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Home Down-Payment Assistance State and Local Programs Stabilizing Neighborhoods


Encouraging Homeownership • • • •

Incentive programs Low home prices Historical low interest rates Many neighborhoods to choose from


Home Buying Programs Play a Vital Role in our Cities


Down-Payment Assistance Can Be Used For: • Closing Costs • Prepaid Expenses * Buyers Only Need to Contribute a Minimum of $1000


Program to Program Homeownership Initiatives


Program Details Vary • • • •

Low-to-moderate income Typically household size Single family and/or multifamily properties Some area median income (AMI)


HOME HOMEOWNER ENTRY LOAN PROGRAM (HOME HELP) • • • •

First-Time home buyer Twin Cities 11 county metro $276,683 Purchase price or below $1,000 to $8,500 if approved for MN Housing CASA Loan - 0% interest deferred loan. 70% forgivable after 6 years, the remaining 30% is due upon maturity of the first mortgage, the property is sold, or the home is no longer owneroccupied. * As of June 25th, 2011 30 yr fixed rate 4.25%, with APR of 4.43% . This is not an offer to extend credit. Rates subject to change without notice.


HOMEOWNERSHIP ASSISTANCE FUND (HAF) • • • •

First-Time home buyer Available statewide Single family and duplex Minnesota Mortgage Program (MMP): up to $3,000 • Community Activity Set Aside (CASA) Program: up to $4,500 * As of June 25th, 2011 30 yr fixed rate 4.25%, with APR of 4.43%. This is not an offer to extend credit. Rates subject to change without notice.


More to Choose From Take advantage of these programs!


Don’t Buy a Home and Find Out Later You Could Have Qualified!

*Programs are being underutilized due to loan officers and real estate agents that do not know about them, or do not have access to them. DownPayment expertise helps unite you with the funding or financing available today!


Discover Hidden Treasures You May Not Be Aware Of


Call Today! Peter Boyle – Senior Mortgage Officer Serving the Community 20 Years! Direct: 612 701 6816 pboyle@summit-mortgage.com www.PeterBoyleHomeLoans.com Summit Mortgage Corporation Plymouth, MN 55441

NMLS #218261


Down Payment Assistance Programs for Home Buyers!