Columbia Heights just revised their down payment assistance program to expand it to cover many more borrowers and properties. Please call me with questions. Search homes for sale in Coon Rapids now!
Make Heights Your Home
Columbia Heights Down Payment Assistance Program
Program Summary
Down payment assistance for homes purchased with a 203K loan or other similar financing. The goal of this program is to help increase home ownership and encourage reinvestment.
The Loan
0% interest loan of 3.5% of the acquisition cost (purchase price plus rehab costs) up to $6,000
- Terms
1. Assistance must be used with a FHA 203K purchase/rehab loan or similar financing approved by City staff
2. That assistance is a 0% interest loan of 3.5% of the acquisition cost (purchase price plus rehab costs) up to $6,000 to be used toward down payment
3. A minimum of $10,000 in home improvements/repairs is required in order to participate
4. No income restrictions
5. No monthly payments
6. Loan will be forgiven in full if borrower lives in property for 10 years
7. Loan must be repaid in full if borrower occupies property for 3 years or less
8. Loan repayment will be required in years 4-10 on an equally prorated amount if not occupied by borrower
9. A home inspection is required prior to closing, city or private
10. Construction work must be completed by a licensed contractor, with applicable permits and inspections completed
11. A loan agreement must be signed by the home buyer who certifies they will be an owner-occupant
12. Construction must start within 30 days of purchase closing. The homeowner must occupy the home within 60 days of completion of the construction work.
Use of Funds
Make Heights Your Home funds must be used for down payment. The borrower may not receive any portion of these funds as cash
Eligible Properties
1. The property must be a single family detached dwelling
2. The property must be located in Columbia Heights
3. There is no sale price limit
Eligible Buyer is anyone who meets the following:
1. Qualifies for and is receiving an FHA 203K loan from an accredited lender or similar financing approved by staff
2. Borrower must be an individual person or persons, not a business entity
Homeownership Education
Borrower must complete a homeownership education class
For more information you can call the City of Columbia Heights 763.706.3675
