MN DOWN PAYMENT ASSISTANCE PROGRAMS
There are many first time home buyer and down payment assistance loans to choose from. We really like the MHFA Start Up and Step Up down payment assistance programs in MN for First Time Home Buyers because it is available though out the entire state of Minnesota, and the money never runs out.
Have at least $1,000 for down payment?
Have a 640 or higher credit score?
Than YOU can probably be a homeowner.
The biggest hurdle for many first time home buyers is the lack of down payment money.
With the down payment assistance programs from the Minnesota Housing Finance Agency - you can buy a new home today, and be enjoying it next month!
TWO MINNESOTA DOWN PAYMENT ASSISTANCE PROGRAMS
START UP Program
The Start Up assistance program is for people who have NOT owned a home in the last three years.
STEP UP Program
The Step Up program is for people who currently do, or may have owned a home previously.
Both of these program assist with up to $10,000 is down payment assistance to those who qualify. Most people get much less. Typically around $5,000.
MORTGAGE CREDIT CERTIFICATES
By adding a Mortgage Credit Certificate option, first time home buyers can potentially save up to an addition $2,000 on their taxes.
Click or call to learn more about the benefits of mortgage credit certificates in MN (MCC)
SO WHO QUALIFIES FOR DOWN PAYMENT ASSISTANCE?
As with any assistance program, there are additional rules and guidelines that need to be followed. Here is a basic list of basic requirements:
- Credit score above 640 (middle score of all applicants)
- Attend Home Buyer Education Class or take the online class
- Meet program family income limits
- Buy an affordable home
- Provide previous three years tax returns
- Meet FHA, VA, USDA, or Fannie Mae / Freddie Mac underlying loan program guidelines
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 the loan application, zero in on the best loan for you, then contact you to discuss all your options, all with NO COST and NO obligations whatsoever.
READ THE FULL DOWN PAYMENT ASSISTANCE PROGRAM GUIDELINES
If you wish to read the full rules and guidelines on the Minnesota Housing Finance Agencies Down Payment and Closing Cost Assistance program, they are available here.