Households earning up to $133,700 qualify for CityLiving programs and can purchase a home with a sale price of up to $299,000. Program participants do not have to be first-time homebuyers.

CityLiving offers attractive rates for those who qualify:

• If you are a first-time home buyer and already have cash for a down payment and closing costs, then the CityLiving program offers a mortgage rate of 4.95 percent. Homebuyers who have previously owned a home qualify for a mortgage rate of 5.25 percent.
• First-time homebuyers who do not have cash for either a down payment or closing costs can qualify for a mortgage rate of 5.45%. Homebuyers who have previously owned a home qualify for a mortgage rate or 5.75%. Homebuyers will get 4% of the amount of the mortgage in cash to be used toward a down payment and closing costs. For example, a homebuyer would receive $4,000 if the original mortgage was $100,000. The slightly higher interest rate allows the lender to recover the $4,000 as the loan is repaid.

The CityLiving program is a joint effort between the City of Minneapolis and the City of Saint Paul, in partnership with Fannie Mae. For more than 20 years the cities have worked together to create mortgage loan products that serve low and moderate income families. More than 10,000 people have purchased homes through the CityLiving program.

The closing costs and down payment assistance program began in March, 2004. Since that time, CityLiving has provided $35 million in mortgages through the program.