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MN First Time Home buyer programs with down payment assistance.

What do our first time homebuyers programs offer?

  • Mortgage loans to purchase a home for qualified low and moderate income first time home buyers and move up homebuyers in Minnesota

  • 30-year loans with affordable, low, fixed interest rates for the life of the loan

  • Interest free down payment assistance loans to help with down payment and closing costs for eligible borrowers

You may be eligible for a Minnesota First Time Home Buyer program if you:

  • Are a first time homebuyer, meaning you have not owned a home in the past three years for Start Up program

  • Are a move up buyers, which means you HAVE owned a home in the past (Step Up program)

  • Have federal income tax return copies for the last three years

  • Be able to put $1000 down of your own money

  • Have a middle credit score of at least 640

  • Buy a qualifying home within prescribed purchase price limits (see below)

  • Meet first time home buyer income limits - Minnesota Housing income limits

Apply for down payment assistance in MN

Mortgages Unlimited partners with the Minnesota Housing Finance Agency (MHFA) to provide down payment assistance loans to Minnesota first time home buyers.

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.

mn down payment assistance programs


MHFA Minnesota Housing Finance Agency

MHFA Minnesota Housing Finance Agency First Time Home Buyer and Down Payment Assistance Loan Details

Two Down Payment Assistance Programs to Choose From

START UP Program

The "Start Up" program for MN first time home buyers who have not owned a home in the past three years. It is designed for low and moderate income homebuyers throughout Minnesota.

STEP UP Program

The "Step Up" program is designed for move up buyers, or someone who has owned a home in the previous three-years. The program is designed to help low to moderate income Minnesotans to upgrade to a nicer home

Basic MN Down Payment Assistance Program Guidelines

To be eligible for a MN down payment assistance loan:

  • Be a a first-time homebuyer, meaning you have not owned a home in the past three years for Start Up program

  • Be a move up buyers who has owned a home in the past (Step Up program)

  • be able to provide your federal income tax return copies for the last three years

  • Be able to put $1000 down of your own money

  • Have a middle 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

  • Attend a MN first time home buyer education class, or take an online first time home buyer class

These charts are subject to change, and are accurate as of May 22, 2014. Please call for current information

 

Area

1-2 People

3+ Persons

Income Limits

11-County Metro

$82,900

$95,335

Rochester Area

$81,300

$93,495

Balance of State

$73,900

$84,985

 

 

 

 

 

Area

Max Price

Loan Amount  Limits

11-County Metro

$310,000

Balance of State

$265,000

MN Down Payment Assistance
MN down payment assistance loan application

NOTE: If the home you want is more expensive, or your income is above the down payment assistance program limits, you still have plenty of options with other loan products such as "USDA Rural Development", "FHA Loans", "VA Loans", and more. Call for (651) 552-3681 for details!

Click here to get a FREE quote and Good Faith EstimateMN DOWN PAYMENT ASSISTANCE PROGRAMS

Down Payment Assistance is available under three different options, depending on loan type, income, etc.

MN Down payment Assistance program income limits

The coolest options is the deferred payment loan. There are no payments due, and no interest on the loan.  You simply pay it back when you no longer occupy, or sell the home. You must meet the Deferred Interest Assistance Loan Income limits listed below

Family Size 11-County Twin Cities Metro Area* Rochester Area* Rest of MN

1-4 Person

$60,000

$60,000

$55,000

5 Person

$64,800

$64,800

$59,400

6 Person

$69,600

$69,600

$63,800

7 Person

$74,400

$74,400

$68,200

8 Person

$79,200

$79,200

$72,600

9 Person

$84,000

$84,00

$77,000

10 Person

$88,800

$88,800

$81,400

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

Up to $10,000 in down payment assistance assistance for those who qualify. Call (651) 552-3681 or fill out an online application.

Up to $10,000 in down payment assistance mn

Why Use Mortgages Unlimited

When you decide to buy your first home in Minneapolis, St. Paul, Duluth, Rochester, or anywhere in Minnesota, and you need down payment assistance, your search for a home loan should start and end right here with Mortgages Unlimited.  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. See some of our Awards and Recognitions as a top rated mortgage company in MN.

  Equal Housing Lender

Policies, Procedures, Disclaimers

33 Wentworth Ave E - Suite 290
St Paul, MN 55118

(651) 552-3681  

Member in Good Standings, National Association of Mortgage Brokers     Member in Good Standings, Minnesota Mortgage Association

My services available only for properties located in Minnesota, Wisconsin, and South Dakota. PLEASE DO NOT KEEP US A SECRET from your FRIENDS. Licensed as Mortgages Unlimited, Inc. Nationwide Mortgage License # 225504. Joe Metzler NMLS Originator Lic # 274132. As a Lenders One partner, we are part of the 3rd Largest Retail Mortgage Originators in the country. We are consistently ranked as one of the top mortgage lenders in Minnesota by Minneapolis St Paul Business Journal. Any use or duplication of any materials is  strictly prohibited.  All images, text, and materials Copyright 1998 - 2019 Joe Metzler. This is the private web site of Joe Metzler, NMLS #274132. All Rights Reserved.

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