City Living 2009 Single Family Bond program
| PROGRAM FUNDS | $41,000,000 |
| ELIGIBLE AREAS | Cities of Minneapolis and Saint Paul |
| ELIGIBILITY CRITERIA | - First-time Homebuyers - Borrower(s) & Spouses, occupant or non-occupant - Must be able to permanently reside in the U.S. - Principal residence - Borrower(s) must occupy property within 60 days of closing - IRS filed returns for past 3 yrs – all borrower(s) & spouses |
| ELIGIBLE LOAN TYPES | FHA & VA |
| AVAILABLE DOWN PAYMENT ASSISTANCE | - 2.5% Assistance based on final loan amount. - 0%, deferred, forgiven on the 7th anniversary - Must execute Second Mortgage & Note |
| INCOME LIMIT CRITERIA | Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older - 1-2 person HHLD max = $84,000 - 3+ person HHLD max = $90,970 |
| HOME ACQUISITION LIMITS | $272,910 |
| HOME BUYER EDUCATION | Home Stretch Homebuyer Education certificate required prior to loan closing. |
| FICO SCORE REQUIREMENT | Mid score must be 620 or higher |
| CO-SIGNERS | Cosigners are permitted for FHA/VA loans under very specific conditions. Cannot be named on the Warranty Deed. |
| LOAN TIME LINE REQUIREMENTS | - Reservation to UW Cert: 45 Days - Reservation to Close and Delivery: 75 days - Reservation to Loan Purchase: 90 days |
| LENDER PARTICIPATION | Please click on this link for a list of Participating Lenders |
| FORMS AND DOCUMENTATION | View Forms and Documentation. |
| OTHER | For additional information, please See Program Guidelines. |
Current Rates
- 3.99% with DPA Assistance
- Term: 30 Year Amortizing
- In addition: Issuers are providing notice that mount of down payment assistance is increased to 2.5% of the primary loan amount. Other terms of the Assistance Loan remain the same
DPA
- 2.5% down payment Assistance on final loan amount.
- 0% deferred loan, forgiven on 7th anniversary, if owner occupied.
Program Updates
- Term changes for current interest rate with assistance: In addition, Issuers are providing notice that mount of down payment assistance is increased to 2.5% of the primary loan amount.Other terms of the Assistance Loan remain the same.
Lender F.A.Q.
I am a lender and I have questions. Who can I contact?
If you have any questions, please refer to the Compliance Contact Directory.
Homebuyer F.A.Q.
What is the CityLiving Home Program?
CityLiving is a program sponsored by the Cities of Minneapolis and Saint Paul that provides mortgage financing and also offers special assistance for down payment and closing cost. The program is restricted to first-time homebuyers (which means they have not owned the house they have lived in over the past three years), unless the house is located in a target area* or unless one of the borrowers is qualified veteran.
Do I have to be a first-time homebuyer?
You must be a first-time homebuyer unless you meet at least one of the following qualifications:
-You are buying in a targeted area; You are purchasing or refinancing a house and doing at least 1/3 of the current federal tax basis or value of the house in renovation work; or One of the borrowers is a veteran, defined as a person who serviced in the active military, naval, or air service, and who was discharged or released under conditions other than dishonorable. Veterans are only exempt from the first-time-homebuyer requirement once. unless the house is located in a target area* or unless one of the borrowers is qualified veteran.
-You are buying in a targeted area; You are purchasing or refinancing a house and doing at least 1/3 of the current federal tax basis or value of the house in renovation work; or One of the borrowers is a veteran, defined as a person who serviced in the active military, naval, or air service, and who was discharged or released under conditions other than dishonorable. Veterans are only exempt from the first-time-homebuyer requirement once. unless the house is located in a target area* or unless one of the borrowers is qualified veteran.
How do I apply for this mortgage money?
You need to contact a lender on the CityLiving participating lender list. The lender can review your qualifications and will process your mortgage application.
Are there funds available to help me with my down payment and closing cost, if so, what are the terms?
Subject to availability of funds, anyone who qualifies for the CityLiving program can choose to also get a Downpayment Assistance Loan. The DPL is a non-interest bearing loan, with no payments due until the sale or refinancing of the home. If you continue to live in the financed home for 7 years, the DPL will be forgiven. Downpayment Assistance Loan will be in the amount of 2.5% of the amount of the first mortgage.
What is Down Payment Assistance?
In an effort to assist low- to moderate-income individuals achieve homeownership, the FTHB program offers borrowers an assortment of down payment assistance options. The assistance comes in the form of a grant, or a 0% interest or low, fixed-rate second mortgage. Only one Florida Housing down payment program can be used by the borrower and only in conjunction with the FTHB program first mortgage products.
Do I have to attend a Home Education class to participate in the program?
All first-time buyers must attend a Home Stretch homebuyer educational workshop. If there are two or more borrowers, all must attend the workshop. You can call 651-659-9336 or visit www.hocmn.org to be referred to a class location near you.
Please check back soon for system training updates.
To register for Minneapolis/Saint Paul City Living Flex Training, please click here. For additional information on Lender Flex Training, please visit our Flex Training F.A.Q.
Note: Flex Training is available only on Tuesdays between 7 AM – Midnight in all time zones.
