CityLiving HFB Bond Program
If you’ve ever dreamed of owning your own home but felt that buying a home was a little beyond your reach, the CityLiving Housing Finance Board may make your dream easier to achieve with their ownership program. This program offers a 30-year fixed rate mortgage and a second mortgage available for down payment and closing cost assistance.
This program is available only in the cities of Minneapolis and St. Paul.
To qualify for an CityLiving HFB Bond Program loan you must meet the program the program requirements listed below.
Any of the following listed below qualify as a first-time buyer:
*A person who has not owned and occupied their principal residence in the last 3 years.
*A person who has never owned their principal residence.
*A qualified military veteran.
*A person purchasing a home in a Targeted Area.
And you must also:
*Be credit worthy, there are minimum credit scores in this program.
*Have a fully executed sales contract for a specific property.
Properties must also be able to qualify in the program. What qualifies - New or existing, one to four unit, detached or attached, condo and manufactured homes.
What homes do not qualify? Mobile, recreational, seasonal or other type of vacation or non-permanent homes are not permitted in the program.
Fees in the program
Lenders may charge 1.00% as origination and 0% as discount. Lenders may not charge additional points.
There is a $225 Bond Application Fee payable at closing by the buyer or seller.
Income Limits
There are income limits in this program. You must include the income of everyone who will reside in the property who is 18 years of age or older (even if they will not be party to the mortgage).
 |
1-2 persons |
3 or more persons |
Non-Targeted Areas |
$84,00 |
$90,970 |
Targeted Areas |
$90,970 |
$90,970 |
Purchase Price Limit
Qualified properties in the program have purchase price limits.
New/Existing |
1 Unit |
2 Unit |
3 Unit |
4 Unit |
Non-Targeted Areas |
$272,910 |
$420,525 |
$508,320 |
$631,710 |
Targeted Areas |
$363,880 |
$513,975 |
$621,280 |
$772,090 |
Participating Lenders
Listed below are the loan officers who’ve been actively participating in this bond program. This list is updated on a monthly basis.
(3-26-12)
Institution |
Name |
Phone Number |
|
Bell Mtg, a division of State Bank & Trust |
Nathan Marsten |
612-374-9909 |
|
Bell Mtg, a division of State Bank & Trust |
Mikal Knotek |
952-278-8707 |
|
Bell Mtg, a division of State Bank & Trust |
Kathy Harrison |
952-278-8707 |
|
Bremer Bank |
Vickie Reardon |
651-259-2510 |
|
Cornerstone Mortgage |
Elizabeth Vaughan |
|
|
Cornerstone Mortgage |
Angela Christianson |
612-418-0900 |
|
Edina Realty Mortgage |
Monica Bolinger |
651-481-6815 |
|
Lake Area Mortgage |
Eric Otterness |
651-209-2912 |
|
Lake Area Mortgage |
Eric Crouch |
651 209-2900 |
|
PHH Home Loans |
Doreen Drake |
651-276-3141 |
|
PHH Home Loans |
Rita Welton |
|
|
Residential Mtg Group |
Pat Gleason |
952-847-9834 |
|
The Business Bank dba Prime Mtg |
PJ Harris |
952-540-6179 |
|
The Business Bank dba Prime Mtg |
Tim Nelson |
763-783-7502 |
|
US Bank |
Vincent Jung |
612-728-8308 |
|
Waterstone Mortgage |
JJ Ellingson |
763-300-6876 |
|
Wells Fargo |
Gary McIntyre |
|