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.

St. Louis Park First Generation Down Payment Assistance Loan is forgiven after 20 years, so a homebuyer 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.

St. Louis Park First Generation Down Payment Assistance Loan is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through Home Stretch workshop or other HUD-approved homebuyer counseling. Residency requirement: Property located in St. Louis Park. Citizenship or immigration status: U.S. citizen or permanent legal resident with a Social Security number. Must sign First Generation Homebuyer Affidavit. Not stackable with SLP first-time DPA. Loan amount depends on income/price; specific dollar maximum not published (omitted to avoid guessing).

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.

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

St. Louis Park First Generation Down Payment Assistance Loan names first-generation homebuyers 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.

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

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