Minnetonka first time home buyer programs
Welcome to Minnetonka Program
Down payment and closing cost assistance is being offered by the city of Minnetonka to first time homebuyers seeking for a property within the city limits. The available resources for loans are based upon the fund balance at any given time. The maximum loan for first time homebuyers is $10,000.
In order to qualify, the potential borrowers must be a first time homebuyer and cannot own a second property. They cannot have a gross monthly debt that exceeds 50% of gross monthly income. The borrower must also attend a Home Stretch workshop prior to the final purchase. Lastly, the total annual income for the household cannot exceed 120% of the Area Median Income by household size as determined by the federal government.
There are also many other property eligibility requirements, like the homebuyer living in the property within 60 days of purchase. The property must be owner-occupied and homesteaded. Townhouses, single-family detached homes and condos apply.
Summary:
- The maximum loan for first time homebuyers is $10,000.
- Home must be located within the city limits of Minnetonka.
- Potential borrowers must be first time homebuyers.
- Property must be owner-occupied.
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!
