Start Up
The Minnesota Housing Start Up loan program gives first-time homebuyers a more affordable option to purchase their first home, with competitive interest rates, as well as down payment assistance.
Available Assistance
With Minnesota Housing’s Start Up program, eligible borrowers are approved for affordable, fixed-interest rates mortgages with as little as 3% down on their exclusive conventional loans. To help with the upfront cost of a mortgage loan, the Start Up program also offers down payment and closing cost loans up to $17,000. The program also offers low or no mortgage insurance options for lower monthly payments.
Eligibility Requirements
To be eligible for the Start Up program, applicants must be first-time homebuyers (those who have not owned a home in the past three years) and meet the program’s stated income limits. They must also purchase a home that falls within the program’s maximum purchase price limits; $340,000 for 11-County Metro, and $294,600 for the rest of the state. Borrowers must meet minimum credit score requirements set by lenders as well.
Note: The information provided was accurate at the time of publication and may no longer be current. Visit the program website for updated information.
First-Time Homebuyer Programs in Minnesota
The Arrowhead Economic Opportunity Agency Homebuyer Assistance
The Arrowhead Economic Opportunity Agency offers a Homeownership Assistance program that promotes homeownership with down payment assistance and closing cost loans to qualified first-time buyers.
Start Up
The Minnesota Housing Start Up loan program gives first-time homebuyers a more affordable option to purchase their first home, with competitive interest rates, as well as down payment assistance.
First-time homebuyer assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
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