Minnesota First Time Homebuyers Get $30 Million In Low Interest Financing
These are great times to be a Minnesota first time home buyer, especially if you live in Dakota County. Recently, Dakota County announced $30 million of low interest mortgage money for Minnesota first time home buyers in that county. The mortgage rate for people who qualify for the program is fixed at 3.25%.
While $30 million won’t be enough for every first time home buyer in Dakota County, they expect roughly 200 families will be able to use the low interest financing to buy their first home. Home buyers will be able to purchase single family homes, townhouses or condos with these funds as long as the purchase price is under $276, 684.
In addition to the cap on the price of the home, buyers must also meet income requirements which are $83,900 for a household of two people or less and $92,290 for a Minnesota first time buyer household of 3 or more people.
Additional Program Eligibility includes;
- Homebuyers must be first time homebuyers or someone who has not owned a home in the last three years
- Properties must be located in Dakota County
- Home buyers must occupy the home as their primary place of residence after purchase
If all this isn’t enough to motivate first time home buyers in Minnesota, Dakota County home buyers may also qualify for up to $10,000 in down payment and closing cost assistance through another first time home buyer program offered by the Dakota County Development Agency.
Cities in Dakota County include; Apple Valley, Burnsville, Eagan, Farmington, Lakeville, Rosemount.
If you believe you qualify for this first time home buyer program and would like to see a complete list of homes for sale in Dakota County, click here.