Dakota County first time home buyer programs

The Dakota County Silver Lining Loan Program may help those purchasing property, within targeted areas, accomplish their homeownership dreams. Homebuyers accessing a First Time Homebuyer Loan may also be eligible for Downpayment and Closing Cost Assistance.To apply for this program, you will need to contact a participating mortgage lender. The lender will review your income and credit history to determine whether or not you will qualify for the loan. You can receive up to $15,000 for down payment, closing costs, and “gap assistance” (fancy term for more down payment) since you are required to have 50% of the loan’s required down payment into the transaction. For instance, FHA requires 3.5% down, so you need at least 1.75% and the other 1.75% can come from these funds, plus lower your loan amount if desired.

Some program guidelines and details include:

Income Limits are $97,080 for a one to four person household.

There is a maximum purchase price of $256,080

Eligible properties must be bank owned(foreclosed) single family homes, townhomes, condominiums, or a duplex located in Dakota County.

This program is run on a first come, first served basis!

Buying your first home can be overwhelming. Let us help! We are committed to finding you any grant monies or assistance programs available to you. Our buyer agent services are FREE! Please contact us for more information. We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!

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