Dakota County First Time Home Buyer Program
Missed out on the $8,000 federal tax credit for first time home buyers? The Dakota County Community Development Agency's First-Time Homebuyer Program is available to qualified people seeking to purchase a home within the county.
The program offers up to $10,000 in down payment assistance and low-interest, fixed-rate loans to people who qualify and decide to buy within Dakota County. The amount of down payment assistance varies by income and comes in the form of a no-interest loan. For example, a two-person household could qualify for down payment assistance if their combined income is $84,000 or less and the house they are buying does not cost more than $276,683.
All participants attend classes to learn about budgeting, credit scores, mortgages and the real estate process. The ceiling on eligible purchases also prevents people from buying more house than they can afford. The loan does not have to be paid back until the homeowner sells or refinances.
The CDA's First-Time Homebuyer Program has helped more than 5,500 people since the 1980s. In 2010, 205 buyers took advantage of it.
Read about other First Time Home Buyer Programs in Minnesota and the Twin Cities.