The Minnesota Housing Finance Agency recently announced that Crow Wing County would receive $962,370 to provide homeownership opportunities through the agency's Minnesota City Participation Program.
The interest rate for this year's program is 4.75 percent and the mortgage offered is a 30-year, fixed-rate loan. Crow Wing County is one of several communities in Minnesota awarded funds to participate in the 2003 program. This initiative is being co-sponsored by the Crow Wing County Housing and Redevelopment Authority and the Brainerd HRA.
Now in its 13th year, the Minnesota City Participation Program provides low-interest loans to qualified first-time homebuyers who meet established income and house price limits. Some residents may also be eligible for MHFA's Homeownership Assistance Fund, which offers an interest free, second mortgage to assist first-time homebuyers with down payment and closing costs, and/or monthly payment costs.
The income guidelines of MCPP have maximum adjusted income limits for Crow Wing County:
* One to four persons household, $52,100.
* Five person household, $56,300.
* Six person household, $60,450.
* Seven person household, $64,650.
* Eight person household, $68,800.
In 2003, funding for the Minnesota City Participation Program may be used for the purchase of a new or existing home. The price limit for a new home is $131,070 and the price limit for an existing home is $123,081.
Local lenders expected to participate in the 2003 MCPP program include Bremer Bank, Edina Realty Mortgage, U.S. Bank Home Mortgage and Wells Fargo Home Mortgage.
The Minnesota Housing Finance Agency is committed to addressing Minnesota's housing needs by providing financial and related customer assistance so that Minnesotans have decent, safe, affordable housing and stronger communities.
For more information, go online to www.mhfa.state.mn.us.
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