What is a DP assistance? Chris mentioned it.

Asked by Amy Wiger, Eagan, MN Mon Mar 4, 2013

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13
Steven Brand, Mortgage Broker Or Lender, Woodbury, MN
Wed Mar 20, 2013
Sherri is on the ball for you. Woodbury has a great FTHB (first time home buyer) program can assist with "down payment" and "closing costs" AND is often misunderstood by most Mortgage folks out there.

The "neighborhood lift" monies were reserved in the MN area within days of being announced but then as many of those didn't close... funds did open up again and they were depleted again a couple weeks ago (early March).

Loan Officers at iLoan (Sherri or myself) have access to many programs with lending resources that are not "captive" to one Bank/Investor. http://www.iLoanHomeMortgage.com

Happy Home Shopping!
1 vote
Sherri Sherpy, , Saint Paul, MN
Wed Mar 6, 2013
Hi Amy,

There are several down payment assistance programs available. They range from 3% of the purchase price (or $3,000 whichever is greater) to $25,000. Some are available state wide, while others are specific to a county.

All down payment assitance programs require qualification; namely that #1 you qualify for the 1st mortgage product and #2 you fall within the maximum income limits. Some of the programs have additional qualifying requirements.

Your best bet would be to talk to a qualified loan officer to assist in determining what you may qualify for.
Web Reference:  http://www.sherrisherpy.com
1 vote
Steven Brand, Mortgage Broker Or Lender, Woodbury, MN
Mon Mar 25, 2013
Karl is a great guy at Woodbury. I just talked to him last week. But he doesn't give loans out.. he sources the Woodbury DPA program and "mortgage loan originators" at help you with your purchase loan. You know... places like iLoan. :)
0 votes
Edward Kapler, Agent, Woodbury, MN
Thu Mar 21, 2013
Amy; Give Karl Batalden a call at 651-414-3438. He is the one who handles the Down payment assistance for Woodbury and then give me a call at 651-343-6742 and I can help you find your next home.
0 votes
Amy Wiger, Renter, Eagan, MN
Wed Mar 20, 2013
Thank You Steve. Our agent couldn't even answer that question for us. I suppose he's just too busy.
0 votes
Amy Wiger, Renter, Eagan, MN
Sat Mar 9, 2013
Thanks for all the great responses.
0 votes
Donald James, Agent, Edina, MN
Tue Mar 5, 2013
There are a number of Down Payment assistance programs available. These vary by location. There are city, state, and federal programs. Your experienced Realtor and / or mortgage professional will show you programs for which you may qualify.
Web Reference:  http://www.mywra.net
0 votes
Susan Hoffla…, Agent, Shoreview, MN
Tue Mar 5, 2013
Hi, Amy!
That means Down Payment assistance. There are programs that provide help with down payment money, some of it has to be repaid, sometimes not. There are also programs that specialize in certain areas for certain types of properties, etc.

Best to talk to a lender to get your ideas on the table and see what's possible.

Good luck!
Web Reference:  http://www.homestosellmn.com
0 votes
Christopher…, Agent, Bloomington, MN
Tue Mar 5, 2013
It is Down Payment Assistance Amy

~Chris
0 votes
Angela Sadat, Agent, Woodbury, MN
Mon Mar 4, 2013
he most likely is referring to down payment assistance. currently there is not too much of it out there, though there is a program called "neighborhood lift" that has funds available for those buying in specific urban neighborhoods. this program still requires the 3.5% down payment from the buyer though (fha loan, of course:)
0 votes
Ed Kapler, Home Buyer, Pittsburgh, PA
Mon Mar 4, 2013
Thanks for the question Amy. DP is down payment assistance. Many areas of the Twin Cities offer down payment assistance to buyers like you.

Give me a call or visit my website.

Ed Kapler
Keller Williams
651-343-6742
0 votes
Graciela Spa…, Agent, Boston, MA
Mon Mar 4, 2013
Hi Amy,
For your information, the down payment assistance usually comes from an organization or from city grants as well. You need to qualify for it and guidelines are very strict often
0 votes
Kelly and Kr…, Agent, Eagan, MN
Mon Mar 4, 2013
Hello Amy,
I believe he is referring to down payment assistance.
Thanks,
Kristin
0 votes
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