Home Ownership Assistance
12 Elton Hills Dr NW, Rochester, MN, 55901-3538
Distance: 994 Miles
Home ownership program that offers financial assistance to make home purchases more affordable for those that meet eligibility requirements
Assists individuals and families with home ownership, and providing funding for affordable housing projects.
* List of lenders
* Homebuyer education classes
* Down payment assistance
- People with low income
Income limits apply
Prospective home buyers meet with a representative and then are given a list of certified lenders.
8:00am - 5:00pm, Monday - Friday
Serves Rochester, Byron, Chatfield, Dover, Grand Meadow, Hayfield, Kasson, Pine Island, Plainview, Spring Valley, and St. Charles communities
This provider does not offer this service at other locations.
Other Services or resources
This provider does not offer other services or resources at this location.
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
BH-3500.3400-250First Time Buyer Home Loans Definition
Programs that provide low interest down payment/closing costs loans and/or home purchase loans for people with low incomes who are purchasing a home or a condominium for the first time. These loan programs generally require that the property be used as a primary residence; allow lower down payments, assistance with closing costs and alternative credit; and often require participation in home buyer training classes.
BH-3700.3000Homebuyer/Home Purchase Counseling Definition
Programs that help people who want to purchase a home evaluate their readiness for homeownership, shop for housing that meets their needs, resolve potential credit problems, analyze specific home purchase offers, obtain a mortgage loan with advantageous interest rates and an affordable monthly payment, and complete the paperwork to close the loan and complete the sale. Also included are programs that provide assistance for people who want to refinance a home.
BH-7000.8100-400Low Cost For Sale Homes/Housing Units Definition
Programs that offer homes or housing units including condominiums and apartments at lower than current real estate prices for individuals and families who wish to purchase housing and qualify on the basis of income. Also included are properties that are available under lease-purchase arrangements.
DT-8700.2000-270First Time Homebuyer Tax Credit Information Definition
Programs that provide information and guidance for eligible individuals who need assistance in determining whether they qualify for the federal first-time homebuyer tax credit included in the Worker, Homeownership and Business Assistance Act of 2009 which extends deadlines for purchasing and closing on a home originally set to expire on December 1, authorizes the credit for long-time homeowners buying a replacement principal residence and raises the income limitations for homeowners claiming the credit. Eligible taxpayers must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. The maximum credit amount is $8,000 for first-time homebuyers and $6,500 for repeat buyers. The programs may also provide information for people who purchased their homes in 2008 or 2009 regarding their eligibility for earlier versions of the first-time homebuyers tax credit included in the Housing and Economic Recovery Act of 2008 and the American Recovery and Reinvestment Act of 2009.
TB-3000.1500Community Land Trusts Definition
Housing development organizations that acquire and hold parcels of land, primarily for conveyance under long-term leases, but transfer ownership of structural improvements (residential and commercial buildings) on leased parcels as a way of creating and preserving affordable housing. The land leases are generally renewable and may be assignable to the heirs of the leaseholder, but have "limited equity" policies and formulas that restrict the resale price of the housing in order to maintain its long-term affordability. The trust may also retain a preemptive option to purchase improvements located on the land at a price determined by the formula. The objective of community land trusts is to provide homeownership opportunities for people who might otherwise be left out of the market and to preserve the long-term eligibility and accessibility of housing predominantly for very low income, low income and moderate income individuals and families.
YB-9000Young Adults Definition
Individuals who are generally between the ages of 18 and 25 depending on the ages that specific programs use for qualification.
YL-3300.4500Low Income Definition
Individuals or families whose annual income is between 150 and 200% of poverty level for their family size.
YL-3300.6500Poverty Level Definition
People whose annual income is within the federal poverty level guidelines which vary according to family size and are revised annually.
YM-2900.2000First Time Homeowners Definition
People who have purchased or are in the process of purchasing a home or condominium for the first time.