Get Help Coming Up With With Your Down Payment
If you’re looking for down payment assistance in Minnesota, we have good news for you. The Minnesota Housing Finance Agency offers up to $10,000 in assistance for first time property purchasers who need help coming up with the funds for the down payment.
Here is a partial description from the mnhousing.gov website:
Downpayment and Closing Cost Assistance Loans
Downpayment and closing cost assistance loans are available for up to $10,000. View a comparison of each loan option.
TRID disclosure options for downpayment and closing cost loans.
Borrowers must also get a Minnesota Housing first mortgage loan.
The downpayment and closing cost loan may be combined with other non-Minnesota Housing Community Seconds.
Borrowers purchasing a Minnesota Housing-owned property are ineligible for Minnesota Housing downpayment and closing cost loans or other secondary financing due to federal regulations.
Learn about downpayment and closing cost subordination and refinance guidelines.
The interest rate on the down payment assistance loan can be as low as 0% – which would save you a good deal of money – depending upon your qualifications. To find out complete details and to get the application process started, please visit MN Housing DPA program. Also, you can combine this with the Mortgage Credit Certificate Program for First-Time Homebuyers and get an additional $2,000 in financial assistance.
More Minnesota Down Payment Assistance
In addition to this statewide DPA program, you should also check to see if there are local programs offered in Minnesota that provide additional help that can be applied toward your down payment.