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Dakota County
These programs are for homebuyers purchasing in Dakota County.
Dakota County SilverLining Program
*This program has reached its funding limit. A waitlist has been created.
First time homebuyer
Does not need to be a first time homebuyer
Type of assistance
Down payment assistance
Income limits
$67,950-$128,150
Purchase price limit
$256,080
The program offers up to $15,000 in a zero-percent interest deferred loan to buyers of foreclosed residential properties in eligible areas of Dakota County.
Loan Terms
This is a loan with zero percent interest and no monthly payments. The loan is repayable when the first mortgage is paid off, the home is no longer the primary residence, or the home is sold or refinanced.
The loan may be used for up to 50 percent of the required down payment, normal and usual closing costs, and/or buy down of the mortgage principle.
Eligible buyers
Homebuyers must qualify for a traditional fixed rate first mortgage loan and meet the income requirements listed below. The borrower must also complete homeownership counseling through the Homestretch counseling program sponsored by the Minnesota Home Ownership Center.
Household Size
Income Limit
1 person household
$67,950
2 person household
$77,650
3 person household
$87,350
4 person household
$97,100
5 person household
$104,850
6 person household
$112,600
7 person household
$120,400
8 person household
$128,150
Eligible Properties
Property must be a single-family home, duplex, townhome or condominium that is an unoccupied, foreclosed home beyond the redemption period and is bank-owned. Property must not be purchased for more than $256,080, and it must be purchased at a minimum of one percent savings on the appraised value. Property must also be located in one of the following approved Dakota County areas.
Apple Valley
All areas are eligible except for small NE corner
Burnsville
All areas are eligible except for around Crystal Lake
Eagan
Most of the city is not eligible
Farmington
All areas are eligible
Hastings
All areas are eligible
Inver Grove Heights
Most of the western 2/3 of the city is not eligible
Lakeville
All areas are eligible
Northfield
All areas are eligible
Rosemount
Most of the city is not eligible
South St. Paul
All areas are eligible
West St. Paul
All areas are eligible
Smaller Cities
All are eligible except Lilydale and Mendota
Dakota County GiveYourself Credit!
*This program has reached its funding limit. A waitlist has been created.
First time homebuyer
Must be first time homebuyer
Type of assistance
Income tax credit
Income limits
$83,900-92,290
Purchase price limit
$276,870-$389,205
This is a federal income tax credit for 20% of the interest paid on any mortgage loan that can be claimed for every year of a mortgage term as long as the property remains the borrower’s principle place of residence. This program can be combined with Dakota County Silver Linings or Down Payment Assistance Program.
Borrower Eligibility
Borrowers must be first time homebuyers who qualify for and receive a 30-year amortizing fixed-rate FHA, VA or conventional mortgage loan that is acceptable to Fannie Mae or Freddie Mac. Homeowners must complete homeownership counseling through the Homestretch counseling program sponsored by the Minnesota Home Ownership Center. Borrower must also meet the following income requirements:
Household size
Income Limit
1-2 person household
$83,900
3+ person household
$92,290
Property Eligibility
Properties must be a single family home, townhouse, duplex or condo located in Dakota County that is foreclosed and vacant. Property must meet following purchase price requirements
Property Type
Purchase Price Limit
Single Family, Townhome, Condo
$276,870
Duplex
$389,205
Dakota County DownPayment Assistance
First time homebuyer
Must be first time homebuyer
Type of assistance
Down payment assistance
Income limits
$29,350-$92,290
Purchase price limit
$276,683
Homebuyers accessing the Give Yourself Credit!! program can also apply for down payment assistance loans of up to $10,000 depending on household income. This is zero percent interest loan with no monthly payments repayable when the home is sold, refinanced, no longer the primary residence or when the primary mortgage is paid off.
Borrower Eligibility
Borrowers must be first time homebuyers who qualify for and receive a 30-year amortizing fixed-rate FHA, VA or conventional mortgage loan that is acceptable to Fannie Mae or Freddie Mac. Homeowners must complete homeownership counseling through the Homestretch counseling program sponsored by the Minnesota Home Ownership Center and contribute at least $750 of their own funds to the purchase of the home. Borrowers must meet the following income requirements:
For a $10,000 loan:
Size of Household
Income Requirements
1 person
$29,350
2 person
$33,550
3 person
$37,750
4 person
$41,950
5 person
$45,300
6 person
$48,650
7 person
$52,000
8 person
$55,350
For a $7,500 loan:
Size of Household
Income Requirement
1 person
$44,800
2 person
$51,200
3 person
$57,600
4 person
$64,000
5 person
$69,100
6 person
$74,250
7 person
$79,350
8 person
$84,500
For a loan that equals 2.5% of the base mortgage amount:
Size of household
Income Requirement
1-2 person
$83,900
3+ person
$92,290
Property Eligibility:
Properties must be a single family home, townhouse or condo located in Dakota County that is foreclosed and vacant. Property must also pass a Housing Quality Standard (HQS) inspection and not exceed a purchase price of $276,683.
*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 basi
