The City of Shoreview Launches First-Time Homebuyer Programs

SPAAR - 06/24/2022

The City of Shoreview launched both Due on Sale and Amortizing Down Payment Assistance Programs for first time homebuyers.

For their Due on Sale program, Shoreview increased the loan amount from $10k to $20k for a zero interest loan due on sale of the property, with an additional $10k available as an amortizing loan. For their Amortizing program, it was increased from $25k to $30k and is at a 1% interest rate.

The minimum contribution for both programs is 3% of the purchase price of the home, with a maximum of $10k. There is an education requirement that must be completed before closing. There are also income limits for both programs. For the Due on Sale program, total gross annual borrower income cannot exceed 80% AMI and 120% AMI for the Amortizing program. The final point is that the purchase price of the home must not exceed $425k to qualify for these programs. Any further information can be found inside these documents.

 

Amortizing Program Document

Due On Sale Program Document

 

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