Family Housing Fund Post-Purchase 2-4 Unit Loan Program
The Family Housing Fund is making funds available for homeowners of owner-occupied 2-4 unit residential properties to make qualified improvements to their properties.
This loan is available across the 7 County Metro (Anoka, 卡佛, 达科他, Hennepin, 拉姆齐, Scott and Washington Counties). The guidelines below are subject to change at any time without notice. Loan funds are subject to availability. Please call or email us for complete details.
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靠谱的外围竞猜app the Loan
- Loan amounts from $1,000 to $10,000.
- 术语s from 1 to 7年.
- Financing available for 100% of project costs.
- No prepayment penalty.
- Closing costs apply.
- Income limits apply (see loan terms for more information)
资格
- 2-4 unit owner-occupied residential properties located in the 7 County Metro (Anoka, 卡佛, 达科他, Hennepin, 拉姆齐, Scott and Washington Counties).
- Single family homes, townhomes, condominiums, properties with more than four units, cooperatives, manufactured properties and properties used for commercial purposes are 不 符合条件的.
- Loan approval is subject to credit and program guidelines.
Current Rates
Subject to change at any time. APR based on loan amount of $10,000.
| Rates starting at | 术语 | APR as low as | Payment example |
|---|---|---|---|
| 0% | 5年 | 0% | $16.67 |
| 0% | 7年 | 0% | $11.90 |
Calculate My Payments
Based on current rates. Qualifications apply.
贷款的细节
- This loan is secured by a mortgage to the property.
- Borrowers must:
- Have a household income of less than 80% AMI based on adjusted gross income from the most recent Federal Tax Return, 根据 Minnesota Housing Impact Fund income limits. If a Federal Tax Return is not required to be filed, the income will be determined by the projected gross income over the next 12 months.
- OR have a household income of less than 115% AND have completed education and/or received financial assistance via partners of Family Housing Fund, Hope Community and Build Wealth Minnesota as part of the Building 股本 in Small Multifamily Ownership Initiative, including one of the following:
- Completed Community Ownership cohort training before purchasing property
- Completed Ownership-Occupant Landlord training before purchasing property
- Received Building 股本 DPA loan to purchase property
- OR have a household income is less than 115% AMI AND borrower is a First Generation 首页owner as attested by the homebuyer. Income is based on adjusted gross income from the most recent Federal Tax Return, 根据 Minnesota Housing Impact Fund income limits. If a Federal Tax Return is not required to be filed, the income will be determined by the projected gross income over the next 12 months.
- A property inspection is required to determine project eligibility. If there are no outstanding code violations or health and safety concerns the loan may be used to finance most interior and exterior improvements that improve the basic livability of the property. Non-permanent appliances and basic amenities, including those provided to tenants under the terms of a lease ARE 符合条件的. Eligible improvements will be prioritized by a CEE representative.
- 1 bid is required from a properly licensed contractor or registered with the MN Department of Labor.
- For do-it-yourself projects, a materials list including prices is required. The cost for labor and the purchase of tools may not be included in the loan.
The current loan terms and conditions stated, including interest rates, do not constitute a commitment to lend or an offer to enter into an agreement. Such an offer may only be made pursuant to Minnesota Statutes, Section 47.206(3) and (4).
