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First-time Homeownership Program

The City of Woodbury Housing and Redevelopment Authority (HRA) has made down payment and closing cost assistance loans available to encourage homeownership in the City of Woodbury. Current available dollars for loans are based upon the fund balance for any given period.

The maximum loan amount is $25,000. The loan funds can be used for down payment and closing costs. The borrower cannot receive any portion of these funds as cash.

The interest rate is below market rate and will be fixed with simple annual interest, with monthly installment payments of interest only. Borrowers aged 65 or older or who are military veterans shall receive a discounted rate. A 0% interest rate is available for first-generation homebuyers. Payment of principal will be deferred until sale, transfer of title, when the primary mortgage is paid off, or when the property ceases to be owner-occupied. Loan term shall not exceed 30 years.

All loans will be secured by a mortgage in favor of the Woodbury HRA. Applicant will be required to obtain title insurance on this loan for the City of Woodbury HRA.

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Questions?
Contact Karl Batalden, community development coordinator, at 651-414-3438 or karl.batalden@woodburymn.gov

Contact
NeighborWorks Home Partners
Down Payment Team
651-292-8710 | downpayment@nwhomepartners.org

 

Applicant Eligibility

Property Eligibility

Loan Costs

Application and Disbursement