South news briefs: Cheaper home loans on offer from Dakota County

  • Updated: August 12, 2014 - 2:52 PM

Dakota County

Cheaper home loans on offer from county

First-time home buyers and some veterans in Dakota County have a new loan option.

The county’s First Time Homebuyer Program is offering financing with a lower down payment and mortgage insurance costs than traditional loans.

The so-called HFA Preferred loan program gives home buyers a lower monthly payment, making it more affordable.

It can be paired with up to $10,000 in no-interest loans to help with a down payment and closing costs.

A “mortgage credit certificate” can reduce mortgage interest by up to 35 percent.

There are limits to who’s eligible:

• First-time home buyers or households that have not owned a home in the last three years.

• Veterans do not have to be first time home buyers. They are eligible if they have not previously used a first-time home buyer program.

• It’s aimed at single-family homes, townhouses or condominiums in Dakota County costing no more than $273,570.

• There are income limits: $82,900 for a one- or two-person household, $95,335 for a household of three or more people.

Buyers must get trained on home buying before closing on a loan, via workshops.

The agency offering the help, the county Community Development Agency, works with local mortgage lenders. A list of participating lenders is online.

For more information, visit dakotacda.org/homebuyers.htm or call 651-675-4442.

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