Serving the counties of

First Time Homebuyers (FTH) Program

 FTH participants must meet income and program guidelines. The HRA works with the counties of Kittson, Marshall, Norman, Pennington, Polk, Red Lake and Roseau.  Funding for the FTH program is made available annually by the Minnesota Housing Finance Agency.  Please view this listing of local lending agencies.

You want to contact one of the following lenders for further information or possible funding as a FTH.

• Wells Fargo Bank, Thief River Falls, MN  -  218-681-1930
• Northern State Bank, Thief River Falls, MN  -  218-681-4020
• Unity Bank North, Red Lake Falls, MN  -  218-253-2143
• MMCDC, Detroit Lakes, MN  -  218-847-3191
• Bremer Bank, Crookston, MN  -  218-281-4182
• Citizens State Bank, Roseau, MN  -  218-463-2135
• American Federal Bank, Crookston, MN - 218-281-3305

You may also contact your local bank to see if they have information available.    If you have additional questions contact Lee  at 218-637-2431.

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Community Revitalization Fund (Down Payment Assistance)

Deferred loans and low interest loans may be available through the CRF program in the counties of Kittson, Lake of the Woods, Marshall, Norman, Pennington, Polk, Red Lake and Roseau.  This program is for persons interested in building new or buying existing homes.  The intent is to assist local employers with another tool to attract and retain workers.  Training can be a costly item and if we can help put someone in a home, they are more likely to stay in that community and with their current employer.

Private and public investors pledge funds that are matched by the Minnesota Housing Finance Agency. Deferred loans and low interest loans up to $10,000 will be available to assist qualified applicants with gap financing (down payment assistance). Often the only thing that is holding a prospective homeowner back from buying a home is the lack of a down payment. This program has assisted over 600 families in purchasing a home in our area over the past 8 years.

NW MN Multi-County HRA administers the 7 county loan pool that is used as a revolving loan pool for future low interest loans. The loan pool is created from the low interest loan repayments by homeowners who have taken advantage of the CRF program.

Since 1997 three million dollars in grant funds and over two million dollars in investor funds has been received assisting over 600 families with their housing finance needs. Thirty million dollars have been leveraged from the deferred loans and investor dollars. The program has been a tremendous asset to the economic development of our northwest region.

For additional information on CRF you may call 218-637-2435 or e-mail tina@nwmnhra.org .

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Community Housing Development Organization (CHDO)

Minnesota Urban and Rural Homesteading Program (MURl)

The HRA currently has 15 homes that have been sold under a Contract for Deed with 9 down payment and 25% of buyers monthly adjusted gross income. If homes revert back to the HRA they are advertised to attract eleigble buyers

The Minnesota Urban & Rural Homesteading Program (MURL) has been operated since 1999 through the Northwest Minnesota CHDO.  Since then the CHDO housing program has developed into a revolving fund program.  The program funds are used to purchase vacant homes that are in repairable condition and to do the necessary improvements.

Goal

1. To provide homeownership to first time homebuyers that are “at risk”

2. Assist in stabilizing declining neighborhoods

Stipulations

• Acquisition is from the HRA on a Contract For Deed 0% down payment 0% interest, maximum of 30 years.

• Payment includes only principal plus escrowed Taxes and Home Owners Insurance.

• Payment is 25% of buyers monthly adjusted gross income.

First Time "At Risk" Homebuyer

A first time “at risk” homebuyer is an individual and/or his or her spouse who have not owned a home during the three year period before the purchase of a home under the program except that is one or more of the following:

• Homeless

• On public assistance

• Unable to afford homeownership without this program

• At risk homebuyer lacks the ability to meet mortgage industry underwriting standards for traditional mortgage financing.

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There are no houses for sale at this time.

If you have any questions, please contact Ken at 218-637-2435 or ken@nwmnhra.org.