Administration Department
 
 

City of Austin
500 4th Avenue NE
Austin, MN 55912
(507)437-9940
 
 
 
MOWER COUNTY ECHO PROGRAM
 
MAXIMUM PURCHASE PRICE
$ 105,000
INVESTMENT
$ 1% OF PURCHASE PRICE
(MINIMUM $ 300)
TYPE OF LOAN
FHA 30 YEAR MARKET RATE
CREDIT
STANDARD CREDIT
UNDERWRITING
EDUCATION
HOME STRETCH CLASSES
INCOME
MAXIMUM $60,000 ADJUSTED
GROSS, ADJUSTED FOR HOUSE
-HOLD SIZE
ASSETS
CANNOT HAVE MORE THAN
$2000 IN CASH ASSETS
HOME OWNERSHIP
NOT REQUIRED TO BE A FIRST
TIME HOMEBUYER
INTEREST RATE
2%
 
SECOND MORTGAGE IS PLACED ON HOME.  MAY QUALIFY FOR UP TO $6000 IN DOWNPAYMENT AND CLOSING COSTS.  SECOND MORTGAGE HAS NO INTEREST, NO PAYMENTS, AND IS PAYABLE WHEN HOUSE IS SOLD.
 

***MUST LIVE OR WORK IN THE CITY OF AUSTIN OR MOWER COUNTY***
 
NOTES:  The Loan Review Committee (LRC) will generally review loans within 1 week of receiving completed loan application and required documentation.
 
Peter Bloedoom at the Minnesota Housing Finance Agency said that the 2% interest rate," the A/MCHF loans will still be MHFA and FHA compatible".   If you have questions, please address them to Peter at (800) 710-8871.
 
If you have any questions in please call (507) 864-7741.
 
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