Did you know that homebuyers can obtain low down payment loans on conventional loans with DAPs? Many community, city, county and state agencies offer DAPs, which have unique qualification requirements regarding income, assets, credit, occupancy and location. Check back regularly for new examples of available programs:

• The St. Paul Heroes Program: This loan was created to honor those who dedicate their lives to serving the community, including active military personnel, firefighters, emergency medical technicians, paramedics, health care workers, police, teachers and public employees. This program awards up to $10,000 to first-time homebuyers who purchase a home in St. Paul in conjunction with the Take Credit!! Mortgage Certificate Program. This interest and payment free loan helps with down payment or closing costs and is forgiven if the borrower resides in the home over 10 years.

For more information, contact Edina Realty Mortgage at 952-928-5300 or mortgage@edinarealty.com.

Previously Featured Down Payment Programs

• HOME HELP: A federally funded loan for qualified first-time homebuyers that lends up to $14,999 in interest free funds for a down payment and closing costs; 70 percent of the loan is forgiven after five years. The goal of this DAP is to make housing more affordable by lowering the borrower’s housing debt ratio to 30 percent.
• Pohlad Family Giving Foundation Homebuyer Assistance Incentive Program: Prospective homebuyers looking to purchase and occupy a home, condo, or townhome in the zip codes 55411 (Minneapolis) and 55106 (St. Paul-Dayton’s Bluff) may qualify for down payment and/or closing cost assistance of up to $8,000. Buyers must intend to occupy the property as their principal residence for seven years from date of closing. Home must close on or before Dec. 31, 2009. You do NOT need to be a first-time homebuyer to qualify. For more information, click here.