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!
as of May 19 2022
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.
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.
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.
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.
Area | 1-2 People | 3 Plus Persons |
---|---|---|
11 County metro | $104900 | $120600 |
Dodge/Olmstead Counties | $101200 | $116300 |
Rest of State | $93100 | $10700 |
Area Maximum Purchase Price | |
---|---|
11 County metro | $352300 |
All other counties | $311900 |
The Step Up Program is for those who currently own, or have owned a home in the past three years.
Area | Amount |
---|---|
11 County metro | $156800 |
Dodge/Olmstead counties | $156800 |
All other counties | $139200 |
Area | Type | Maximum Purchase Price |
---|---|---|
11 County metro | one unit | $448500 |
11 county metro | two unit | $574150 |
All other counties | one unit | $420680 |
All other counties | two unit | $538650 |
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.
Income limits, Start Up or Step Up program, and other items will determine while program you qualify for.
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.
You must fall under the following household 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 |
7+ | $115000 | $115000 | $102000 |
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.
You must fall under the following household income limits:
Metro area | Dodge/Olmstead | Rest of State |
---|---|---|
$154600 | $154600 | $137200 |
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
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.
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.
33 Wentworth Ave E, St Paul, MN 55118
(651) 552-3681
Joe@JoeMetzler.com
Cambria Mortgage
NMLS# 322798 Branch: 1888858
Joe Metzler Loan Officer
NMLS# 274132. License MN #MLO-274132, WI #11418. SD #MLO.03095, ND #NDMLO274132, IA #36175
Privacy Policies | Disclaimers | Disclosures | Terms of Use | DMCA Notice
Equal Housing Lender, Cambria Mortgage NMLS# 322798. The Joe Metzler team at Cambria Mortgage lends in: Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota only. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. Information here can become out of date, and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Not all programs available in all states. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 1998 - 2022, Joe Metzler, NMLS 274132. Cambria Mortgage NMLS 322798