Minnesota

Minnesota state flag

Para ver esta página en español, haga clic aquí

The following program is available in Dakota county only


Dakota County Community Development Agency First-Time Buyer Program

Dakota housing logo


The information below is for GUIDANCE ONLY.
If you have any questions about your eligibility, please contact a LOAN OFFICER for this program by clicking HERE.


ELIGIBLE AREAS – Dakota County

ELIGIBILITY CRITERIA –

  1. All buyers and their spouses (purchasing and non-purchasing) must be first-time buyers and must be able to permanently reside in the US.
  2. Buyers must live in the property they purchase as their principal residence.
  3. All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
  4. Buyers must occupy the property purchased within 60 days of closing.

DOWN PAYMENT ASSISTANCE INCOME LIMITS –

Maximum income to receive:
Household Size 10% of Purchase Price, up to $10,000 5% of Purchase Price, up to $7,500 3.5% of Purchase Price, up to $7,500
1 $31,650 $47,600 $90,400
2 $36,200 $54,400 $90,400
3 $40,700 $61,200 $103,900
4 $45,200 $68,000 $103,900
5 $48,850 $73,450 $103,900
6 $52,450 $78,900 $103,900
7 $56,050 $84,350 $103,900
8 $59,700 $89,800 $103,900

The “household” includes: (1) the mortgagor(s), (2) any person expected to both live in the residence and sign the note, and (3) any person who is both the legal spouse of a mortgagor and is expected to live in the residence.

DOWN PAYMENT ASSISTANCE – 30 Year Deferred, 0.00% second mortgage, up to $15,000. Must be used for down payment and closing cost.  The second mortgage is never forgiven and must be repaid when the first mortgage is refinanced, sale, short-sale, foreclosure or if the borrower ceases to live in the property.

MINIMUM BORROWER INVESTMENT – The borrower must provide $1,000 of their own funds for the purchase of the property

FIRST MORTGAGE LOAN INCOME LIMITS – (Use only if no downpayment is used)

  • 1 or 2 person households – $86,600
  • 3 or more person households – $99,500

HOME ACQUISITION LIMITS – 

  • $285,780 for single family homes, Townhomes or Condominiums
  • $398,935 for duplexes (not eligible for additional Down payment Assistance)

HOMEBUYER EDUCATION – A borrower is required to attend a 12-hour homebuyer education course from one of the education providers listed on the following web page PRIOR to closing: http://www.dakotacda.org/housing-resources/homeownership/homebuyer-education/

ELIGIBLE PROPERTY – Existing, single family homes, townhomes, FHA or Fannie Mae approved condominiums or duplexes in Dakota County. New construction eligible in certain areas. See loan officer for additional information.

FICO/DTI REQUIREMENT –

DTI – The maximum debt-to-income (DTI) ratio is 45%.

Loan Product FICO
FHA 650
HFA Preferred 640

PAGE LAST UPDATED: Sep 5, 2017