Homeownership For Me Down-Payment Loan Program Reopening in Becker County

DETROIT LAKES (KDLM) – The Homeownership for Me Down-Payment Loan program is reopening in Becker County.

This second-mortgage loan is available to qualified buyers for purchase of a home as their primary residence. There are no monthly payments and no interest on the loan, but it must be repaid when the home is sold or at the maturity of the first mortgage.

A loan is available to buyers who are employed and reside in Becker County and who meet income guidelines.

The program is being operated by Midwest Minnesota Community Development Corporation (MMCDC). “To help ensure long-term success, all HOMe borrowers participate in free homebuyer education and housing counseling,” MMCDC President Julia Nelmark said.

The effort started with participation in the 2018 Housing Institute offered by Minnesota Housing Partnership (MHP), a statewide affordable housing nonprofit. Home Ownership for Me resulted from their discussions, which focused in part on housing needs of the Becker County workforce.

Participants in the 2018 Minnesota Housing Partnership Housing Institute in Detroit Lakes included the Becker County Economic Development Authority, Essentia Health, the Detroit Lakes Regional Chamber of Commerce, Mahube-Otwa Community Action Partnership, the City of Frazee, the City of Detroit Lakes, Midwest Bank, Detroit Lakes Housing and Redevelopment Authority, and MMCDC. Funding providers have included Becker County EDA, Detroit Lakes Development Authority, City of Frazee, Essentia Health, BTD and Arvig.

For more information you’re encouraged to contact www.mmcdc.com.