This program is for homebuyers purchasing in Anoka county only

Anoka County Down Payment Assistance

This program provides first time homebuyers a $1,000 to $10,000 loan for down payment assistance. This is a zero percent interest, deferred payment loan that is forgiven in the sixth year of owner occupancy. Funds must be repaid if the home is sold, refinanced, or is no longer the primary residence in the first 5 years.

Borrower Eligibility

Borrower must be a first-time homebuyer must, complete a HUD-approved Home Stretch homeownership class and one-on-one counseling. Buyer must not have more than $5,000 in liquid assets after the closing and is required to contribute at least $1,000 toward the purchase. Borrower must also spend 30% of gross monthly income on the principle, interest, taxes, and insurance, and meet the following income requirements:

Property Eligibility

The purchase price of the property may not exceed $276,683. It must be located in Anoka County and pass a health and safety code inspection given by an ACCAP representative. It must be a 1-4 unit single family home, condo, or townhome. Both existing homes and new construction are eligible.

*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.