One Roof Community Housing offers a smart alternative to private mortgage insurance. Qualified homebuyers may be able to finance their conventional loan down payment with an affordable monthly payment through our Purchase Assistance Loan, saving the cost of monthly private mortgage insurance, with as little as 2% down.

This program helps homeowners/borrowers pay down their mortgage quicker, increase their equity faster and allow for a higher tax deduction of the increased interest paid.

This is a monthly paying loan and may be used in conjunction with other assistance programs.

You may be eligible if you:

  • Have or will obtain One Roof’s Homebuyer Education Workshop certificate before closing
  • Are purchasing an owner occupied property
  • Have a household income of $100,00 or less
  • Are purchasing a home that is $200,000 or less
  • Are purchasing a property within 30 miles of Duluth, MN
  • Are purchasing a property with 4 or less units
  • Do not own any other real estate

What are the loan details?

  • The minimum interest rate on the PAL is 4%, with either a fixed or adjustable rate
  • The rate will be 1% over the locked in, fixed, first mortgage rate or 2% over the locked in, adjustable, first mortgage rate
  • The maximum loan term will be 20 years on a 20 – 30 year 1st mortgage, and cannot exceed the term of the 1st mortgage

Please contact our office for our complete list of current program guidelines.

Lenders can fill out our form online here:  Online Purchase Assistance Loan Form or can download a fillable pdf to fill out here:  Purchase Assistance Loan Fund Reservation Form.  Please note that this form is for the lender to fill out and send back to appropriate One Roof staff.

Please note that funds are limited and available on a first come first serve basis.

For more information on our loan programs, please call: 218-727-5372.

NMLS: 380490

* Loan and program availability dependent upon funding.