Dakota County
Dakota County First-Time Buyer Programs
First-Time Home Buyer Program & Down Payment Assistance
The CDA’s First Time Home buyer Program may be just what you’ve been waiting for. Since 1983, we have helped over 5,000 Dakota County residents purchase their first homes and you could be next!
Home buyers purchasing their first home in Dakota County can access:
- Fixed interest rate mortgage financing
- Mortgage Credit Certificate
- $8,500 in downpayment and closing cost assistance
- Reduced Private Mortgage Insurance (PMI) with our conventional HFA preferred mortgage.
First Time Home buyers are eligible to apply for downpayment and closing cost assistance loans of $8,500, depending on household size and income.
Downpayment & Closing Cost Assistance 2nd Mortgage Loan Terms
- 0% interest deferred
- No monthly payments
- Borrowers must contribute a minimum of $1,000 towards the purchase of their home.
- Loan is repaid when the primary mortgage is paid off upon sale of the home, refinancing or the primary loan is paid in full.
The loan can always be pre-paid in full or in part at any time
Mortgage Credit Certificate (MCC)
In addition to the low-interest first mortgage financing available through the First Time Home buyer Program, home buyers can take advantage of Give Yourself Credit! a mortgage certificate program that provides a federal income tax credit.
First-time home buyers may be eligible for a Mortgage Credit Certificate. The Mortgage Credit Certificate benefits can provide thousands of dollars in savings on interest over the life of a homeowners’ mortgage.
A Mortgage Credit Certificate (MCC) is a certificate provided by the IRS that allows home buyers to take 30% of their first mortgage interest, up to $2,000 each year, as a credit against what is owed on their Federal income taxes. This is a special program provided by the IRS that is not available to all homeowners.
