; otherwise forgiven after 20 years.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) limits household income to 115% of the area median income, which varies by county and household size.

• 100% AMI for households of 2 or fewer; 115% AMI for households of 3 or more.
• 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.

What kind of home can it be used for?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) can be used for Single Family, Townhouse, and Condo.

Where does it apply?

St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) serves buyers purchasing in St. Louis Park, Minnesota.

How do you apply?

Applications for St. Louis Park Down Payment Assistance Deferred Loan (First-Time Homebuyer) go through City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE), 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 Home Stretch workshop or other HUD-approved homebuyer counseling.

2. 2

   Contact City of St. Louis Park HRA, administered by Center for Energy and Environment (CEE) to reserve funds

   Funds are reserved through Signed purchase agreement and application at least four weeks prior to closing, 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.