Mortgage Lenders Recognized for Success in Dakota County First Time Homebuyer Program

On February 21, the Dakota County Community Development Agency (CDA) Board of Commissioners
commended the following top five lending institutions for their participation and loan production in the
2011 Dakota County First Time Homebuyer Program.

1. PHH Home Loans – originated 38 loans totaling over $4.7 million
2. Wells Fargo Home Mortgage – originated 29 loans totaling over $3.8 million
3. Prime Mortgage, a division of The Business Bank – originated 27 loans totaling over $3.2 million
4. Edina Realty Mortgage – originated 26 loans totaling over $3.4 million
5. Bell Mortgage, a Division of State Bank & Trust – originated 23 loans totaling over $2.8 million

Combined these five lending institutions accounted for 61 percent of the 236 loans issued through the Dakota County CDA’s program. Over $31 million worth of real estate was bought at an average purchase price of $136,355.

“The CDA’s lending partners are the backbone of the program and the primary interface with homebuyers. Their expertise helped make last year’s program an overwhelming success,” said Mark Ulfers, CDA executive director.

In addition to the low-interest, fixed-rate mortgage financing, homebuyers also accessed over $1.1 million in downpayment and closing cost assistance through the Dakota County CDA last year.