(651) 552-3681 Service Sets Us Apart

Current Interest Rate

4.250%
as of 6/1/2010

Minnesota Mortgage Program
Government Rate

Application to Close
Usually under 20-days

Homeownership Is Still the American Dream.
We make it possible with Minnesota's MHFA First Time Home Buyer Mortgage Programs
We are proud to make YOUR home buying dreams come true!

Minnesota Housing Mortgage Loan Programs

What do our programs have to offer first-time homebuyers?

Mortgage loans to purchase a home through local lenders for qualified low and moderate income first-time homebuyers in Minnesota
30-year loans with affordable, low, fixed interest rates for the life of the loan
Interest-free loans to help with downpayment and closing costs for eligible borrowers

You may be eligible for a Minnesota Housing mortgage if you:

Are a first-time homebuyer, meaning you have not owned a home in the past three years,
Have federal income tax return copies for the last three years,
Have acceptable credit,
Have an income at or below prescribed Minnesota Housing income limits
- For basic first-time homebuyer program for a family of four, income limits are as follows:

11-County Twin Cities Metro Area - $83,900
Rochester MSA - $77,800
Balance of State – 72,900

Buy a qualifying home within prescribed purchase price limits as follows: Looking for a home loan in the Twin Cities area? Search the entire MLS for FREE!

11-County Twin Cities Metro Area - $298,125
Balance of State - $237,031

Contact a Lender
Minnesota Housing 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) 705-6261 or fill out an online application.

When you decide to buy a home or refinance a mortgage in Minneapolis, St. Paul, or the surrounding areas, your search for a home loan or mortgage should 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. Plus, as a Home Buyers Scouting Report Preferred Lender, you have access to the most amazing home search tool for FREE.

But the bottom line is that homeownership is still a great choice for many, many families today. Let us show you how!

FREE REPORTS
The COMPLETE Home Buyers Guide to Financing Your Home

Understanding Your FICO Credit Score

Knowing and Understanding Your Credit

#1 Mistake People Make When Buying a Home

MHFA Minnesota Housing Finance Agency Loan Details

Benefits of MHFA (Minnesota Housing Finance Agency) State Assistance Mortgage Loans

Below-market interest rates
Interest-free loans to help with down payment and closing costs as well as monthly payments.
No extra fees or discount points
30-year fixed (Option of a 40-year term under the CASA program)

FOUR Mortgage Loan Programs

Minnesota Mortgage Program (MMP)

MMP offers mortgage loans through local lenders to low and moderate income homebuyers throughout Minnesota.

The Minnesota Mortgage Program (MMP) is a 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. Find out today how YOU CAN be on the road to homeownership with the Minnesota Mortgage Program.

HOME Help

Up to $10,000 in down payment and closing cost assistance for those who qualify.Call (651) 705-6261 or fill out an online application.

Minnesota City Participation Program (MCPP)

MCPP offers mortgage loans in participating cities and counties throughout Minnesota.

Loans are traditionally available from April through December through MHFA’s lender network.

Community Activity Set-Aside (CASA) Program

CASA provides access to pools of mortgage loan funds for community based partnerships that support targeted local homeownership efforts. Homebuyers obtain CASA loans through lenders participating in the CASA program.

A 40-year loan term is available to eligible CASA borrowers. This option increases affordability through lower payments.

Basic Program Guidelines

To be eligible for a Minnesota Mortgage Program loan you must:

Be a first-time homebuyer*
Have federal income tax return copies for the last 3 years.
Have acceptable credit.
Attend Home Buyer Education Classes (Call for "Home Stretch" class dates, times, and sign-up information). Note, class is NOT required for all MHFA programs, but highly recommended.
Have an income at or below prescribed MHFA limits and want to buy a qualifying home.

Single Family Homes Division
Income Limits

Homeownership Programs Eligibility Income Limits

The following income limits apply to the Minnesota Mortgage Program (MMP) for all loans purchase approved as of March 1, 2010:

Household Size	11-County Twin Cities Metro Area*	Rochester MSA***	Balance of State
1-4 Persons	$83,900	$77,800	$72,900
5 Person	$90,700	$84,100	$78,800
6+ Persons	$96,400	$89,400	$83,800

The following income limits apply to the Community Activity Set-Aside (CASA) Program:

Household Size	11-County Twin Cities Metro Area*	Rochester MSA***	Balance of State
1-4 Persons	$67,200	$62,300	$58,400
5 Person	$72,600	$67,300	$63,100
6 Person	$78,000	$72,300	$67,800
7 Person	$83,400	$77,300	$72,500
8 Person	$88,800	$82,300	$77,100
9 Person	$94,100	$87,300	$81,800
10 Person**	$99,500	$92,300	$86,500

HOME Homeowner Entry Loan Program (HELP) program

For HOME Homeowner Entry Loan Program (HELP) program income limits, click here.

Homeownership Assistance Fund and Minnesota Urban and Rural Homesteading (State Funded) Program Income Limits

First Time Homebuyers who are qualified for one of the Minnesota Housing First-time homebuyer programs (Minnesota Mortgage Program, Community Activity Set Aside or Urban Indian Housing Program) can use the charts below to determine if they also qualify for the Homeownership Assistance Fund (HAF).

MMP Targeted Borrowers must meet the program income limits for first-time homebuyer programs to use the Homeownership Assistance Fund at or below the following household incomes:

Household Size	11-County Twin Cities Metro Area*	Rochester MSA***	Balance of State
1-4 Persons	$83,900	$77,800	$72,900
5 Person	$90,700	$84,100	$78,800
6+ Persons	$96,400	$89,400	$83,800

Targeted borrowers are defined by meeting one or more the following criteria: single-headed household; household of color; households containing persons with a disability; purchase in a low-income census tract.

MMP Program Borrowers at or below the following household incomes representing 60% of Median Income qualify for HAF. These limits also apply to the Minnesota Urban and Rural Homesteading (State Funded) Program. Income limits are based on HUD median family income estimates and calculated at 60% of the greater of state or area median income:

Household Size	11-County Twin Cities Metro Area*	Rochester MSA***	Balance of State
1 Person	$35,300	$32,700	$30,700
2 Person	$40,400	$37,400	$35,100
3 Person	$45,400	$42,100	$39,500
4 Person	$50,400	$46,700	$43,800
5 Person	$54,500	$50,500	$47,400
6 Person	$58,500	$54,200	$50,900
7 Person	$62,500	$58,000	$54,400
8 Person	$66,600	$61,700	$57,900
9 Person	$70,600	$65,400	$61,400
10 Person**	$74,600	$69,200	$64,900

CASA Borrowers must meet the program income limits for first-time homebuyer programs to use the Homeownership Assistance Fund at or below the following household incomes:

Household Size	11-County Twin Cities Metro Area*	Rochester MSA***	Balance of State
1-4 Persons	$67,200	$62,300	$58,400
5 Person	$72,600	$67,300	$63,100
6 Person	$78,000	$72,300	$67,800
7 Person	$83,400	$77,300	$72,500
8 Person	$88,800	$82,300	$77,100
9 Person	$94,100	$87,300	$81,800
10 Person**	$99,500	$92,300	$86,500

Buy a home with a $100 down payment!
Call me or APPLY to learn about The $100 down HUD REPO Loan

NOTE: If the home you want is more expensive, or your income is above the limits, you still have plenty of options with other loan products such as "USDA Rural Development", "FHA Loans", "VA Loans", and more. Call for details!

Homeownership Assistance Fund (HAF)
The Homeownership Assistance Fund (HAF) is available only to borrowers participating in one of MHFA’s mortgage loan programs. The program provides Entry Cost Assistance to help borrowers with their down payment and closing costs and Monthly Payment Assistance, which pays a portion of a borrower’s monthly mortgage payments during the early years of the loan.

Borrowers qualify for HAF assistance is they meet one of the following criteria;

Eligible for CASA program
Single headed household
Household of color or Hispanic ethnicity
Household contain person(s) with disabilities
Borrowing purchasing in a low income tract
Household earns less than 60% of medium income

Interest free HAF loans are paid back when the homeowner sells, refinances, no longer occupies the home or pays off the first mortgage.

Homeownership Assistance Fund and Minnesota Urban and Rural Homesteading (State Funded) Program Income Limits

* For MHFA loan purposes, first time homebuyer is defined as anyone who has not owned a home or an interest in a home in the past three years.

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Homeownership Is Still the American Dream. We make it possible with Minnesota's MHFA First Time Home Buyer Mortgage Programs We are proud to make YOUR home buying dreams come true!