Southeastern Minnesota Multi-County Housing And Redevelopment Authority
Home Ownership Assistance - First-Time Home Buyer Program
134 2nd St E, Wabasha, MN, 55981
(651) 565-2638
https://www.semmchra.org/first-time-homebuyer-program
Service Details
Description
Home ownership program that offers financial assistance to make home purchases more affordable for those that meet eligibility requirements
Additional Information
Help is available for first-time home buyers or those who have not owned a home in the last three years.
Home buyers can work with a variety of local lenders.
Goodhue County offers a down payment and closing cost assistance program for eligible homebuyers.
Features
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Area Served by County
- Dodge County
- Fillmore County
- Goodhue County
- Houston County
- Wabasha County
- Winona County
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Specialization
- Family
- People with low income
Eligibility
Must:
* Be a first-time homebuyer
* Not have owned a home in the last 3 years
* Have a minimum credit score of 640
* Meet income guidelines
Household income guidelines:
Goodhue, Wabasha, and Winona counties
1-2 persons: $111,700
3+ persons: $128,400
Dodge County
1-2 persons: $118,000
3+ persons: $135,700
Application Instructions
For more information, contact Sara Fuher at (651) 565-2638 ext. 221 or sara.fuher@semmchra.org
Business Hours
7:00am - 4:30pm, Monday - Thursday
7:00am - 11:00am, Friday
Area Served
Dodge, Fillmore, Goodhue (excluding the City of Red Wing), Houston, Wabasha, and Winona (excluding the City of Winona) counties
Websites
Phone Numbers
| Type | Number | Hours |
|---|---|---|
| Main | (651) 565-2638 Ext: 201 |
Last Update
6/25/2024
Other Locations
This provider does not offer this service at other locations.
Other Services or resources
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
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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.
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BH-3500.3400-450Low Income Home Loans Definition
Programs outside of HUD that provide direct or guaranteed housing loans for low-income families who do not have sufficient resources to purchase a home for themselves and who could not otherwise secure credit for this purpose.
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BH-3500.3500Housing Down Payment Loans/Grants Definition
Programs that provide cash grants or loans for people who want to purchase or build a home and need all or a portion of the amount that is required to make a down payment on the home or property. Included are conventional loans, deferred loans (in which payments are deferred until the home is sold) and forgivable loans (in which all or a part of the loan is forgiven if the borrower resides in the home for a specified period of time).
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BH-7000.8100Subsidized Home Acquisition Definition
Programs that make housing more readily available to middle or low-income individuals and families or other identified groups by offering lower priced or cooperative housing and/or affordable payment plans, arranging for interest or mortgage subsidies for people who qualify on the basis of income, or by providing mortgage-free homes, generally for designated populations.
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YL-3300.4500Low Income Definition
Individuals or families whose annual income is between 150 and 200% of poverty level for their family size.
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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.
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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.