Lunch Social - Woodbury first time homebuyer program

635 Bielenberg Drive suite 100,Woodbury MN 55125

10 December, 2022

Description

Lunch will be provided for free to in person attendees. The seminar will also be livestreamed over Zoom. The objective of the First-Time Homeownership Program is to encourage homeownership in Woodbury by providing financing to low and moderate-income first-time purchasers. Low-interest, deferred loans of up to $30,000 are available to income-qualified households who earn no more than $146,000. First-time home buyers are defined as a person or household that has never owned a home or has not owned a home in the last three years. The purchase price of the affected homes may not exceed $419,000. Single-family detached houses, townhomes or condo units are eligible for this program. The City of Woodbury Housing and Redevelopment Authority (HRA) has made down payment and closing cost assistance loans available; current available dollars for loans are based upon the fund balance for any given period. The maximum loan amount is $30,000. The loan funds can be used for down payment and closing costs. The borrower cannot receive any portion of these funds as cash. The interest rate is below market rate and will be fixed with simple annual interest, with monthly installment payments of interest only. Borrowers aged 65 or older or who are military veterans shall receive a discounted rate. A 0% interest rate is available for first-generation homebuyers. Payment of principal will be deferred until sale, transfer of title, when the primary mortgage is paid off, or when the property ceases to be owner-occupied. Loan term shall not exceed 30 years.