Dakota County CDA

Dakota County CDA –  2012-2016 First Time Homebuyer Program 

Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

PROGRAM FUNDS Borrower may choose of the following:

  •  First mortgage program loan, down payment assistance and MCC; OR
  •  First mortgage program loan and down payment assistance; OR
  •  First mortgage program loan and MCC; OR
  •  First mortgage program loan; OR
  •  Mortgage Credit Certificate
  • All of Dakota County,  Minnesota
LOAN TIME LINE REQUIREMENTS Please DO NOT Reserve early.  Should be qualified prior to reservation.

  • Reservation to UW Certification: 45 days 
  • Reservation to Closed AND Delivered:  60 days
  • Reservation to Loan Purchase:  85 days
  • FHA, VA
  • HFA Preferred
  • DPA up to $8,500
  • see the Rates Tab
  • The DPA is Approved by Dakota County CDA.
  • Click here to access other DPA forms required by program.
  • Details are listed in the Administrator’s Guidelines.
  • First-time buyers – ALL borrower(s) & Spouses
  • Past 3 years Federal Income Tax returns required for ALL borrower(s) & Spouses
  • Must be able to permanently reside in the U.S.
  • Must be Principal Residence
  • Must occupy within 60 days of closing
  • Household income – Include income mortgagor(s), person expected to both live in the residence and sign the note, and any person who is both the legal spouse of a mortgagor and is expected to live in the residence.
    • 1 or 2 Person Household:  $94,300   NEW! 5/15
    • 3 or more Person Household:  $103,900
  • $285,780 for single family homes, townhomes or condominiums
  • Required for all Borrower(s) 
  • Must complete PRIOR to closing
  • Approved education providers include: Homestretch Homebuyer Education OR Framework Online Education
  • See CDA Web site for more information.  view
  • Government loans – 
    • FHA – Max DTI 45%, Minimum FICO 650 
    • VA – Max DTI 45%, Minimum FICO 640
  • HFA Preferred loans –
    • Max DTI 45%, Minimum FICO 640 
  • no manual uw
  • Cosigner’s are not allowed for borrowers using Down Payment Assistance
  • May NOT have a ownership interest
  • May NOT reside in the residence
  • Any loan not purchased within 85 days is ineligible for purchase unless the lender chooses a one-time 30 day extension.  The cost of the extension is $375 due whether or not the loan is ultimately delivered and/or purchased.
  • Click here for an extension request
  • Take application for the program
  • Reserve first mortgage, second mortgage and MCC funds in eHousingPlus system
  • Process, Underwriter, Certify, Fund, Close and Sell qualified loans to the Program Master Servicer
  • Check with your company on how to reserve a loan in YOUR own system so that you have funds available at closing
  • Responsible for servicing loans in accordance with Agency requirements until loan is purchased by the Master Servicer
  • Must make sure loans meet timeline
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance with the Servicer Lender Guides or  to contact the US Bank Lender Help Desk, Click here.
  • Contact eHousingPlus for questions related to the compliance file, income, first-time buyer, Tax requirement, access to the program, training, eHP system, web site, administrator guidelines.  Click here
  • Contact US Bank for questions related to the mortgage file, escrow, DU findings, insurance, high priced loans, MDIA, Respa, payments.  Click here
  • Contact the Dakota County CDA for questions about the down payment assistance program and application process.  Click here

Current Rate/Offerings  

Rate/Offerings FICO Lock Rate DPA Effective Date
FHA 650 5.000% see below   6/12
VA 640 
HFA Preferred 640 5.375% see below  6/12


  • 30 year, Amortized, Fixed Rate
  • manufactured homes not allowed
  • manual UW not allowed


  • DPA up to $8,500
  • same income limits as the first mortgage


eHousingPlus is the Program Administrator, and provides some of the following services:

     Administrator Guidelines   Administrator's Guidelines 5/4 7/15 7/30

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Need help, Click here 
    In Case you are disclosing up front:

                        form Program Sample Forms  EXTERNAL_LINK_EHOUSINGPLUS_32x32    are available at the loan level, within the loan or  from the menu, select forms.
   Dakota CDA DPA forms Click here EXTERNAL_LINK_EHOUSINGPLUS_32x32

The Following Lenders have been approved to originate loans in this Program:


  • Academy Mortgage Corporation
  • Alerus Mortgage
  • American Mortgage and Equity Consultants
  • Associated Bank
  • Bay Equity LLC
  • Bell Bank Mortgage
  • Bremer Bank
  • CMG Mortgage Inc. dba CMG Financial
  • Cornerstone Home Lending, Inc.
  • Eagle Home Mortgage, LLC.
  • Envoy Mortgage
  • Fairway Independent Mortgage Corp.
  • First Option Mortgage
  • Guaranteed Rate Affinity, LLC
  • Guaranteed Rate
  • Homeservices Lending LLC dba Edina Realty Mortgage
  • LendSmart
  • loanDepot.com LLC
  • Marketplace Home Mortgage
  • Merchants Bank
  • MidCountry Bank
  • Mortgages Unlimited, Inc.
  • Nations Reliable Lending, LLC
  • Perl Mortgage
  • Waterstone Mortgage

*  only First Mortgage Program

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.


Program Updates
  • 5/15- revised income limits
  • 1/18 – DPA is simplified to $8,500There are three (3) Options for Down Payment 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

EhousingPlus University

  1. eHP Lender Program Training
    • Required for everyone participating in the program
    • offered 24/7
    • Click here to attend Program training
  2. 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 jennifer@ehousing.cc

To read more about eHP Program Training, click here.

* 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.