STATE-WIDE LOAN PROGRAMS

 

MN Housing Finance Agency

 

Site Info taken from:   www.mnhousing.gov/

 

Minnesota Housing is a trusted state agency that works with local lenders to ensure all Minnesotans have access to safe and affordable housing. In 2015, we helped more than 17,000 families purchase and refinance homes across the state.

 

Owning a home is much more than a financial transaction. It means independence, growth, and a place to share with family and friends. We offer the programs and resources that will help you buy a home and be a successful homeowner.

  • Affordable, fixed interest rates

  • A variety of loan options – purchase, refinance, downpayment, home improvement – to meet your needs

  • Knowledgeable local lender partners

  • More than 40 years of experience supporting Minnesotans

 

They offer loan programs and down payment assistance for both first time & repeat buyers.

 

Start Up for First-Time Homebuyers

The Minnesota Housing Start Up loan program can make homeownership fit your budget. 

  • Affordable, fixed interest rates for the life of the loan

  • As little as 3% down with our exclusive conventional loans

  • Downpayment and closing cost loans up to $10,000

  • Low or no mortgage insurance options for lower monthly payments

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You may be eligible if you:

  • Are a first-time homebuyer (you have not owned a home in the past three years)

  • Meet income limits

  • Meet home cost or loan limits:

    • 11-County Metro: $307,300 ($307,900 effective April 25, 2016)

    • Balance of State: $258,600 ($255,500 effective April 25, 2016)

  • Meet minimum credit score requirements

 

 

Step Up for Repeat Homebuyers or Refinancing

 

You don’t need to be a first-time homebuyer to take advantage of our affordable loans.

The Step Up program has a purchase loan if you’re a current homeowner (or owned within the last three years) and want to buy a different home. You can also use Step Up to refinance your current home at an affordable, fixed rate. 

  • Affordable, fixed interest rates for the life of the loan

  • As little as 3% down with our exclusive conventional loans

  • Downpayment and closing cost loans up to $10,000 – a unique option for refinancing!

  • Low or no mortgage insurance options for lower monthly payments

You may be eligible if you:

  • Meet income limits

  • Meet home cost or loan limits:

    • 11-County Metro: $307,300 ($307,900 effective April 25, 2016)

    • Balance of State: $258,600 ($255,500 effective April 25, 2016)

  • Meet minimum credit score requirements

 

 

Downpayment and Closing Cost Loans

 

Don’t let a downpayment stand in your way of buying a home.

When you get a Minnesota Housing mortgage, you can also receive an optional downpayment and closing cost loan up to $10,000.

Remember, downpayment and closing cost loans are only available when you get a Minnesota Housing first mortgage loan and additional eligibility requirements may apply, including income limits. Contact an approved lender partner to get started.

 

Monthly Payment Loan

The Monthly Payment Loan can be used with Start Up, Step Up, or the Mortgage Credit Certificate program.

Loans go up to $5,000 or 5% of the purchase price of the home ($10,000 maximum), whichever is greater. The interest rate is equal to your first mortgage rate, and you’ll pay monthly payments for a 10-year loan term. See how the Monthly Payment Loan can work for your budget.

 

Deferred Payment Loan

The Deferred Payment Loan can be used with the Start Up program and is only for first-time homebuyers. There are two options:

  • Deferred Payment Loan: Loans go up to $5,000 or 5% of the purchase price of the home ($5,500 maximum), whichever is greater. 

  • Deferred Payment Loan Plus: Loans go up to $7,500 for borrowers who meet targeting criteria

There is no interest, and the loan term is equal to your first mortgage term. Repay the loan when you move, sell, or refinance your property. 

 

 

 

 

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We are not a lender.  We cannot gurantee the accuracy of loan informaiton posted on this site and make no guarantees of any kind of your ability to qualify for any programs or offers.  This is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of MN. Stat. Section 47.206 (3) and (4)