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<br /> <br />Ramsey County <br />FirstHOME Buyer Assistance Program <br /> <br />Ramsey County is pleased to introduce its new FirstHOME Buyer Assistance Program available <br />through local financial institutions. The program is designed to help first home buyers purchase <br />homes more affordably by providing deferred loans that can be used for downpayment assistance, <br />closing costs, and health/safety/code improvements. Eligible buyers may qualify for up to $20,000. <br />The principle only subordinate mortgage must be repaid when the property is sold. <br /> <br />Eligibility Requirements: <br /> <br />Income. Annual gross income cannot exceed the maximum income limitation allowed by the <br />Ramsey County Housing and Redevelopment Authority. The limit is based on 80% of the <br />Minneapolis/St. Paul median income by household size. As of March 2000, the limit for a single <br />individual is $35,150; for two, $40,150; for three, $45,200 and for four, $50,200. <br /> <br />Employm~. At least one household member must be employed in Ramsey County. <br /> <br />PropertY Requirements. The property must be the buyerlborrower's principal place of residence. <br />It mus'Cbe located in suburban Ramsey County (the City of Saint Paul is excluded). Eligible <br />propertiei include single family homes, condominiums, and townhouses. Both existing homes and <br />new c~truction are eligible. Property must meet Section B Housing Quality Standards and local <br />"t~odes>The maximum purchase price is $149,900. <br />\ ' <br /> <br />~-;.. MGrtgage Qualification. Borrowers must be able to qualify for a VA, FHA, or Fannie Mae approved <br />conventional mortgage as determined by the participating private lender or must meet the <br />requirements of locally approved initiatives designed to meet affordable housing needs in suburban <br />Ramsey County. Buyers must also contribute equity of one percent(1 %) of the purchase price or <br />two percent (2%) of the base mortgage amount, whichever is greater. <br /> <br />Homebuyer Training. Buyers must successfully complete an approved homebuyer training <br />program prior to closing the loan. <br /> <br />Contact your bank, credit union or mortgage company if you'd like to take advantage of <br />the Ramsey County FirstHOME Buyer Assistance Program. <br /> <br />(E) <br /> <br />EQUAL HOUSING <br />OPPORTUNITY <br />