QUALIFICATION GUIDELINES FOR FIRST TIME HOME BUYER AND DOWN PAYMENT ASSISTANCE PROGRAM IN MN

 
We partner with the Minnesota Housing Finance Agency to offer safe and affordable home loans, including loans combined with down payment assistance programs.

 

To receive a first time home buyer loan, you must meet these guidelines:

 

Qualify for a basic Conventional, FHA, VA, or USDA Loan.

 

Your household income must meet the following limits

 

 

The home you wish to buy in MN must be below this limit:

 

 

To Receive Down Payment and Closing Cost Assistance, your income must be under:

 

Deferred Payment Program: No payments due on your assistance loan until you sell or no longer occupy the home

 

Household Size 11-County Twin Cities Metro Area* Rochester MSA** Balance of State

1-4 Person

$60,000

$60,000

$55,000

5 Person

$64,800

$64,800

$59,400

6 Person

$69,600

$69,600

$63,800

7 Person

$74,400

$74,400

$68,200

8 Person

$79,200

$79,200

$72,600

9 Person

$84,000

$84,000

$77,000

10 Person

$88,800

$88,800

$81,400

 

*The 11-county Twin Cities Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.

 

You have access to down payment and closing costs assistance.

Call (651) 552-3681 for more details.

 

How To Apply for First Time Home Buyer Loans

 

Lack of down payment money is one of the biggest reasons many people think they can not buy a house.  The second item being poor credit.

 

We have access to many down payment assistance programs throughout Minnesota with different levels of assistance.  Most people get around $5,000 worth of assistance, but can often times go as high as $10,000.

 

Ready to get your own home?

 

Click here to apply online, and have an answer in a few business hours!

 




 

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Call Us: (651) 552-3681
Email Us: jmetzler@muihomeloans.com
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