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1996 Minnesota City Participation Program <br /> Program Information Insert <br /> General Program Guidelines <br /> • You must be a first-time homebuyer. <br /> • You can call a participating lender listed below or MHFA at(612)297-4620 or 1-800-657-3896 to obtain current interest rate information. <br /> • <br /> • Your adjusted household income'must be below a specific limit set by the City(see"Participating Cities"Section). <br /> • The price of the home you wish to buy must be below a specific limit set by the City(see"Participating Cities"Section). <br /> • Cities may have additional requirements and/or special benefits available (see"Participating Cities"Section). <br /> Additional help from the Homeownership Assistance Fund. <br /> To assist you further,extra help is available for entry cost(downpayment and closing costs)assistance and monthly payment assistance through <br /> our Homeownership Assistance Fund(HAF). Here's how it works: • <br /> • HAF may be available to you if your maximum adjusted household income' does not excced the amounts listed: <br /> MAXIMUM ADJUSTED <br /> COUNTY INCOME FOR Monthly <br /> Assistance n� andke Entry� <br /> Assistance <br /> Twin Cities(Anoka,Carver,Chisago,Dakota, <br /> Hennepin,Isanti,Ramsey,Scott,Sherburne, $28,000 $26,000 <br /> _ Washington,and Wright) <br /> Olmsted $23,000 $21,000 <br /> All other counties $21,000 $19,000 <br /> • The amount of HAF assistance for which you may be eligible depends upon your adjusted income and the nature of your home purchase. <br /> • HAF is an interest-free,second mortgage which you will repay on a graduated basis. <br /> If there are no banks listed under the City you are interested in, all lenders <br /> on the attached Minnesota Mortgage Program Lender List are eligible. <br /> Participating Cities <br /> Anoka(City of) <br /> 40 New' Existing •You may select either a new or existing home in the City of Anoka. <br /> Construction Homes •New construction homes must be constructed on lots which are designated • <br /> Adjusted Income Limits' $43,650 $43,650 as part of Anoka's Scattered Site Acquisition Program. Contact the city for <br /> Purchase Price Limits $95,000. $95,000 detatlsat612�21f630. <br /> Anoka County <br /> New Existing •You may select an existing home in Anoka County,except for in the cities <br /> - Construction. Homes of Anoka,Columbia Heights,and Fridley . <br /> .:Adjusted Income Limits' na $43,650 - <br /> Purchase Price Limits - Ma <br /> _ $95,000 . <br /> Bloomington <br /> New Existing •You may select either a new or existing home in Bloomington. <br /> Construction Homes •New construction is allowed only in specific areas of the city. Contact the <br /> Adjusted Income Limits' $43,650 $43,650 <br /> Bloomington HRA for details at 612-948-8940. <br /> Purchase Price Limits $95,000 $95,000 <br /> Bell Mortgage Company Norwest Mortgage First Edina Mortgage Heigl Mortgage <br /> 3601 Minnesota Drive,Suite 550 3601 Minnesota Drive,#100 5300 Hyland Greens Drive 7803 Glenroy Road,Suite 200 <br /> Bloo i9 gton5 Bloomington Bloomington Bloomington <br /> 612-884-4082 612-844-5352 . 612-831-6644 <br /> Inland Mortgage Corporation Knutson Mortgage Corporation Waterfield Financial Corporation North American Mortgage Company <br /> 2051 Killebrew Drive,Suite 640 6465 Wayzata Boulevard,Suite 415 2901 Metro Drive,Suite 214 7760 France Avenue South,Suite 320 <br /> 612-856-9605 Minneapolis Bloomington Bloomington <br /> 612-593-0236 612-853-0222 612-844-9088 <br /> 1 Determine approximate'adjusted'Income by subtracting$1.000 for each household member who will Ave in the home from your current gross annual household income <br />