Down payment help is here! down payment assistance
One of the biggest hurdles for home buyers is oftentimes coming up with a down payment for a home. Many home buyers don’t realize that there is down payment assistance for first time home buyers who qualify for first time home buyer grants, as well as for repeat buyers who are eligible for down payment assistance loans or grants. You may qualify to receive a down payment loan or grant if you meet the eligibility requirements.To help you decide which loan is the best for you call us at 763-567-7218
In addition to federal government help for first time home buyers, many community, city, county and state agencies offer down payment grants and down payment assistance, which have unique qualification requirements regarding income, assets, credit, occupancy and location.
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Down payment assistance in Minnesota
The Minnesota Housing Finance Agency (MHFA) has several programs that help first-time and seasoned homebuyers with down payments and other home buying costs.
Minnesota Downpayment Assistance Programs
In Minnesota, the MHFA offers first-time buyer loans for up to $12,000, which can be used for a down payment or closing costs. Borrowers receiving this assistance loan must not have owned in the last three years, have a credit score higher than 640 and meet the income limits. Within the 11-county metro, the home cost is limited to $306,000 and across the state, the home cost limit is $253,800. Homebuyers must also attend homebuyer education classes. Read the full details of the Start Up program for first-time buyers in Minnesota. *********
If you’ve owned a home in the last three years or currently own a home, you may still qualify for down payment assistance or closing cost assistance. Details on these loans for Minnesota residents can be found if you give us a call!
Down Payment Assistance Frequently Asked Questions
Q: Is the down payment assistance available on all properties?
A: Not all properties qualify for down payment assistance grants and programs. Only eligible properties will qualify.
Q: Do I have to qualify as “low-income” in order to be eligible for down payment assistance and loan programs?
A: No. Depending on the eligibility requirements, some programs allow household income as high as $103,900.
Q: Do I have to pay back the money I receive from a down payment assistance grant or loan?
A: Maybe. This is subject to the specific guidelines established by the down payment assistance program for which you qualify.
Who should I talk to about down payment assistance?
Reach out today to get in touch so we can help you determine your home buying needs!