First-generation homeownership program

First-generation homeownership program是面向St. Louis Park，Minnesota购房者的可免除贷款。 St. Louis Park first-generation forgivable DPA. Up to $30,000 0% (5-yr forgiveness). Income up to 80% AMI ($58,650-$89,400). 640 FICO. FTHB + first-generation buyer required. The City of St. Louis Park First-Generation Homeownership Program provides up to $30,000 in deferred forgivable down payment and closing-cost assistance to first-generation first-time homebuyers purchasing a primary residence within the City of St. Louis Park, Minnesota. Funded through St. Louis Park Housing Authority levy, ARPA, and local foundation contributions, the assistance is structured as a 0% interest deferred forgivable loan, forgiven over a 5-year compliance period so long as the borrower maintains owner-occupancy. Income up to 80% AMI Minneapolis-St. Paul MSA: $58,650 (1-person) up to $89,400 (4+ person). 资金来自Local Government、HOME、CDBG、ARPA和Foundation。

First-generation homeownership program在20年后免除，因此住满这段时间的购房者无需偿还。 触发还款的情形：0% interest forgivable loan, forgiven over 5-year compliance period. Sale, refinance with cash-out, transfer of title, or non-owner-occupancy during compliance period triggers proportional repayment. 该援助以2nd Lien顺位留置权登记。 免除和还款条款由项目设定，并可能变化——申请前请在项目官方网页上确认。

First-generation homeownership program面向首次购房者和将房屋作为主要住所自住的购房者。 此处的“首次”有例外情况：FTHB requirement may be waived for qualifying veterans. 关于信用，该项目说明：640 minimum FICO per first-mortgage product overlay. 须参加购房者教育课程，由NeighborWorks Home Partners (HUD-approved) - pre-purchase 8-hour homebuyer education and one-on-one counseling required, including first-generation homebuyer-specific curriculum.提供。 居住要求：Property must be in City of St. Louis Park, MN. 公民身份或移民身份：U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays. RESTRICTED TO FIRST-GENERATION HOMEBUYERS - defined as: (a) buyer's parents/legal guardians have never owned a primary residence in the United States, OR (b) parents/legal guardians lost a home to foreclosure or short sale, OR (c) buyer was in foster care at age 13 or older. First-time homebuyer required (no ownership of a primary residence in the prior 3 years). Property must be in City of St. Louis Park, MN. Income at or below 80% AMI Minneapolis-St. Paul MSA: $58,650 (1-person) - $89,400 (4+ person). Must complete NeighborWorks Home Partners homebuyer education, including first-generation-specific curriculum. $1,000 minimum borrower contribution. 5-year owner-occupancy compliance period.

First-generation homeownership program将家庭收入限制在地区收入中位数的80%，该数值因县和家庭人数而异。 80% AMI Minneapolis-St. Paul MSA: $58,650 (1-person) up to $89,400 (4+ person). 该限制适用于家庭总收入，而不仅是借款人的收入。 地区收入中位数由HUD公布并每年更新，因此在依据某个数字之前，请查看该县的最新表格。

First-generation homeownership program的房价上限如下：Per MN Housing Start Up Twin Cities-area purchase price limits ($604,400-$659,550). 符合条件的房屋类型包括Single-family detached, condominium (project-approved), townhouse, PUD, 1-2 unit owner-occupied. 新建房屋符合条件。 预制房屋不符合条件。

First-generation homeownership program服务于在St. Louis Park，Minnesota购房的购房者。

First-generation homeownership program的申请通过管理该项目的机构办理，该机构在其网站上公布现行条款和申请步骤。 资金通过Application via St. Louis Park Housing Division.预留。 Hey Prescott不是贷款机构，也不受理申请；本页介绍该项目，方便购房者向贷款机构或住房咨询师咨询。