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What do MHFA backed programs have to offer first time homebuyers in MN?
- Mortgage loans to purchase a home
for qualified low and moderate income first-time and move up homebuyers in
- 30-year loans with affordable, low, fixed interest rates for the life of the loan
- Interest-free loans to help with down payment and closing costs for eligible borrowers
- Mortgage Credit Certificates - Which can be used to lower your taxes up to $2,000 a year.
You may be eligible for a Minnesota Housing Finance Agency mortgage if you:
- Are a first-time homebuyer, meaning you have
not owned a home in the past three years (Start Up program)
- Currently own a home, but want to buy a new home (Step Up program)
- Have Federal income tax return copies for the last three years
- Are able to put a down payment of at least $1000 down (or 1% if the home is under $100,000) of YOUR OWN money
- Have a credit score of at least 640
- Buy a qualifying home within prescribed purchase price limits
- Have an income at or below prescribed Minnesota Housing income limits
Contact an approved MHFA
Minnesota Housing Finance Agency partners with lenders across the state to provide our loan products to consumers. To learn more about which Minnesota Housing program is right for you, and to see if you qualify, please call (651) 552-3681 or fill out an online application.
When you decide to buy a home or refinance a mortgage in Minneapolis, St. Paul, Duluth, Rochester, or anywhere else in Minnesota, your search for a home loan or mortgage only need to start and end here. With so many lenders to choose from in the greater metro area, and nationally, you need to choose one you can trust to find the mortgage loan that’s best for you.
The "Start Up" mortgage loans through local lenders to low and moderate income homebuyers throughout Minnesota. This first time homebuyer loan program that helps low to moderate income Minnesotans to buy a home. The interest rates are below market rates and available to Minnesotans based on their income. Income and Home Price Limit Tables are linked below. See Start Up Brochure
|Start Up First-time Homebuyer Loans|
|Step Up Non-First-time Homebuyers Loans|
|MCC (with First Mortgage)|
Mortgages Unlimited, Inc - St Paul Office
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33 Wentworth Ave E - St Paul, MN 55118 - NMLS 274132
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