City Living
CityLiving loans offer homebuyers an opportunity to purchase Minneapolis and St Paul homes at an interest rate that historically has ranked well below market rates and also offers special assistance for down payment and closing costs. The City sells tax exempt mortgage revenue bonds, making the funds available to private lenders for low-interest mortgages.
All first time homebuyers must attend a Home Stretch homebuyer education workshop. The workshops provide first-time homebuyers comprehensive information to prepare them for home ownership. The workshops are offered in English, Spanish, Hmong and Cambodian. Bilingual counselors or interpreters are also available for other languages.
Workshops are offered through www.prginc.org and www.hocmn.org.
Call 952-417-8474 or email me to discuss your own personal situation.
Current CityLiving rate 4.5% with
assistance
CityLiving is a mortgage program that provides
below market rate financing to first-time homebuyers. It also
provides second mortgages to help pay for closing costs and
downpayment.
| Purchase price limits | Non-Target Area | Target Area* | |
| 1 unit | $276,870 | $369,160 | |
| 2 units | $389,205 | $553,740 | |
| 3 units | $470,472 | $830,610 | |
| 4 units | $584,666 | $1,107,480 | |
| Program income limits | Non-Target Area | Target Area* | |
| 1 & 2 Person Household | $84,000 | $92,400 | |
| 3+ person household | $92,400 | $92,400 | |