Special Loan Program For 1st Time Buyers In MN
Looking to purchase your 1st residence in Minnesota but find yourself at a loss as to where to turn for a mortgage loan? Look no further. First time home buyer loans in Minnesota are provided by the Minnesota Housing Finance Agency (MHFA). Not only do they provide below-market rates on your mortgage loan, they also provide other conducive programs for 1st time home buyers.
Here are some details on MHFA’s loan program:
Start Up for First-Time Homebuyers
Start Up is our statewide mortgage program for eligible first-time homebuyers, available through participating lenders.
Start Up offers:
- Affordable interest rates
- Three downpayment and closing cost assistance loan options for eligible borrowers
- Income limits up to $99,500
- Acquisition cost must fall under the following limits:
- 11-County Metro: $307,900
- Balance of State: $255,500
- Reduction or elimination of mortgage insurance (MI) costs with exclusive conventional loan options, available up to 97% LTV
- Fannie Mae HFA PreferredTM/UPMI – Conventional insured product available with lower MI rates and no loan level pricing adjustments.
- Fannie Mae HFA Preferred Risk SharingTM – Allows borrowers to avoid MI altogether.
- Freddie Mac HFA AdvantageSM/UPMI – Conventional insured product available with lower MI rates and no loan level pricing adjustments.
Manuals, Forms & Resources
For complete details on this loan, including contact information and instructions on how to apply, please visit this MHFA loan information page.
More Minnesota First Time Buyer Resources
In addition to the above first time homebuyer loan from MHFA, there are resources available as well. Be sure to visit Minnesota down payment assistance, as well as our page that shares details about grants available in MN to purchase your first home.