Minnesota Down Payment Assistance

We are often times finding home buyers that have no idea down payment assistance is available to them in Minnesota. This was very interesting to us, as the majority of the buyers we helped in 2015 utilized these programs. We decided to write this blog to raise awareness of these programs and let you all know, we are here to help!

Programs Available

Minnesota Housing Finance Agency has these following programs:

Start up (For First Time Buyers)

Step up (For Non-First Time Buyers)

Through these programs, we are able to help you get up to $5,000 or 5% of the purchase price (whichever is greater), up to a $7,500 maximum.

There is a minimum investment the borrower needs to have in the transaction of $1,000. 

The Start Up Program Offers:

  • Affordable interest rates
  • Down payment and Closing Cost Assistance loans for eligible borrowers

To be eligible, you must:

  • Be a first-time homebuyer (or have not owned a home in three years)
  • Be credit qualified with a credit score of 660 or above
  • Meet income limits
  • Meet home cost limits:
    • 11-County Metro: $307,300
    • Balance of State: $258,600

The Step Up Program offers:

  • Purchase or refinance loan option
  • Affordable interest rates
  • Monthly Payment Loan available for down payment and closing costs for eligible borrowers
  • Ability to reduce or eliminate mortgage insurance costs with our exclusive conventional loan options

To be eligible, you must:

  • 11-County Metro: $307,300
  • Balance of State: $258,600

There may also be down payment and/or closing costs assistance programs available in Minnesota through city and county programs. These programs are changing daily, so we will have to see what is available for you when you're ready!

Please note: There may be other restrictions and/or qualifications involved in these programs. We have the resources you need, and lender's that specialize in this program available for you.  To see if you qualify, simply contact us!

Jonah Waalen Team | Keller Williams Classic Realty | Licensed Realtors in MN | jonahwaalenteam.com