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

HOME Help

Up to $14,999 in down payment and closing cost assistance for those who qualify. Call 651-552-3681 for qualifying details

 

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.

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 "My Community Mortgage", "Home Possible", "FHA", "VA", and "Flex 97". 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.