The City of New Ulm offers the availability of financing to households wishing to buy their first home in New Ulm. The program is funded through the Economic Development Authority. The Program offers 0%, deferred payment loans of up to $10,000. Homebuyer Assistance funds can help meet both a borrower's down payment and closing cost requirements.
In order to apply for New Ulm's Homebuyer Down Payment Assistance Loan Program, borrowers must live or work in the City of New Ulm. In addition, homes must have a home inspection. These and other loan requirements are described in detail in the attached Program Guidelines. Most importantly, prospective purchasers interested in applying for New Ulm's Homebuyer Assistance Program must first get a pre-qualification letter from their lender prior to the City's pre-approval. In addition, please note that Homebuyer Assistance Loan Program funds are limited and are on a first-come-first-served basis.