DOWN PAYMENT ASSISTANCE PROGRAMS
MHFA Start Up and Step Up down payment assistance programs in MN for First Time Home Buyers
Have $1,000? Have OK Credit? Than YOU can be a homeowner.
The biggest hurdle for many first time home buyers is the lack of down payment money. With the down payment assistance programs from the Minnesota Housing Finance Agency – you can buy a new home today, and be enjoying it next month!
TWO MINNESOTA DOWN PAYMENT ASSISTANCE PROGRAMS
START UP Program
The Start Up assistance program is for people who have NOT owned a home in the last three years.
STEP UP Program
The Step Up program is for people who currently do, or may have owned a home previously. Both of these program assist with up to $10,000 is down payment assistance to those who qualify. Most people get much less. Typically up to just $5,000.
MORTGAGE CREDIT CERTIFICATES
By adding a Mortgage Credit Certificate option, first time home buyers can potentially save up to an addition $2,000 on their taxes.
Click or call to learn more about the benefits of mortgage credit certificates in MN (MCC)
WHO QUALIFIES FOR DOWN PAYMENT ASSISTANCE?
As with any assistance program, there are additional rules and guidelines that need to be followed. Here is a basic list of requirements:
- Credit score above 640 (middle score of all applicants)
- Attend Home Buyer Education Class or take the online class
- Meet family Income Limits
- Buy an affordable home
- Provide previous three years tax returns
- Meet FHA, VA, USDA, or Fannie Mae / Freddie Mac underlying loan guidelines
The rules and guidelines for first time home buyer and down payment assistance programs in MN are a bit overwhelming for most potential new home owners. We suggest you don’t try to figure it out yourself… Rather, simply call us at (651) 552-3681, or fill out a full online application. Our licensed professional Loan Officers will review the application, zero in on the best loan for you, then contact you to discuss your options, all with NO COST and NO obligations whatsoever.