Anoka County Press Release

Low interest money for first time homebuyers in Anoka County is now available through the Minnesota Housing Finance Agency (MHFA).  More than $5.1 million is available to qualified buyers.  Homebuyers may use the loan to purchase a new or existing home valued at up to $298,125 anywhere in the county.  Other funds may also be available to assist with closing costs and down payment.  Buyers must use an MHFA-approved lender.  The program will run through December 14, 2008, or until funds are spent, whichever occurs first.  To participate in the program, potential homebuyers must meet the following minimum requirements:

•  Be a first time homebuyer or not have owned a home in the last three years.
•  Have acceptable credit as determined by an MHFA-approved lender.
•  Be able to provide copies of your federal income tax returns for the last three years.
•  Not exceed the following household gross income limits:

                   1-4 person            $64,800

                       5 person            $70,000

                       6 person            $75,200

                       7 person            $80,400

                       8 person            $85,600

                       9 person            $90,800

                     10 person            $96,000

MHFA loans are usually at or below market rate interest.  Interest rates and discount points may change at any time depending on market conditions.  An MHFA-approved lender will have current rates.

People seeking first time homebuyer funds are strongly encouraged to attend a homebuyer education course before applying for a mortgage.  The Anoka County Community Action Program (ACCAP) offers a “Home Stretch” class that explains the buying process and offers guidance to potential new buyers.  This class is available throughout the year.

For more information, call the Anoka County Community Development office at 763-323-5764 or visit www.AnokaCounty.us/homes.