Down Payment Assistance for First Time Buyers

Minnesota Housing finaces and advances affordable housing opportunities for low and moderate income Minnesotans to enhance quality of life and foster strong communities.  They offer mortgage programs that provide affordable interest rate loans to eligible first-time homebuyers.
  Why Choose Minnesota Housing?                                                                                       Down Payment Assistance!
  • Below market interest rates                                                                                 
  • No extra fees or discount points                                                                               
  • Interest-free loans from $3,000 to $8,500 to help with downpayment and closing costs for eligible borrowers
  • MMP has Generous income limits in the 11 county metro area of $84,000 for a household up to 4 people and $97,500 for 6 people
  • CASA income limits in the 11 county metro area of $67,200 for a household up to 4 people and $78,000 for 6 people
  • Purchase price up to $298,125 in the 11 county metro area
  • Minnesota Housing offers below-market interest rates
To qualify, you must:
  • Be a first-time homebuyer (or have not owned a home in the past three years)
  • Meet the requirements for income and home purchase price limits
  • Have acceptable credit
Minnesota Housing First-time Homebuyer Loan Programs:
1)  Minnesota Mortgage Program (MMP)
  • Available Statewide
  • Below-market interest rate
  • Downpayment and closing cost assistance available for Targeted Borrowers up to $3,000
  • Higher income limits
2)  Community Activity Set-Aside (CASA)
  • Available in participating communities
  • Affordable interest rate
  • Downpayment and closing cost assistance available for eligible borrowers from $4,500 to $8,500
  • Purchase and repair option
Cash to Close
The Homeownership Assistance Fund (HAF) and HOME Homeowner Entry Loan Program (HOME HELP) help low to moderate income first-time homebuyers who qualify for a Minnesota Housing loan by offering interest-free, deferred loans to help with downpayment and closing costs.
Homebuyer Education
Minnesota Housing requires Qualified Homebuyer Education for some loans prior to closing.

 

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About Jon Perkins

Jon is the Lead agent for the Perkins Team with RE/MAX Results. Jon has been selling homes accross the Twin Cities since 1985. Jon works with his wife Mary Beth and his team of real estate professionals to provide the highest level of service available in the real estate industry.

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