Here is this week’s edition of Lakeville Messages, which features a story about Dakota County Community Development Agency’s first-time homebuyer program.
Here is the text of the story:
Homebuyers in Dakota County can now access fixed, low-interest mortgage financing and down payment assistance through the Dakota County Community Development Agency’s (CDA) First-Time Homebuyer Program.
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• Homebuyers must be first-time homebuyers or someone who has not owned a home in the last three years.
• Veterans are eligible whether or not they are first-time homebuyers. To be eligible, the veteran cannot have used a similar program to purchase a home in the past.• Properties must be located in Dakota County• Homebuyers must occupy the home as their primary place of residence• Minimum credit score of 640
Income Limits
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• 1 or 2 person households: $82,300
• 3 or more person households: $90,530 Maximum Purchase Price: $271,590 for single-family homes, town homes, or condominiums.
Down payment and closing cost loans of up to $10,000 are also available for those buyers using the Dakota County CDA First Time Homebuyer program. These loans feature zero percent interest and are deferred until the first mortgage is paid for, the home is sold or refinanced, or the home is no longer the buyer’s primary residence.
The CDA partners with the local mortgage lending community to administer this program. A list of participating mortgage lenders can be found on the CDA website at www.dakotacda.org/homebuyer.htm.
