Community Housing Development Organization (CHDO)
Minnesota Urban and Rural Homesteading Program (MURL)
The HRA has 2 homes that have been sold under a Contract for Deed with no down payment and a loan payment equal to 25% of the buyers monthly adjusted gross income. If homes revert back to the HRA they are advertised to attract eligible buyers.
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To offer homeownership opportunities to first-time homebuyers that are “at risk.”
Assist in the stabilization of declining neighborhoods.
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The acquisition is from the HRA on a Contract For Deed with a 0% down payment and 0% interest loan for a maximum of 30 years.
Monthly payment includes only the principal, plus escrowed taxes and homeowners Insurance.
Monthly payment is 25% of the buyer’s monthly adjusted gross income.
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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 if one or more of the following apply:
Homeless
On public assistance
Unable to afford homeownership without this program
An at risk homebuyer lacks the ability to meet mortgage industry underwriting standards for traditional mortgage financing.
First Time Homebuyers (FTH)
Community Revitalization Fund (Down Payment Assistance)