Homeownership Opportunity Program First Time Home Buyer Down Payment Assistance
The Homeownership Opportunity Program (HOP) – Provides short-term, temporary financing for the acquisition and rehabilitation of vacant properties in, or in imminent danger of foreclosure, and for properties in a foreclosure impacted area. These loans are taken out by standard first mortgage products when the rehabilitation is completed.
Borrower Eligibility
- An owner occupant with a total income less than $93,100 and pre-approved for a first mortgage sufficient to take out the HOP loan.
Property Eligibility
- Not in mortgageable condition and a single family detached, zero lot line town home, owner occupied duplex, manufactured home on a permanent foundation, AND be vacant as the result of foreclosure of be in imminent danger of foreclosure with a negotiated short sale or be in a foreclosure
Structured as 0 down with equity realized from rehab (after improved value AIV)
Ben Coulter
612.384.7818
Ben@UptownFinancial.com
Minnesota First Time Home Buyer Down Payment Assistance Program
Serving Mankato, North Mankato, Northfield, Minneapolis, St. Paul, Brainerd, St. Cloud, Rochester, Duluth and all other cities in Minnesota.
