Down Payment Assistance FAQ's

 (Frequently Asked Questions)

Do we need to be employed for the Down Payment Assistance Program?

At least one of the home buyers in the household must be employed for the period of time required by the lender’s underwriting guidelines.

Do I have to attend any classes or training to qualify for the Down Payment Assistance Program?

Buyers must successfully complete ACCAP’s Home Ownership Program with the Home Stretch Workshop and one-to-one financial counseling prior to closing the loan.

What income requirements are there for this program?

Annual gross income cannot exceed the maximum income limitation allowed by the Anoka County Housing and Redevelopment Authority.  The limit is based on 80% of the metropolitan median income by household size.  As of March 8, 2006, the limit for a single individual is $41,700.00; for two, $47,700.00; for three, $53,650.00 and for four, $59,600.00.