Wright County Economic Development

 

WRIGHT COUNTY ECONOMIC DEVELOPMENT
FIRSTTIME HOME OWNERS 
LOAN PROGRAM

 

The purpose of the First Time Home Owners Program is to help Wright County families acquire single family residences by providing assistance in the form of low interest loans to match buyers’ contribution dollar for dollar to pay eligible closing costs, down payment, or costs of repairs which are necessary to obtain financing or mortgage insurance.

 

Guidelines

	Applicant must meet income guidelines for low and moderate income.
	Money may be used for down payment, closing costs or home repairs.
	Funds from Wright County Economic Development must be matched dollar for dollar by the borrower.
	Loans can be 10% of the purchase price with a maximum amount of $3,000.
	All loans carry 5% interest with up to a 5-year repayment plan.
	Property cannot be resold without full payment.
	Home must be located in Wright County.
	The purchaser must secure a commitment from a lending institution to finance the house contingent upon Wright County’s participation.

	Money may be used for down payment, closing costs, and/or home repair for insurability.
	Funds must be matched dollar for dollar by the borrower.
	Loans will be 5% of the purchase price with a maximum amount of $5,500
	All loans will carry 6% interest rate or 2 points less than financial institution which ever is greater up to 5 year repayment plan.
	Property cannot be resold without full payment.
	Home should be located in Wright County.
	The purchaser must secure a commitment from a lending institution to finance the house contingent upon Wright County’s participation.
	Purchaser’s financial statement must indicate proof of repayability.
	Purchasers may utilize this program for home purchase up to $110,000.00.
	Persons interested in assistance from either of these programs should contact their mortgage lender, realtor or the WCED office for an application.

 

 Automatic withdrawal of payments from checking or savings account is strongly recommended.

* Income Guidelines

(as of 03/05)

 

The maximum adjusted income will not exceed:

1 person        2 person       3 person     4 person    5 person
$46,700          $53,350        $60,050      $66,700     $72,050

 

* If income exceeds these guidelines please refer to Supplementary Homeowners Program Guidelines below.

 

 

 

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SUPPLEMENTARY HOMEOWNERS LOAN 
PROGRAM GUIDELINES

  

• Money may be used for down payment, closing costs, and/or home repair for insurability.

 

• Funds must be matched dollar for dollar by the borrower.

 

• Loans will be 5% of the purchase price with a maximum amount of $5,500

 

• All loans will carry 6% interest rate or 2 points less than financial institution which ever is greater up to 5 year repayment plan.

 

• Property cannot be resold without full payment.

 

• Home should be located in Wright County.

 

• The purchaser must secure a commitment from a lending institution to finance the house contingent upon Wright County’s participation.

 

• Purchaser’s financial statement must indicate proof of repayability.

 

• Purchasers may utilize this program for home purchase up to $110,000.00.

 

• Persons interested in assistance from either of these programs should contact their mortgage lender, realtor or the WCED office for an application.  

 

 

 

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