Anoka County has 2 great Down payment assitance programs for first time and repeat home buyers. The first one is called Home Investment Partnerships program (HOME) for first time home buyers and the second is called Neighborhood Stabilization Program (NSP) that can be used by anybody, first time home buyers and repeat home buyers.
The HOME program is exclusively for first time home buyers that make less than 80% of the median income levels for the county. The $10,000 loan is a 0% deferred loan forgiven after 5 years of residency in the property. The buyer must be able to qualify for a FHA, VA or Fannie Mae approved loan. The home buyer must alos have $2000 to put down.
The NSP program will allow up 120% of median area income and is open to first time and repeat home buyers. The $10,000 loan is also a 0% interest loan but is forgiven after 10 years of residency in the property. this loan is limited to areas of greatest need in the county and requires only $1000 down payment.
Both programs are great programs, when ever you can get free money to purchase a home, it is a great program. Funds for these programs are limited and usually refunded in the spring. contact me for any further information about these programs.
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