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Down Payment Assistance Program in MN

Are YOU tired of renting? 

Looking to finally buy a home of your own? Owning a home offers numerous benefits, but for many people, finding the down payment money can be hard. 

From St Paul and Minneapolis, to Rochester, Duluth, and beyond, we help MN folks buy their first time home with down payment assistance.

What does our down payment assistance program offer first-time homebuyers?

  • Mortgage loans to purchase a home for qualified low and moderate income first-time and move up homebuyers in Minnesota
  • 30-year loans with affordable, low, fixed interest rates for the life of the loan
  • Interest free down payment and closing cost assistance loans for eligible borrowers

You may be eligible for a Minnesota Housing mortgage if you:

  • Are a first-time homebuyer, meaning you have not owned a home in the past three years (Start Up program)
  • Move up buyers who have owned a home in the past (Step Up program)
  • Have federal income tax return copies for the last three years
  • Be able to put $1000 down of their own money
  • Middle credit score of at least 640 for all borrowers
  • Meet basic Conventional loan, FHA loan, VA loan, or USDA loan guidelines for a home located in Minnesota
  • Buy a qualifying home within prescribed purchase price limits
  • Have an income at or below prescribed limits
Household  Income Limits
Area 1 - 2 people 3 or more people
11-County Metro $82,900 $95,335
Rochester Area $81,300 $93,495
Balance of State $73,900 $84,985

 

The rules and guidelines for first time home buyer and down payment assistance programs in MN are a bit overwhelming for most potential new home owners.  Therefore we suggest you don't try to figure it out yourself...  Rather, simply call us at (651) 552-3681, or fill out a full online application.

 

Our licensed professional Loan Officers will review your application, zero in on the best loan for you, then contact you to discuss your options, all with NO COST and NO obligations whatsoever.

 

You could be in your own home next month!

Comment balloon 0 commentsJoseph Metzler • June 04 2014 05:34AM
Down Payment Assistance Program in MN
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Are YOU tired of renting? Looking to finally buy a home of your own? Owning a home offers numerous benefits, but for many people, finding the down payment money can be hard. From St Paul and Minneapolis, to Rochester, Duluth, and… more