Dakota County CDA 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 Dakota County Community Development Agency 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 in all of Dakota County.

 

To qualify for a Dakota CDA 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. Eligible properties include existing single family homes, townhomes, FHA approved condominiums (no kiddie condos) or duplexes in Dakota County (Duplexes can be no more than 5% of the program. Contact the Administrator to verify availability. Duplexes are limited to existing homes that are at least 5 years old.) New construction is eligible in Apple Valley, Burnsville, Eagan, Empire Township, Farmington, Hastings, Inver Grove Heights, Lakeville, Mendota Heights, Rosemount, South St. Paul, Sunfish Lake and West St. Paul.

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. They 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
$84,000	$90,970

 

Purchase Price Limits

Qualified properties in the program have purchase price limits.

Single family homes, townhomes, condominiums	Duplexes (not eligible for additional downpayment assistance)
$272,910	$420,525

 

For more information on the program, please contact the program administrator.

Sue Denihan sue@ehousing.cc 813-475-4079