!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"> Central Minnesota Housing Partnership - Community Land Trust: New Construction

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 meet 1st mortgage underwriting guidelines
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
Some financing and assistance requires dependent children
*Other restrictions may apply

Meeting these guidelines means you may be eligible for 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 of Cambridge start as low as $108,000. This is made possible by the Central MN CLT purchasing the lot, creating a substantial reduction in the sales price to the buyer. In addition, affordable financing products and assistance are available to eligible buyers to reduce your monthly payment to an amount comparable to rent!

A Minnesota Housing first mortgage product that offers Entry Cost Assistance of $3,000. This is a 0%, deferred loan that helps you with down payment and closing costs
Gap financing loans of up to $7,884. This is a 0%, deferred second mortgage that draws no interest and doesn't require a monthly payment.
Additional down payment assistance based on need through the Greater MN Housing Fund.

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