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Suburban Ramsey County
This program is for homebuyers purchasing in all of Ramsey County except the city of St. Paul.
Ramsey County FirstHOME Buyer Assistance Program
First time homebuyer
Must be first time homebuyer
Type of assistance
Down payment/closing cost/improvement assistance
Income limits
$44,800-$64,000
Purchase price limit
$200,000
The program provides first time homebuyers with a deferred loan that can be used for down payment assistance, closing costs, and health/safety/code improvements. Eligible buyers may qualify for up to $20,000 with 0% interest to help bring their monthly housing costs down to 30% of income. The loan must be repaid when the property is sold, no longer the principle residence, or when the mortgage matures.
Borrower Eligibility:
Borrower must have at least one member of the household employed in Ramsey County and must be able to show 3 years of uninterrupted employment. Borrower must invest at least $2,000 of his or her own funds. The borrower must complete homeownership counseling through the Homestretch counseling program sponsored by the Minnesota Home Ownership Center and cannot have more than $5,000 in liquid funds after closing. Borrower is required to spend 30% of gross monthly income on principle, interest, taxes, and insurance, and meet the following income requirements:
Household size
Income Requirements
1 person
$44,800
2 person
$51,200
3 person
$57,600
4 person
$64,000
Property Eligibility
Property must be a single-family home, townhouse or condo located in Suburban Ramsey County, meet the Section 8 requirements with inspection, and have a maximum purchase price of $200,000.
*This summary is intended for informational and educational purposes only; other terms, requirements and guidelines may apply. Many of these programs have subsidy recapture requirements, and are only available through approved lenders. Many programs require homebuyer education classes for first time homebuyers. This document is not intended to be an offer of commitment of any kind, including but not limited to: an offer to extend credit, commitment to lend, or an offer to lock into an interest rate. Any such offer can be made pursuant to MN statute § 47.206, subdivision 3 and 4. Any interest rates, fees, and terms presented are for illustrative purposes only and may not be currently available as these programs are subject to change without notice, and are operated on a first come first serve basis.
