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<br />Minnesota Cities Participation Program <br />Reduced Rate Mortgage for First-Time Homebuyers <br /> <br />The Minnesota Cities Participation Program offers reduced-rate mortgages to first-time <br />homebuyers for the purchase of homes in suburban Ramsey County. This low interest <br />mortgage may be combined with other downpayment assistance programs to make the <br />monthly house payment more affordable, often lower than rent. <br />The current interest rate is 6.65%. <br /> <br />Eligibility Requirements: <br /> <br />C Be a first-time homebuyer (or have not owned a home in the last three years) <br />o Have federal income tax return copies for three years <br />o Have decent credit <br />o Live in the home within 60 days of closing on the mortgage <br />o Must successfully complete an approved homebuyer training program prior to loan <br />closing .. <br /> <br />Property Requirements <br />o The purchase price limit for an existing home is $149,485. <br />o The purchase price limit for new construction is $137,257. <br />o The current interest rate is 6.65%. <br />o Property must be located in suburban Ramsey County. (All Ramsey County <br />communities except the City of Saint Paul.) <br /> <br />The mortgage is available through participating mortgage lenders. Interested parties <br />should contact the mortgage lender directly and ask about the availability of the <br />programs, or contact the MHFA (651-296-8215) for a list of participating lenders. <br /> <br />(g) <br /> <br />EQUAL HOIISIHG <br />OPPOll1\.1"ITY <br />