[0:00] Thinking about buying your first home in Woodbury? [0:03] There's a new program that can help make it possible. [0:11] The Woodbury First Time Home Ownership [0:14] Loan Program, in partnership [0:15] with the Washington County Community Development [0:17] Agency, offers financial help to cover downpayment and closing [0:21] costs, the biggest hurdle for many homebuyers. [0:24] Eligible first time homebuyers can borrow up to 3.5% [0:28] of the purchase price, with a home price cap of the amount shown on screen. [0:33] These are fixed rate, low interest loans [0:35] with monthly interest [0:36] only payments or in some cases, no payments at all. [0:40] The standard interest rate is 3%, but [0:43] veterans and elderly buyers qualify for 2.75%. [0:47] First generation home [0:48] buyers pay 0% interest and make no monthly payments. [0:52] This is not a grant. [0:53] The loan must be repaid in full after 30 years [0:57] or if you sell, refinance or move out. [1:01] To qualify, you must be a first time homebuyer. [1:04] Have a fixed rate first mortgage. [1:07] Earn less than the amount on screen. [1:10] Contribute at least $1,000 toward the purchase. [1:13] Keep your debt to income ratio under 50%. [1:16] Be current on all debt [1:18] and complete a HUD approved homebuyer education course. [1:22] The home must be in Woodbury, priced under the amount shown on screen [1:27] and be a single family, townhome twin home, or condo. [1:31] Rental properties or homes in flood plains do not qualify. [1:36] Start by working with your first mortgage lender [1:38] to submit a pre-application online [1:40] or at WashingtonCountyCDA.org. [1:44] Apply at least 35 days before closing. [1:47] And remember, funds are first come, first served. [1:50] To learn more, visit WashingtonCountyCDA.org [1:54] or call 651 458 0936. [1:59] The Woodbury First Time Homeownership Loan Program [2:01] making your dream of owning a home a little easier.