Dakota County Community Development Agency

CDA 2009 Bond Program

Lender Portal

Working Group Portal

2010 Single Family MRB Program

PROGRAM FUNDS $58,000,000
ELIGIBLE AREAS Dakota County
ELIGIBILITY CRITERIA - First-time Homebuyers
- Borrower(s) & Spouses, occupant or non-occupant
- Must be able to permanently reside in the U.S.
- Principal residence
- Borrower(s) must occupy property within 60 days of closing
- IRS filed returns for past 3 yrs – all borrower(s) & spouses
ELIGIBLE LOAN TYPES FHA, VA, USDA-RD
AVAILABLE DOWN PAYMENT ASSISTANCE -  30 year, deferred, 0%, no monthly payments.
-  DPA & closing cost assistance is approved by Dakota CDA.
-  DPA has different tiers depending on income.
INCOME LIMIT CRITERIA Household income is considered for ALL Borrower(s), spouses and anyone 18 years or older.
-  1-2 person HHLD max = $84,000
-  3+  person HHLD max = $90,970
HOME ACQUISITION LIMITS - $272,910 for single family homes, town homes or condominiums
- $420,525 for duplexes (not eligible for additional DPA)
HOME BUYER EDUCATION Home Stretch Homebuyer Education certificate required prior to loan closing.
FICO SCORE REQUIREMENT Mid score must be 620 or higher
CO-SIGNERS Cosigners are permitted for FHA/VA loans under very specific conditions. Cannot be named on the Warranty Deed.
LOAN TIME LINE REQUIREMENTS -  Reservation to UW Cert: 45 days
-  Reservation to Close and Delivery: 75 days
-  Reservation to Loan Purchase: 95 days
LENDER PARTICIPATION View list of Participating Lenders.
FORMS AND DOCUMENTATION View Forms and Documentation.
OTHER For additional information, please See Program Guidelines.

Current Rates

  • 3.75 %
  • Term: 30 Year Amortizing

DPA

  • 30 Year Deferred, 0% Second Lien
  • Down payment and closing cost assistance is approved by Dakota CDA. DPA will have different tiers depending on House Hold Income. 
Program Updates

- Please check back for program updates.

Lender F.A.Q.
Homebuyer F.A.Q.

           

 Please check back soon for system training updates.

  

      

To register for Dakota County CDA Flex Training, please click here. For additional information on Lender Flex Training, please visit our Flex Training F.A.Q.

Note: Flex Training is available only on Tuesdays between 7 AM – Midnight in all time zones.