Down Payment Assistance programs for first time home buyers in Minnesota.
We have several programs in Minnesota with varying levels of down payment assistance. Up to $10,000 is available in assistance for those who qualify. Most people get much less, usually between $3,000 to $5,000. All programs have different qualifications and quidelines. Please visit our special down payment assistance website to get more information from a licensed Minnesota Loan Officer and down payment assistance specialist.
First Time Home buyers can take advantage of down payment assistance and grants available in Minnesota. First time home buyers typically qualify if they have not owned a property in the last 3 years. If you have owned a property in the last 3 years, you can still qualify for some down payment assistance programs.
Here are some down payment assistance examples:
- Below market interest rate with up to 5% (or $5000) down payment assistance loan.
- Below market interest rate with up to 3% (or $3000) down payment assistance. No payments. Pay back when you sell.
- 100% financing in qualified rural areas of MN and WI
- 100% financing for active or military veterans
- Up to $10,000 in assistance – part of which may be forgiven after a few years.
- Mortgage Credit Certificates – Used to reduce your tax liability up to $2,000 a year
While having your own money is always best when buying a home, if you have some, but need a little assistance, these first time home buyer programs are just the right tool to make your real estate dream come true.