St. Louis Park First Generation Down Payment Assistance Loan

What is St. Louis Park First Generation Down Payment Assistance Loan?

St. Louis Park First Generation Down Payment Assistance Loan 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 down payment/closing-cost assistance to first-generation homebuyers in St. Louis Park. The loan amount depends on household income and purchase price. Forgiven 100% after 20 years, balance reduced 5% per year. A buyer qualifies as first-generation if neither they, their spouse, nor either parent currently owns or previously owned a home.
• 0% interest.
• No monthly payments.
• 100% forgiven after 20 years (5%/year).
• For first-generation homebuyers.

Do you have to pay it back?

St. Louis Park First Generation Down Payment Assistance Loan is forgiven after 20 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by 100% forgiven after 20 years; amount owed reduced 5% per year; due if sold/transferred/no longer owner-occupied before forgiveness.
• 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 First Generation Down Payment Assistance Loan is open to buyers who will live in the home as their primary residence.

What are the income limits?

St. Louis Park First Generation Down Payment Assistance Loan sets its income limit as follows: Income limits apply; loan amount depends on household income and purchase price; specific AMI threshold not published.

• 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 First Generation Down Payment Assistance Loan can be used for Single Family, 2-4 Unit, Townhouse, and Condo.

Is there eligibility for specific groups?

St. Louis Park First Generation Down Payment Assistance Loan names first-generation buyers among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

St. Louis Park First Generation Down Payment Assistance Loan serves buyers purchasing in St. Louis Park, Minnesota.

How do you apply?

Applications for St. Louis Park First Generation Down Payment Assistance Loan 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.