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Home sweet home
 If your goal for the new year is to own a home, there are three local resources available through the Dakota County Community Development Agency.
First Time Homebuyer Loans & Down Payment Assistance
Low-interest, 30-year fixed-rate first mortgage financing is available along with up to $10,000 in down payment assistance through the Dakota County First Time Homebuyer Program. The current interest rate for the program is 4.45 percent. Income limits are $84,000 for one- or two-person households and $92,400 for three or more person households.
Buyers purchasing their first home in Dakota County can access these financing options by contacting a participating mortgage lender (a list is available online at www.dakotacda.org). The purchase price limit for a single family home, townhome or condominium is $276,683 and for duplexes the limit is $389,205.
Down payment assistance loan amounts are calculated based on household income.
In 2010, the Dakota County CDA helped 205 households purchase their first home.
Home Stretch ® Homebuyer Education
The first step in making a sound investment is to learn about the homebuying process. Home Stretch classes are taught by industry professionals and cover topics such as Budgeting and Credit Issues, Financing and Qualifying for a Home, Shopping for a Home, the Purchase Process, Closing on a Home and Life as a Homeowner.
The Dakota County CDA’s Home Stretch classes are offered monthly. Upcoming dates and times are:
- Feb. 10, 15 & 17 from 6–9 p.m. each night (must attend all three nights)
- March 12 from 8 a.m.–4:30 p.m.
- April 14, 19 & 21 from 6–9 p.m. each night (must attend all three nights)
The cost to attend Home Stretch is $15 per household for Dakota County residents and $25 per household for non-residents. Classes fill up fast. To pre-register, visit www.dakotacda.org or call 651-675-4472.
Pre-Purchase Counseling
Free, individual counseling is available to Dakota County homebuyers and can be accessed anytime during the home-buying process. Pre-Purchase Counseling assists homebuyers in creating a plan to become successful homeowners that may include: credit repair, creating a household budget to save for a down payment on a home, identifying mortgage loan products that best meet the households needs or examining loan documents. To schedule a pre-purchase appointment, call 651-675-4472.
For additional information about these programs, visit www.dakotacda.org or call 651-675-4442.
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This page was last updated on: 01/26/2011
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