Product Details

Sorry, this Program is no longer available

Making an informed home buying decision is important.

Below we’ve provided specific details on our Bridge to Success Contract for Deed program.

Read on to see if the Bridge is right for you.

Information Comments

Max Loan Size

$225,000 No minimum

Occupancy

Primary residence

Rate

7.5% fixed

Terms

10 year balloon, 30 yr amortization

Loan to Value

Up to 100%

    Property Type and Property Inspections

SFD, PUD, Condo, 2-4 Unit Must meet code or be brought up to code and meet our minimum property standards.

First Time Home Buyer

No restrictions

Minimum Investment

$2,000 or 2% of sales price, whichever is less Applied towards down payment and/or closing costs

Income Limits

Up to 115% of AMI

Credit

No minimum score Closely review past 12 months

Bankruptcy/Foreclosure

Considered under extenuating circumstances

            Education and Buyer Requirements

Pre-purchase home buyer education (Home Stretch Classes), financial counseling, and post purchase counseling required. Clients must be pre-approved before making an offer on a home and agree to participate in the Sustainability Program after closing.

Lending Restrictions

Lend in all areas designated by Minnesota Housing Finance Agency as Moderate and High Risk Stabilization Need and the lite rail transportation corridors.

Allowable Financing

2nd mortgages or grants for down payment assistance and gap.

Allowable Fees

Actual fees (i.e., appraisal, credit report, normal title and closing costs), 2% origination fee covers all origination, processing, closing, and post closing costs.  $100 counseling fee.

Lender

GMHC or DBNHS

Contact us today.
Phone: 651-793-8900
Email: shop@gmhchousing.org or use our online email form.