The Home Stretch Program teaches potential homebuyers about the entire home buying process and the responsibilities of homeownership. Topics covered in these monthly seminars include: Budgeting and Credit Issues, Financing and Qualifying for a Home, Shopping for a Home, The Purchase Process, Closing on a Home and Life as a Homeowner.

Home buyer education is taught by professionals in the home buying field. Home Stretch ® is a nine-hour course that is held monthly. Either over three days from 6 to 9 p.m. each night, or an all day Saturday class. Participants must attend all three nights or the single all day session full day to complete the course. A small cost of $15-$25 per household may be required. The workshops are offered in English, Spanish, Hmong and Cambodian. Bilingual counselors or interpreters are also available for other languages. Call 651-552-3681 to register.

• Buyers and their spouses must meet first-time buyer requirement
• Buyers must live in the property they purchase as their principal residence.  All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
• Buyers must occupy the property purchased within 60 days of closing
• The past three years federal income tax returns are required
• The program requires a minimum credit score of 620 (the mid score must be 620 or above).
• HOUSEHOLD INCOME LIMITS: Include income of borrower(s) and spouse(s)
• and any person who will live in the household who is 18 years of age or older.
• MAXIMUM HOUSEHOLD INCOME LIMITS: Non-Targeted Areas: 1 or 2 person households: $83,900 - 3 or more person households: $92,290. Targeted Areas: 1 or 2 person households: $92,290, 3 or more person households: $92,290. 50% of the funds must be held for persons or families with incomes not greater than $83,061 for the first six months of the Origination Period.
• Eligible properties include 1-4 unit, existing single family homes, townhomes, FHA approved condominiums in Minneapolis/Saint Paul. Existing 2-4 units dwellings must be at least 5 years old. Borrowers of multiple unit dwellings must occupy one of the units.) Homes are considered new if never previously occupied.
• Max price: = $376,870
• Cosigners are permitted for FHA/VA loans under very specific conditions.  The co-signor / guarantor is acting in such capacity solely for purposes of providing additional security for the Mortgage Loan. The co-signor / guarantor has no Present Ownership Interest or other financial interest in the Residence. The cosignor/guarantor has no intention to and will not occupy the Residence as a permanent residence, and the co-signor / guarantor executes the Affidavit of Cosignor or Guarantor. A cosigner’s income is not considered for bond program purposes, tax returns are not required and cosigners do not sign any bond documents.
• The 2.00% Down payment and closing cost assistance available with the 4.99% first mortgage is secured by a 0%, deferred second that is forgiven on the 7th anniversary of the loan. Prior to the seventh anniversary, the loan must be repaid when the primary mortgage is paid off, the home is no longer the primary residence, or when the home is sold or refinanced.