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Minnesota First Time Home Buyer

Minnesota First Time Home Buyer

Don't know where to begin?  We can help!  We would be happy to assist you with the home buying process and what down payment assistance may be available to you!

Minnesota Housing - Start Up

This first-time homebuyer program is meant to promote affordable interest rates and help homeowners better tackle their down payments and closing costs. Qualified first-time homebuyers must have a credit score of at least 660, they must meet certain income limits and must be able to obtain a mortgage from a lender. Borrowers must also attend a homebuyer education course.

Summary:

  • Must be a first-time homebuyer.
  • Must have a credit score of at least 660.
  • Must meet income limits.

Minnesota Housing - Step Up

This is a loan can be used for home purchase or to help homeowners refinance. The loan is meant to promote affordable interest rates in the state of Minnesota. The monthly payment portion of this Minnesota Housing program is available to help buyers afford closing costs and the down payment of a home purchase. The loan allows borrowers to reduce or eliminate mortgage insurance costs. Qualified borrowers need to have a credit score of at least 660, they must meet program income limits and in some cases, borrowers must attend homebuyer education courses.

Summary:

  • Loan can be used for home purchase or refinancing.
  • Must have a credit score of at least 660.
  • Must meet income limits.

Minnesota Housing - Deferred Payment Loan

This loan is meant for first-time homebuyers to help ease the cost of home ownership. There are two loan options, a deferred payment loan and a plus loan. The deferred payment loan starts at $7,500. The maximum for the plus loan is higher, up to $8,500 for those borrowers who fit target criteria. Minimum credit score for qualified borrowers is 660. The borrowers must also attend a homebuyer education course. The loan term is equal to the first mortgage and has 0% interest - the loan is repaid when the property is sold, no longer the homestead of the homeowners or the loan is refinanced.

Summary:

  • Must be first-time homebuyers.
  • Two loan options — can borrow from $5,000 to $7,500
  • Minimum credit score of 660.

Minnesota Housing - Monthly Payment Loan

This program is designed to help Minnesota homebuyers afford the costs of purchasing a home. Minnesota Housing has a monthly payment loan to help with 5% of the purchase price or $10,000 whichever is greater, to be put towards closing costs and the down payment. Borrowers need to get a Minnesota Housing first mortgage loan as well, which is either a Start Up (first-time homebuyers), Step Up (refinancing), or MCC (mortgage credit certificate). The ten-year loan term comes with monthly payments with an interest rate equal to first mortgage rate. Qualified borrowers need a minimum 660 credit score and must meet program income limits. Borrowers also need to attend a homebuyer education course.

Summary:

  • Loan towards closing costs and home down payment.
  • Ten-year loan term with monthly payments.
  • Minimum 660 credit score.
  • Qualified borrowers must attend homebuyer education course.

Minnesota Housing - Mortgage Credit Certificate

This program was designed to help Minnesota homeowners better afford their mortgages. This Mortgage Credit Certificate allows homeowners to claim 35% of their mortgage interest paid every year as a federal income tax credit — this can provide households with up to $2,000 in tax savings. This certificate can used in conjunction with a Minnesota Housing mortgage, as well as the Monthly Payment Loan which helps with the home down payment and closing costs. This program is geared towards first-time homebuyers (not owned a home in at least three years and not displaced by divorce). The certificate has many qualifications like: borrowers must qualify for a mortgage on a house, meet the income limits of the program, plan to have the property as their primary residence and hold a federal income tax liability.

Summary:

  • Must be first-time homebuyers.
  • Must qualify for a home mortgage.
  • Must meet income limits.
  • Up to $2,000 a year in tax savings.

Buying your first home can be overwhelming. Let us help!  We are committed to finding you any grant monies or assistance programs available to you.  Our buyer agent services are FREE!  Please contact us for more information.  We have assisted hundreds of first time home buyers and look forward to the opportunity to assist you!

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