Payne-Phalen District 5 Planning Council

Buy or renovate your home

Do you want to buy or renovate a home in Saint Paul?

Then take a look at CityLiving Home Programs, because you may well qualify for a below-market-rate mortgage loan. Whether you buy an existing home, build new, or renovate an older home, you'll find more home choices in Saint Paul. CityLiving offers purchase, purchase/rehabilitation and refinance/rehabilitation loans. Qualified homebuyers can even combine their mortgage loan with a CityLiving Closing Cost Loan. Here's general information on the loans. Look it over and call 651-266-6626.
General Guidelines
You must live in your home. Your home must be a 1 - 4 unit property in Saint Paul
Income and purchase price limits apply. Free home buying counseling is offered
Pre-qualification is available for cost of credit report fee
Refinance/rehab and Purchase/rehab Loans Guidelines
Work must be completed by a licensed contractor. A mortgage or contract-for-deed can be refinanced to make major repairs and/or improvements possible
The home must be at least 20 years old. Minimum rehab requirements apply
Contract-for-Deed Refinancing Guidelines
Rehab not required to refinance a Contract-for-Deed if income is below 50% MSA.

Financing Option 1 -- 5.99% interest rate and (1) discount point 6.30% APR

Financing Option 2 -- 6.25% interest rate and (0) discount points 6.47% APR

Financing Options 1 and 2 have a Closing Cost Loan option: maximum loan amount $3000, income limits $50,800 adjusted $1000 per household member. Must have at least 1 dependent child (Refinance/rehab and Purchase/rehab exempt).

Financing Option 3 -- 6.38% interest rate and (0) discount points 6.60% APR
Financing Option 3 has Closing Cost Loan option: loan amount is equal to 2% of the
first mortgage. Maximum household income $111,300
Maximum purchase price Existing residence, $137,577 New construction, $164,092

Financing Option 4 -- 6.25% interest rate and (1) discount point 6.57% APR
Refinance/rehab and Purchase/rehab loans are exempt from discount points
Maximum household income -- $121,600 Maximum purchase price -- $267,520
Maximum mortgage amount -- $240,000

Call the Saint Paul Home Loan Fund at 651-266-6626.
CITY OF SAINT PAUL - DEPARTMENT OF PLANNING AND ECONOMIC DEVELOPMENT