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NEW expanded program guidelines for Woodbury Down Payment Assistance programs

January 28, 2014 by · Leave a Comment 

Dear Lending and Real Estate Partner:

The City of Woodbury’s DPA programs have been amended both to increase the income limits and increase the maximum purchase price.

These changes will make more homebuyers and more properties eligible for our programs.

As a reminder, with the recent changes to FHA financing and increasing mortgage interest rates, Woodbury’s funds can help your clients reduce their borrowing costs considerably.

As I see it, the top five reasons for using the programs include:

1. Our $25K is viewed as equity and can help a borrower eliminate PMI or costly FHA insurance premiums.

2. Deferred nature of principal will save you about $70 per month.

3. Our 3.00% interest rate is lower than your interest rate, with specially reduced rates for seniors and vets.

4. We charge no origination fee.

5. Our funds are exempt from mortgage registration tax (MRT).

Additionally, it’s always worth highlighting that seller paids help meet the 5% homebuyer contribution test. Interested parties can always check www.woodburyloans.com.

I’m attaching the program guidelines to this e-mail, but please feel free to call or e-mail with any questions.

Have a great weekend,

Karl

Karl Batalden

Housing and Economic Development Coordinator

http://www.woodburyloans.com

City of Woodbury

8301 Valley Creek Road Woodbury, MN 55125
(651) 414-3438

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