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Dakota County Bond Loan

Dakota County Bond Loan

First Time Homebuyer Program & Downpayment Assistance

Homebuyers in Dakota County can now access fixed, low-interest mortgage financing along with a Mortgage Credit Certificate and downpayment and closing cost assistance through the CDA First Time Homebuyer Program.

The First Time Homebuyer Program may only be used with 30-year amortizing fixed-rate FHA or VA mortgage loans or HFA Preferred conventional mortgage loans

 

Program Eligibility

  • Homebuyers must be first time homebuyers or someone who has not owned a home in the last three years.
  • Honorably discharged Veterans are eligible whether or not they are first time homebuyers.
  • To be eligible, the Veteran cannot have used a similar program to purchase a home in the past.
  • Properties must be located in Dakota County.
  • Homebuyers must occupy the home as their primary place of residence after purchase.
  • Homebuyers must have a minimum credit score for HFA Preferred Conventional Financing or FHA Financing.
  • Homebuyer must meet income eligibility limits dictated by program.


Downpayment & Closing Cost Assistance

Homebuyers accessing the First Time Homebuyer Program can also apply for downpayment assistance loans.


Down payment Assistance Loan Terms

  • Zero percent interest.
  • No monthly payments.
  • Loan must be repaid when the primary mortgage is paid off, or when the home is sold or refinanced. Loan can be pre-paid in full or in part at any time.
  • Borrower must contribute a minimum amount of their own funds toward the purchase of the home.

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