Purchase a forclosed home in Brooklyn Center, MN and receive up to $10,000 toward down payment and closings. This program is a perfect complement to the FHA loan program that requires 3.5% of the purchase price as down payment.
Highlights:
The borrower(s) must plan to occupy the home as a Primary Residence.
No Non-Occupying co-signers will be allowed with the program.
Borrower must not exceed the 31% housing 43% total debt ratios of the FHA program.
Borrower must not own other residential property.
Homebuyer education class must be attended to qualify.
Minnesota FHA 203K can be used with the Brooklyn Center Rehab loan of up to $7000.
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