Central Minnesota Housing Partnership, Inc.

Central Minnesota Community Land Trust: New Construction

The Central Minnesota Community Land Trust offers a wide variety of assistance and financing to eligible buyers purchasing new construction in the Heritage Greens development of Cambridge. Eligible buyers must meet these requirements:

Must be a first time homebuyer. You cannot have owned your primary residence in the last three years
Must be at or below 80% Median Income for 11 County Metro
Must have a stable source of income and acceptable credit to mortgage qualify
Must work with a participating Community Land Trust lender
Must have savings to cover a reduced down payment and closing costs
Must complete Home Stretch first time homebuyer training
*Other restrictions may apply

Meeting these guidelines means you may be eligible to utilize sale prices reductions and 0%, deferred mortgage products for the purchase of a new home in Heritage Greens!

Tired of Renting...Buy a Home!

Community Land Trust homes in Heritage Greens range in price from $148,000 to $153,000. This is made possible by the Central MN CLT purchasing the lot, creating a substantial reduction in market sales price. In addition, affordable financing products are available to reduce your monthly payments to amounts comparable to rent!

An affordable first mortgage product that offers below market interest rate and a 40 year term option. The 40 year term option can save you up to $50 a month compared to a 30 year term.
Entry Cost Assistance of $3,000. This is a 0%, deferred loan that helps you with down payment and closing costs
Monthly Payment Assistance. Receive monthly payment reductions of $75 the first year of your mortgage, $50 the second year and $25 the third year.
Gap financing loans of up to $8,000. This is a 0%, deferred second mortgage that draws no interest and doesn't require a monthly payment.

Please call Jason at 320-259-0393 or email this homebuyer pre-application form to jason@cmhp.net to start your application process.