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  • Minnesota Down Payment Assistance Program

    Tired of Renting?  Want to Finally Buy A Home of Your Own? Have at least $1,000 for down payment?

    If you are renting for over $1200 a month, message me, and I'll send you three homes in your area you could own with about the same monthly payment. Better yet, complete a full application, and get fully Pre-Approved to buy your own home in a few business hours!

  • Down Payment Assistance Programs in MN for First Time Home Buyers

     as of May 19 2022

    What do first time home buyers programs offer?

    Face it, the biggest hurdle to buying your first home is either poor credit, or the lack of down payment money. Cambria Mortgage partners with the Minnesota Housing Finance Agency (MHFA) to provide down payment assistance loans to Minnesota first time home buyers. Down payment assistance programs generally assist you by offering small loans to cover part of your required down payment. So they help with down payment, but can not help if you have bad credit. These programs generally are not free money, gifts, or grants. They are loans that need to be paid back.

    Who is eligible for a Minnesota Housing First Time Home Buyer programs?

    First, understand you need to qualify for the basic underlying loan itself. There are income, and family size requirements. The loan is usually an FHA loan, but can also be standard conventional loans, USDA Rural Housing Loans, or even a VA loan. Most of these programs require a down payment, and all loans have closing costs that need to be paid to buy a home. Adding all this up, can make it hard to save all the needed money to buy a home.

    Loan Qualifier

    We’re here to make the first time home buyer process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE First Time Home Buyer Qualifier.

  • Basic Income and Qualification Limits

    The following requirements apply to household income of all adults with income in the home, not just the applicant, and the maximum house purchase price.

    Two Basic programs:
    Start Up guidelines are for those who have never owned a home, or have not owned a home in the past three years
  • Income Limits For First Time Buyer Program (Start Up)

    Area1-2 People 3 Plus Persons
    11 County metro$104900$120600
    Dodge/Olmstead Counties$101200$116300
    Rest of State$93100$10700
  • Maximum Home Purchase Price (Start Up)

    Area Maximum Purchase Price
    11 County metro$352300
    All other counties$311900
  • Step Up Program Guidelines

    The Step Up Program  is for those who currently own, or have owned a home in the past three years.

  • Income Limits for Step Up Program

    11 County metro$156800
    Dodge/Olmstead counties$156800
    All other counties$139200
  • Maximum Home Purchase Price Limit (Step Up)

    AreaTypeMaximum Purchase Price
    11 County metroone unit$448500
    11 county metro two unit$574150
    All other countiesone unit$420680
    All other countiestwo unit$538650
  • Down Payment Assistance Loans

    Down Payment Assistance loans are available under two different options and vary based on household income, family size, first time home buyer (Start Up Program), or your owned before, or currently own a home (Step Up Program).

     Contact a Cambria Mortgage Loan Officer at (651) 552-3681, or via Live Chat for assistance in determining your qualifications.

    Basic Down Payment Assistance Qualification Criteria:

    • Are a first time homebuyer, meaning you have not owned a home in the past three years? ( Start Up program )
    • Are a move up buyers, which means you HAVE owned a home in the past ( Step Up program )
    • Have filed Federal income tax return copies for the last three years
    • Have a middle credit score of at least 640 for a loan, but requirement can be higher depending on underlaying loan type (FHA, VA, USDA, Conventional)
    • Meet first time home buyer income and house price limits (listed above)

    Two Types of Assistance Loans

    1. Deferred Repaying
    2. Immediate Repayment

    Income limits, Start Up or Step Up program, and other items will determine while program you qualify for.

    The Deferred Payment Assistance Loan

    Under this assistance program, there are no payments due. Loan term equal to first mortgage term with 0% interest, repaid when property is sold, refinanced, or is no longer primary residence. No interest is added. 

    • Maximum Assistance amount $12,500 (as of 4/1/2022)
    • For first-time home buyers only (Start Up). NOT available with Step Up program,
    • Can be used for down payment and or closing cost assistance up to the current program limit.
    • 0% interest for length of loan
    • No payments due today.
    • Deferred Payment Loan Plus – Slightly higher loan amounts for borrowers who meet additional targeting criteria. Sole head of household with at least one dependent residing in home, household of four or more people, disabled household member, housing only debt ratio higher than 28% of income.
    • Repaid when property is sold, refinanced, first mortgage is paid off, or is no longer primary residence
    • Minimum 640 credit score, but requirement can be higher depending on underlying loan type (FHA, VA, USDA, Conventional)
    • Home buyer education required. Attend Home Stretch for in-person training, or Framework for online training.

    You must fall under the following household income limits:

  • Deferred Assistance Loan Income Limits

    Household Size Metro Area Dodge/Olmstead Rest of State
    1-2 People $74000$74000$66000
    3 people$84000$84000$74000
    4 people$93000$93000$83000
    5 people$101000$101000$89000
    6 people$108000$108000$96000
  • Monthly Payment Assistance Loan

    This assistance loan has payments due right away in conjunction with your regular mortgage loan. So you will have two loan payments each month. The main mortgage loan, and the assistance loan.

    • Can be used with Start Up or Step Up program.
    • Required for Step Up program (deferred payment option not available with Step Up)
    • Can be used for down payment and closing cost assistance
    • Loan amount up to the greater of $17,000 or 5% of the purchase price or loan amount
    • 10-year loans
    • Minimum 640 credit score, but requirement can be higher depending on underlying loan type (FHA, VA, USDA, Conventional)
    • Start Up or Step Up home cost limits
    • 10-year loan term with monthly payments, interest rate equal to first interest mortgage rate
    • Homebuyer education required if using Start Up. Attend Home Stretch for in-person training, or Framework for online training.

    You must fall under the following household income limits:

  • Monthly Payment Assistance Loan Income Limits

    Metro areaDodge/OlmsteadRest of State
  • How to APPLY for your First Time Home Buyer Loan and Down Payment Assistance in MN

    Applying is easy. Simply call our first time home buyer Loan Expert as (651) 552-3681, or APPLY ONLINE 24/7.

    By completing an application, you are not obligating yourself to anything. Rather you are simply giving us all the information needed to determine what programs you qualify for, how much house can you buy, what would the payments look like, and do you qualify for down payment assistance.

    If it all looks good, we can move to the next step, which is basically you submitting all your standard supporting documents, like pay stubs, W2's, bank statement, and Tax returns

    More Information on first time home buyer programs and down payment assistance in MN

    Click the following links for program brochures and more information on:


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

    Cambria Mortgage is a proud partner with Minnesota Housing Finance Agency.

     Minnesota Housing Agency partner

    While we strive to keep these items up to date, income limits and other program requirements do change. Always contact your Cambria Mortgage Loan officer for the most current information.