Dakota County CDA & eHousingPlus will be closed for Thanksgiving on Thursday 11/27 & Friday 11/28. DPA funds requests will not be processed on Friday.
Reservations as usual. view notice
2012 First Time Homebuyer Program
2012 First Time Homebuyer Program
for details on all summary items, please see the Administrator’s Guidelines – Guide & Forms Tab
|PROGRAM FUNDS||Borrower may choose of the following:
|LOAN TIME LINE REQUIREMENTS||DO NOT RESERVE EARLY: Must complete Underwriter Certification by 30th day
|ELIGIBLE LOAN TYPES||
|DOWN PAYMENT ASSISTANCE||
|INCOME LIMIT CRITERIA||
|HOME BUYER EDUCATION||
|FICO SCORE REQUIREMENT||
|THE MASTER SERVICER||
- FHA -3.875% - Effective 11/25
- HFA Preferred – 4.50% – Effective 11/25
- 30 year, Amortized, Fixed Rate
There are three (3) Options for Downpayment Assistance, based on HH Income:
- Below 50% AMI = 10% based of the Purchase Price, not to exceed $10,000
- Between 50.01%-80% AMI = 5% based of the Purchase Price, not to exceed $7,500
- Above 80% AMI = 3.5% based of the Purchase Price, not to exceed $7,500
- information on DPA Funding
eHousingPlus is the Program Administrator, and provides some of the following services:
| Administrator Guidelines
Dakota CDA DPA forms Click here
The Following Lenders have been approved to originate loans in this Program:
- Alerus Mortgage
- American Mortgage and Equity Consultants, Inc. ( Amecinc)
- Bell State Bank and Trust
- Bremer Bank
- CMG Financial
- Cornerstone Home Lending, Inc.
- Envoy Mortgage
- Fairway Independent Mortgage Company
- First Option Mortgage
- Homeservices LLC bda Edina Realty
- LendSmart Mortgage
- Marketplace Home Mortgage
- Merchants Bank
- MidCountry Bank
- Mortgages Unlimited
- PHH Home Loans
- Stonegate Mortgage Corporation
- US Bank Home Mortgage
- Waterstone Mortgage Corporation
- Wells Fargo Bank
- Wintrust Mortgage Corporation
Lenders: Lenders are approved by both US Bank and Dakota CDA. Once your Company is approved, your Company name would be listed below and given access to the Program. Everyone associated with the program must attend the EHP University online program training. After you attend online training, direction is given as to system training and access. You can sign up for eHP System Training but you have to be approved to participate before taking the training.
Interested in becoming a participating lender? Contact us.
- 7/29-HFA Preferred product is offered in the Dakota program, starting rate is 4.625
- 7/28-HFA Preferred training
- 6/9 – Updated Guidelines – servicer fee
- 5/20-Income limits are updated
- 5/1 – DPA income limits change
- 4/1 – Program changes, click to read
- 7/1 – Mortgagee Letter 2013-14
- 2/21 – New 1st Mortgage Rate - 3.375%
- 2/12 – Updated Guidelines & checklist – please check on-line!
- 1/28 – Dakota County CDA issues new procedures for the funding of DPA; now required prior to closing. See Notice
- 12/5 – Web online Lender Training is available. To attend the eHP Univeristy Online Training, Click here.
- 12/21-Program is available.
- eHP Lender Program Training
- Required for everyone participating in the program
- offered 24/7
- Click here to attend Program training
- eHP System Training*
- After you complete the online Lender Program Training, information is provided as to what happens next.
- Click here to register for system training
Should you have any questions on training, please contact email@example.com
* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.