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Get A Down Payment Now!

Buy a home with as little as $0 dollars down.

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Who can use down payment assistance?


Buy a Minnesota Home

Almost everyone qualifys for some type of down payment assistance program. You can buy a home using city, county, state and federal resources.

What if I already own a home?

Sell your Minnesota Home

Many of the same programs are available for homeowners that are selling their current home and buying another. Homeowners click here to find out what programs your home qualifies for.

How much money can I get?

Minnesota MLS Search

In most cases, you can get enough money to pay your downpayment and/or closing costs.

 

Down Payment Assistance Programs in Minnesota. How to get down payment assistance in Minnesota

Thanks for trusting us with the purchase or refinance of your home.

 

Down Payment Eligibility. The first step to getting down payment assistance in Minnesota is to find out all of the programs that you are eligible for. There are programs based on income, household size, county, occupation, etc. Use this great Down Payment Assistance Tool to find out what you qualify for.

 

Types of Down Payment Assistance in Minnesota

 

Down Payment and Closing Cost Assistance. Many of the programs available in Minnesota will pay your down payment, closing costs or both. MHFA is the largest down payment assistance organization in Minnesota and I am one of the top originators for MHFA down payment assistance. One of the things to remember for using MHFA for down payment and closing cost assistance is that the loan officer doing your down payment assistance has to also do you main loan. It is not allowed to have two different loan officers from different companies each doing a part.

 

Reduced Mortgage Insurance Loans. One of the benefits of using Down Payment assistance is the availability of reduced mortgage insurance first mortgages. Reduced mortgage insurance can save borrowers upto 25% in mortgage insurance costs.

 

No Mortgage Insurance Loans. A great program from several providers including the MHFA Preferred Risk Sharing loan can save borrowers hundreds of dollars. On a $175,000 dollar loan for a borrower with a 680 credit score, a borrower would save almost $205 per month.

 

  1. Minnesota Housing - Deferred Payment Loan (DPL/DPL+)

Maximum Amount

DPL up to $8,000

DPL + Up to $10,000

Benefits

  • Up to $6,000 for DPL or $7,500 for DPL Plus if buyer qualifies.

  • 0% interest.

  • Can be combined with other homebuyer programs.

  • Deferred payments.

2.Minnesota Housing - Monthly Payment Loan

Maximum Amount

Maximum loan amount it up to $12,000

Benefits

  • Up to $12,000 for down payment and closing costs.

  • Can be layered with other homebuyer programs.

  • Do not have to be a first-time homebuyer unless using Start Up or MCC programs.

3.Build Wealth Minnesota - Twin Cities Community Land Bank - Homebuyer Assistance Program

Maximum Amount

Up to $10k for down payment, closing cost and gap financing.

Benefits

Deferred repayment.

Build Wealth Minnesota - Twin Cities Community Land Bank - Homebuyer Assistance Program

Next Steps

Participating Lenders

Bremer Bank, US Bank, Wells Fargo

Approved Education Providers

http://www.hocmn.org/buyingahome/homebuyer-education/

Program Guide/Flyer

http://www.buildwealthmn.org/

Program Provider's Website

http://www.buildwealthmn.org/

Program Provider's Phone

(612) 877-4182

Eligible Properties

Maximum Sales Price

$273,000

Geographic Coverage

Counties:

Scott

Eligible Borrowers

Maximum Annual Household Income by Household Size

1: $45,500, 2: $52,000, 3: $58,500, 4: $6,500, 5: $70,200, 6: $75,400, 7: $80,600, 8: $85,800

Min Buyers Contribution

None

Home Buyer Education

Required

Maximum Assets Test

None specified.

Home Buyer Obligations

Buyer minimum contribution $1000. Must enroll in Family Stabilization Plan.

Limitations

  • Minimum assistance is $5,000.

  • Buyer must complete Build Wealth Minnesota's Family Stabilization Program and Home Stretch Workshop or Framework.

Loan Terms

Product type

2nd Mortgage

Repayment Terms of the Loan or Assistance

Repayment due at the earlier of 30 years or maturity of first mortgage.

Interest Rate of the Loan or Assistance

0%

Approved 1st Mortgage Products

Gateway, American Dream

4.Scott County Homebuyers Club Grant

Maximum Amount

N/A

Benefits

No repayment

Scott County Homebuyers Club Grant

Next Steps

Participating Lenders

http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1360799177096&pagename=External%2FPage%2FEXTIFrameLayout

Approved Education Providers

http://www.scottcda.org/page.php?id=16

Program Guide/Flyer

http://www.scottcda.org/get_doc_pdfs.php?file=2017_Grant%20Criteria.pdf

Program Provider's Website

http://www.scottcda.org/

Program Provider's Phone

Melissa (Homeownership Coordinator): (952) 402-9022

Eligible Properties

Maximum Sales Price

$250,000

Geographic Coverage

Counties:

Scott

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-2: $82,900, 3-8: $95,335

Min Buyers Contribution

$1,000

Home Buyer Education

Required. Must be a Scott County CDA Homebuyers Club graduate.

Maximum Assets Test

No asset restrictions at time of closing.

Home Buyer Obligations

  • Home buyer contribution required

  • Borrower must participate in home buyer counseling

Limitations

Any property type is eligible; home must be owner-occupied primary residence

Loan Terms

Product type

Grant

Repayment Terms of the Loan or Assistance

Grant, no repayment.

Interest Rate of the Loan or Assistance

Not applicable.

Approved 1st Mortgage Products

Must be fully-amortizing, fixed-rate loan. Contract for Deed not allowed.

5.Associated Bank - Homeowners Edge Loan Plus (HELP)

 

Next Steps

Participating Lenders

https://www.associatedbank.com/personal/lending-and-cards/home-mortgage-loans/first-time-home-buyer

Approved Education Providers

n/a

Program Guide/Flyer

https://www.associatedbank.com/personal/lending-and-cards/home-mortgage-loans/first-time-home-buyer

Program Provider's Website

https://www.associatedbank.com/

Program Provider's Phone

Trent Bowman, (651) 523-6488

Eligible Properties

Maximum Sales Price

$271,050

Geographic Coverage

Limited to specific census tracts, please contact lender for details.

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-8: $77,100

Min Buyers Contribution

3%

Home Buyer Education

Not required.

Maximum Assets Test

None specified

Home Buyer Obligations

  • Buyer contributes 3% down payment to qualify for match

  • Must occupy the property as a primary residence

Limitations

Limited to specific census tracts

Loan Terms

Product type

Combined Assistance

Repayment Terms of the Loan or Assistance

Interest Rate of the Loan or Assistance

Not applicable

Approved 1st Mortgage Products

Associated Bank CARE

6.Minnesota Housing - Start Up

Maximum Amount

Purchase money 1st mortgage

Benefits

  • Affordable fixed-rate purchase loan

  • Non-traditional credit allowed per product guidelines

  • Will accept non-Minnesota Housing second mortgages when loans meet Minnesota Housing's, the underlying product's and the insurer/guarantor guidelines.

  • Access to down payment and closing cost options.

  • Reduce or eliminate private mortgage insurance costs through Minnesota Housing’s conventional loan options—up to 97% LTV: 1. Freddie Mac HFA Advantage/Upfront Paid Mortgage Insurance, 2. Fannie Mae HFA Preferred/Upfront Paid Mortgage Insurance, 3. Fannie Mae HFA Preferred Risk Sharing

Minnesota Housing - Start Up

Next Steps

Participating Lenders

http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1360799177096&pagename=External%2FPage%2FEXTIFrameLayout

Approved Education Providers

http://www.hocmn.org/buyingahome/homebuyer-education/

Program Guide/Flyer

http://www.mnhousing.gov/get/MHFA_013556

Program Provider's Website

http://www.mnhousing.gov

Program Provider's Phone

(800) 710-8871

Eligible Properties

Maximum Sales Price

$307,900

Geographic Coverage

Counties:

Scott

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-2: $86,600, 3-8: $99,500

Min Buyers Contribution

$1,000

Home Buyer Education

Required.

Home Buyer Obligations

  • Must occupy the property as primary residence.

  • Minimum Borrower Contribution is the lesser of $1,000 or 1% of the purchase price if receiving a Minnesota Housing down payment and closing cost loan.

  • Homebuyer education is required of at least one borrower on conventional loans and/or borrowers receiving a Minnesota Housing down payment and closing cost loan. Home Stretch or Framework accepted.

Limitations

  • All borrowers must be first-time home buyers

  • No refinance

  • Additional borrower requirements if using FHA loan.

  • Community Land Trust properties are eligible properties except with Freddie Mac HFA Advantage and Fannie Mae Preferred Risk Share.

Loan Terms

Product type

1st Mortgage

Repayment Terms of the Loan or Assistance

15- or 30-year terms

Interest Rate of the Loan or Assistance

Visit http://www.mnhousing.gov for current rates.

Approved 1st Mortgage Products

FHA, RD, VA, Fannie Mae HFA Preferred (with/without Upfront Paid Mortgage Insurance), Fannie Mae HFA Preferred Risk Sharing, Freddie Mac HFA Advantage (with/without Upfront Paid Mortgage Insurance (UPMI)

7.Minnesota Housing - Step Up

Maximum Amount

Purchase money 1st mortgage

Benefits

  • Access to the Monthly Payment Loan for down payment and closing costs.

  • Will accept non-Minnesota Housing second mortgages when loans meet Minnesota Housing's, the underlying product's and the insurer/guarantor guidelines.

  • Reduce or eliminate private mortgage insurance costs through Minnesota Housing’s conventional loan options—up to 97% LTV:

  • o Freddie Mac HFA Advantage/Upfront Paid Mortgage Insurance

  • o Fannie Mae HFA Preferred/Upfront Paid Mortgage Insurance

  • o Fannie Mae HFA Preferred Risk Sharing

Minnesota Housing - Step Up

Next Steps

Participating Lenders

http://www.mnhousing.gov/wcs/Satellite?c=Page&cid=1360799177096&pagename=External%2FPage%2FEXTIFrameLayout

Approved Education Providers

http://www.hocmn.org/buyingahome/homebuyer-education/

Program Guide/Flyer

http://www.mnhousing.gov/get/MHFA_013520

Program Provider's Website

http://www.mnhousing.gov

Program Provider's Phone

(800) 710-8871

Eligible Properties

Maximum Sales Price

$307,900

Geographic Coverage

Counties:

Scott

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-8: $124,000

Min Buyers Contribution

$1,000

Home Buyer Education

Required

Home Buyer Obligations

  • Must occupy the property as primary residence.

  • Minimum Borrower Contribution is the lesser of $1,000 or 1% of the purchase price if receiving a Monthly Payment Loan.

  • If all borrowers are first-time home buyers, homebuyer education is required of at least one borrower on conventional loans and/or borrowers receiving a Minnesota Housing down payment and closing cost loan. Home Stretch or Framework accepted.

Limitations

  • Community Land Trust is available except with Freddie Mac's HFA Advantage and Fannie Mae's Preferred Risk Share

  • Additional borrower requirements if using FHA loan.

Loan Terms

Product type

1st Mortgage

Repayment Terms of the Loan or Assistance

15- or 30-year term

Interest Rate of the Loan or Assistance

Visit www.mnhousing.gov for current rates.

Approved 1st Mortgage Products

FHA, FHA Streamlined Refinance, FHA 203(k) Streamlined, VA, RD, RD Stream

Fannie Mae HFA Preferred, with/without Upfront Paid Mortgage Insurance, Fannie Mae HFA Preferred Risk Sharing, Freddie Mac HFA Preferred with/without UPMI, RD Streamline Refinance.

8.Family Assets for Independence in Minnesota (FAIM) Matched Savings Program

Maximum Amount

Participants can save up to $960 over a two year period and receive $3,840 back for a total of $4,800 toward down payment on a home (or for other eligible uses). Grant is a 3-to-1 match and does not have to be repaid.

Benefits

  • Grant - does not have to be repaid.

  • 3-to-1 match for every dollar saved, for up to $3,840 in matching grant.

Family Assets for Independence in Minnesota (FAIM) Matched Savings Program

Next Steps

Participating Lenders

http://minnesotafaim.com/directory.cfm

Approved Education Providers

http://minnesotafaim.com/buy_home.cfm

Program Guide/Flyer

http://minnesotafaim.com/buy_home.cfm

Program Provider's Website

http://minnesotafaim.com/

Program Provider's Phone

(218) 685-4486

Eligible Properties

Maximum Sales Price

$150,000

Geographic Coverage

Available statewide. Find your local agency here: http://minnesotafaim.com/directory.cfm

Eligible Borrowers

Maximum Annual Household Income by Household Size

1: $23,340, 2: $31,460, 3: $39,580, 4: $47,700, 5: $55,820, 6: $63,940, 7: $72,060, 8: $80,180

Min Buyers Contribution

$960

Home Buyer Education

Required

Maximum Assets Test

$10,000

Home Buyer Obligations

Must occupy property purchased as primary residence.

Limitations

  • Must be a resident of MN at the time of participation.

  • Deposit savings into a structured savings account from earned income.

  • Available statewide. Find your local agency here: http://minnesotafaim.com/directory.cfm

Loan Terms

Product type

Matched Savings Program

Repayment Terms of the Loan or Assistance

N/A

Interest Rate of the Loan or Assistance

N/A

 

Dakota County

Dakota County CDA – First Time Homebuyer Program

Maximum Amount

Down Payment Assistance - 3.5% to 10% of Purchase Price amount depending on household income. Households at or below 50% AMI eligible for 10% of Purchase Price amount, up to $10,000. Households at 51% -80% AMI eligible for 5% of Purchase Price amount, up to $7,500. Households over 80% AMI to program limit eligible for 3.5% of Purchase Price amount, up to $7,500.”

Benefits

  • Low cost (0.5% origination fee) fixed-rate 1st mortgage.

  • Up to $10,000 for down payment help (depending on income).

  • Up to $2,000 federal income tax credit.

Dakota County CDA – First Time Homebuyer Program

Next Steps

Participating Lenders

http://www.dakotacda.org/wp-content/uploads/2017/03/FTHB_Lender_List.pdf

Approved Education Providers

http://www.hocmn.org/buyingahome/homebuyer-education/

Program Guide/Flyer

http://www.dakotacda.org/housing-resources/homeownership/first-time-homebuyer-program/

Program Provider's Website

http://www.dakotacda.org/housing-resources/homeownership/first-time-homebuyer-program/

Program Provider's Phone

Call 651-675-4442 or email comments@dakotacda.state.mn.us

Eligible Properties

Maximum Sales Price

$285,780

Geographic Coverage

Counties:

Dakota

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-2: $86,600, 3-8: $99,500

Min Buyers Contribution

$1,000

Home Buyer Education

Required

Home Buyer Obligations

  • Home purchased must be primary residence. Down Payment Assistance loan must be repaid in full; to utilize Mortgage Credit Certificate, homebuyer must fill out one additional form when filing federal income taxes. If using Framework, all borrowers and spouses must attend a free homebuyer counseling session with one of the CDA's homeownership counselors.

  • Buyer must complete the Homestretch or Framework homebuyer education class.

Limitations

  • Loan must be repaid in full when the home is sold or refinanced. There is no forgiveness period.

  • Down Payment Assistance - 3.5% to 10% of Purchase Price amount depending on household income. Households at or below 50% AMI eligible for 10% of Purchase Price amount, up to $10,000. Households at 51% -80% AMI eligible for 5% of Purchase Price amount, up to $7,500. Households over 80% AMI to program limit eligible for 3.5% of Purchase Price amount, up to $7,500.”

Loan Terms

Product type

Combined Assistance

Repayment Terms of the Loan or Assistance

Down Payment Assistance loan must be repaid when property is sold, refinanced, first mortgage is paid in full.

Interest Rate of the Loan or Assistance

First Mortgage Loan: FHA/VA = see Dakota County CDA’s website; rates will vary; HFA Preferred (conventional) = see Dakota County CDA’s website; rates will vary; Down Payment Assistance Loan = 0% deferred loans with no monthly payments

Approved 1st Mortgage Products

FHA, VA and Conventional HFA Preferred

2.Dakota County CDA "Give Yourself Credit" MCC ProgramOut of Funds

Maximum Amount

Up to $2,000 annual federal income tax credit based on mortgage interest paid.

Benefits

Annual, life-of-loan, federal income tax credit.

Dakota County CDA "Give Yourself Credit" MCC Program

Next Steps

Participating Lenders

http://www.dakotacda.org/wp-content/uploads/2017/03/FTHB_Lender_List.pdf

Approved Education Providers

http://www.dakotacda.org/housing-resources/homeownership/

Program Guide/Flyer

http://www.dakotacda.org/housing-resources/homeownership/

Program Provider's Website

http://www.dakotacda.org/housing-resources/homeownership/

Program Provider's Phone

Call 651-675-4442 or email comments@dakotacda.state.mn.us

Eligible Properties

Maximum Sales Price

$285,780

Geographic Coverage

Dakota County, MN.

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-2: $86,600, 3-8: $99,500

Min Buyers Contribution

None

Home Buyer Education

Required

Maximum Assets Test

n/a

Home Buyer Obligations

Must occupy property as primary residence.

Limitations

  • Buyer can claim a tax credit for up to 35% of mortgage interest paid annually.

  • Remaining mortgage interest can still be claimed as a federal income tax deduction.

Loan Terms

Product type

Mortgage Credit Certificate

Repayment Terms of the Loan or Assistance

n/a

Interest Rate of the Loan or Assistance

n/a

Approved 1st Mortgage Products

30-year amortizing fixed-rate FHA or VA mortgage loans or HFA Preferred conventional mortgage loans.

Minneapolis Down Payment assistance

Center for Energy and the Environment

Center for Energy and the Environment

Program subject to properties located in the Jordan Neighborhood.

 

http://www.ci.minneapolis.mn.us/www/groups/public/@bis/documents/maps/convert_283943.pdf

Maximum Amount

N/A

Benefits

  • Zero-percent interest

  • Loan is forgivable under certain conditions

 

Next Steps

Participating Lenders

Please contact program provider.

Approved Education Providers

http://www.hocmn.org/buyingahome/home-stretch-workshop/

Program Guide/Flyer

https://www.mncee.org/services/financing/residential/

Program Provider's Website

https://www.mncee.org/services/financing/

Program Provider's Phone

612-335-5884

Eligible Properties

Maximum Sales Price

$326,600

Geographic Coverage

This program is limited to properties in the Jordan Neighborhood.

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-8: $100,000

Min Buyers Contribution

None

Home Buyer Education

Required, Home Stretch or Framework

Home Buyer Obligations

Home must be an owner-occupied primary residence.

Limitations

Maximum of assistance is $5,000 and limited to Jordan Neighborhood.

Loan Terms

Product type

2nd Mortgage

Repayment Terms of the Loan or Assistance

10-year forgivable loan

Interest Rate of the Loan or Assistance

0%

Approved 1st Mortgage Products

Any fair-market, fixed-rate loan

 

 

 

2.NeighborhoodLIFT Program - Twin Cities

Maximum Amount

Up to $7,500

Benefits

  • Up to $7,500 in assistance.

  • 3 -year, forgivable loan, at zero interest rate.

  • Do not have to be first time homebuyer.

  • Possible layering of other incentives together with NeighborhoodLIFT.

At NeighborWorks Home Partners we consider a monthly housing payment to be genuinely sustainable as long as it is no more than 28% of your gross monthly take home pay. But realistically, most families are usually also making monthly payments on some other kind of debt besides their housing payment (such as a car note or paying down credit card debt). Because of that, we also take a look at your TOTAL debt when calculating what your maximum home purchase price. When looking at your total debt (your house payment plus any other monthly debts you might be paying), we consider your total monthly debt to be sustainable when it is 36% or less than your gross monthly pay.

http://www.nwhomepartners.org/neighborhoodlift-income-limits/

  • – Assistance is not limited to first-time buyers

  • – Borrowers’ annual income in combination with household size must be at or below 80% of the Minneapolis-St. Paul Area Median Income (AMI) guidelines.

http://www.nwhomepartners.org/neighborhoodlift-program-area/

NeighborhoodLIFT Program - Twin Cities

Next Steps

Participating Lenders

http://www.nwhomepartners.org/neighborhoodlift-approved-lenders/

Approved Education Providers

http://www.nwhomepartners.org/neighborhoodlift-counseling-agencies/

Program Guide/Flyer

http://www.nwhomepartners.org/lift/

Program Provider's Website

http://www.nwhomepartners.org/lift/

Program Provider's Phone

Contact NeighborWorks Home Partners for questions about NeighborhoodLIFT at lift@nwhomepartners.org or 651-348-5109.

Eligible Properties

Maximum Sales Price

$326,600

Geographic Coverage

Property must be located within the city limits of Minneapolis, MN, or St. Paul, MN.

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-4: $68,650, 5: $74,150, 6: $79,650, 7: $85,150, 8: $90,650

Min Buyers Contribution

None

Home Buyer Education

Required

Maximum Assets Test

You may be required to make an additional down payment contribution from your own funds if your ‘remaining liquid assets’ at the time of settlement will exceed $20,000.

Home Buyer Obligations

Home must be primary residence.

Limitations

  • Wells Fargo REO (real estate owned) properties are not eligible for NeighborhoodLIFT funds.

  • Must be approved for a first mortgage loan.

  • Eligible property types: Attached or detached single-family, 2-4 unit, condos, townhomes Planned Unit Developments, co-ops, land trust, and manufactured homes that meet Fannie Mae, Freddie Mac, FHA and VA guidelines.

  • At time of closing may not own any additional properties including investment properties.

  • Maximum sales price not applicable to LIFT. May be a stipulation imposed by first mortgage lender’s program such as state HFA programs.

  • Borrower minimum investment requirements vary by first mortgage loan program or other down payment assistance providers.

  • Property must be within the city limits of Minneapolis or St. Paul.

Loan Terms

Product type

Grant

Repayment Terms of the Loan or Assistance

3-year forgivable loan. As long as the borrower resides in the home the loan is forgivable in equal parts each year for 3 years. If the house is no longer a principal residence or the property is transferred, the pro-rated balance must be repaid. .

Interest Rate of the Loan or Assistance

0%

Approved 1st Mortgage Products

15 to 30-year fixed-rate, fully amortizing loans.

3.GMHC - Homeownership Opportunity Minneapolis (HOM) Program Out of Funds

Maximum Amount

Up to $7,500 for down payment and closing costs, dependent on income.

Benefits

  • Up to $7,500 for down payment and closing costs.

  • Zero-percent, deferred loan.

  • Forgiven after 5 years.

http://www.gmhchousing.org/down-payment-assistance

 

GMHC - Homeownership Opportunity Minneapolis (HOM) Program

Next Steps

Participating Lenders

Customer's lender of choice.

Approved Education Providers

http://www.hocmn.org/buyingahome/homebuyer-education/

Program Guide/Flyer

http://www.gmhchousing.org/down-payment-assistance

Program Provider's Website

http://www.gmhchousing.org/down-payment-assistance

Program Provider's Phone

612-588-3033 or 612-722-7141

Eligible Properties

Maximum Sales Price

$322,000

Geographic Coverage

Available in any neighborhood in Minneapolis, MN.

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-8: $99,500

Min Buyers Contribution

None

Home Buyer Education

Required for first-time homebuyers

Home Buyer Obligations

  • Buyer must be a U.S. Citizen or legal resident.

  • Must occupy the property as primary residence.

Limitations

  • Buyer may not receive more assistance than is necessary to bring housing ratio to 25%.

  • Do not have to be a first-time homebuyer, but all first-time buyers must complete a Home Stretch or Framework homebuyer education course.

  • Buyers at or below $69,280 household income may receive up to $7,500. Buyers making more than $69,280 up to the max of $99,500 may receive up to $5,000.

  • Eligible properties include single-family detached, condos, townhomes and duplexes.

Loan Terms

Product type

2nd Mortgage

Repayment Terms of the Loan or Assistance

Zero percent interest loan, forgiven after five years if property is not sold.

Interest Rate of the Loan or Assistance

0%

4.Bridge to Success: Specialized Contract-For-Deed (Program Provided by GMHC and DBNHS) Out of Funds

Program limited to narrowly defined jurisdictions.

Maximum Amount

Purchase money / contract-for-deed program

Benefits

  • No minimum credit score.

  • Up to 100% financing.

  • May consider borrowers with history of bankruptcy, short sale or foreclosure.

  • No monthly mortgage insurance.

St Paul

Build Wealth Minnesota - Twin Cities Community Land Bank - Homebuyer Assistance Program

Next Steps

Participating Lenders

Bremer Bank, US Bank, Wells Fargo

Approved Education Providers

http://www.hocmn.org/buyingahome/homebuyer-education/

Program Guide/Flyer

http://www.buildwealthmn.org/

Program Provider's Website

http://www.buildwealthmn.org/

Program Provider's Phone

(612) 877-4182

Eligible Properties

Maximum Sales Price

$273,000

Geographic Coverage

Counties:

Ramsey

Eligible Borrowers

Maximum Annual Household Income by Household Size

1: $45,500, 2: $52,000, 3: $58,500, 4: $6,500, 5: $70,200, 6: $75,400, 7: $80,600, 8: $85,800

Min Buyers Contribution

None

Home Buyer Education

Required

Maximum Assets Test

None specified.

Home Buyer Obligations

Buyer minimum contribution $1000. Must enroll in Family Stabilization Plan.

Limitations

  • Minimum assistance is $5,000.

  • Buyer must complete Build Wealth Minnesota's Family Stabilization Program and Home Stretch Workshop or Framework.

Loan Terms

Product type

2nd Mortgage

Repayment Terms of the Loan or Assistance

Repayment due at the earlier of 30 years or maturity of first mortgage.

Interest Rate of the Loan or Assistance

0%

Approved 1st Mortgage Products

Gateway, American Dream

2.Ramsey County FirstHOME Buyer Assistance Program

Maximum Amount

N/A

Benefits

  • Zero percent interest

  • Funds may be used to remedy health/safety/code violations

  • No first-time buyer requirement for displaced homemakers

Ramsey County FirstHOME Buyer Assistance Program

Next Steps

Participating Lenders

Contact your bank, credit union or mortgage company.

Approved Education Providers

http://www.hocmn.org/buyingahome/home-stretch-workshop/

Program Guide/Flyer

https://www.ramseycounty.us/your-government/departments/economic-growth-and-community-investment

Program Provider's Website

https://www.ramseycounty.us/your-government/departments/economic-growth-and-community-investment

Program Provider's Phone

(651) 266-8000

Eligible Properties

Maximum Sales Price

$168,000

Geographic Coverage

Property must be located in suburban Ramsey County; the city of Saint Paul is excluded.

Eligible Borrowers

Maximum Annual Household Income by Household Size

1: $45,500, 2: $52,000, 3: $58,500, 4: $65,000, 5: $70,200, 6: $75,400, 7: $80,600, 8: $85,800

Min Buyers Contribution

$2,000

Home Buyer Education

Buyers must complete the Home Stretch Workshop.

Home Buyer Obligations

  • Buyers must occupy the home as their primary residence

  • Minimum buyers contribution requried

Limitations

  • Property must be located in suburban Ramsey County, excluding St. Paul

  • New and existing single family detached homes, condos, townhouses and duplexes are eligible

  • Buyers must demonstrate three years of full-time, permanent uninterrupted work history.

  • Estimated time to process application is 7-10 days

  • Maximum assets at closing: $5,000.

Loan Terms

Product type

2nd Mortgage

Repayment Terms of the Loan or Assistance

Deferred. Must be repaid when the property is sold, refinanced, or title is otherwise transferred.

Interest Rate of the Loan or Assistance

0%

Approved 1st Mortgage Products

Buyers should be able to qualify for a VA or Fannie Mae-approved conventional mortgage as determined by the lender. May be used with an FHA loan.

Anoka County

 

1,Build Wealth Minnesota - Twin Cities Community Land Bank - Homebuyer Assistance Program

Maximum Amount

Up to $10k for down payment, closing cost and gap financing.

Benefits

Deferred repayment.

Specialty Programs

HomeStrong Heroes Program

Program limited to specific homes.

Maximum Amount

Possible assistance with down payment and closing costs available. Will vary by homebuyer. Consult agency for further details.

Benefits

  • HomeStrong USA acquires vacant properties, rehabilitates them, and then sells the properties to Veterans (active and inactive).

  • HomeStrong USA provides the homes for purchase by Veterans with incentives that may include providing down payment assistance and/or paying applicable closing costs.

HomeStrong Heroes Program

Next Steps

Participating Lenders

Customer's lender of choice.

Approved Education Providers

http://homestrongusa.org/education-and-counseling/home-buyer-education/

Program Guide/Flyer

http://homestrongusa.org/housing-programs/homestrongsheroes/

Program Provider's Website

http://homestrongusa.org/housing-programs/homestrongsheroes/

Program Provider's Phone

(877) 647-8764 or info@homestrongusa.org

Eligible Properties

Maximum Sales Price

$271,050

Geographic Coverage

Available homes are only those made available by HomeStrong USA. First step is to fill out application (http://homestrongusa.org/housing-programs/community-stabilization/) and then the agency will provide the homebuyer with a list of possible homes in the area.

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-8: $55,000

Min Buyers Contribution

None

Home Buyer Education

Required

Home Buyer Obligations

Home must be primary residence.

Limitations

  • Participants must be active or inactive Military Service Member.

  • All participants must work with a HomeStrong USA counselor to determine eligibility.

  • Available homes are only those made available by HomeStrong USA. First step is to fill out application (http://homestrongusa.org/housing-programs/community-stabilization/) and then the agency will provide the homebuyer with a list of possible homes in the area.

Loan Terms

Product type

2nd Mortgage

Repayment Terms of the Loan or Assistance

Based on homebuyer qualifications.

Interest Rate of the Loan or Assistance

Rates vary per market. Please contact agency for most updated rates.

Approved 1st Mortgage Products

30 year fixed

2.PenFed Foundation Dream Makers Grant

Maximum Amount

$500 is the minimum amount for you to contribute towards the grant match.

Dream Makers will match that 2-to-1, up to our maximum of $5000.

Benefits

  • Up to $5k for down payment and closing costs via a 2-1 match.

  • Down payment grant - does not have to be repaid!

PenFed Foundation Dream Makers Grant

Next Steps

Participating Lenders

Customer's lender of choice.

Approved Education Providers

http://www.pentagonfoundation.org/site/PageServer?pagename=dream_seminar

Program Guide/Flyer

http://www.pentagonfoundation.org/site/PageServer?pagename=dream_contribution

Program Provider's Website

http://www.pentagonfoundation.org/site/PageServer?pagename=dream_index

Program Provider's Phone

703-838-1556 OR dream.makers@penfed.org

Eligible Properties

Maximum Sales Price

$275,665

Geographic Coverage

Program available nationwide.

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-8: $55,000

Min Buyers Contribution

$500

Home Buyer Education

Required

Home Buyer Obligations

  • Must contribute at least $500 towards the matching grant.

  • Must occupy property as primary residence.

  • Estimate the size of your mortgage loan. Decide if the money you contribute, plus the Dream Makers grant, will be at least 3% of mortgage amount.

  • You must put 3% down to qualify for the grant.

  • Check income limits here: http://www.huduser.org/portal/datasets/il/il13/index_il2013.html

Limitations

  • Must be currently serving Military or Veteran.

  • Gross annual family income can be no more than 80% of the area median income, adjusted for family size.

  • Property must be a single-family dwelling including townhomes and condominiums.

  • When you select your mortgage company, you will share the contact information with the Foundation who will coordinate the grant paperwork process with your lender.

  • You may apply when you start to think about purchasing a home: you don't have to select a home and/or a mortgage company before you submit your application.

  • You don't have to be a Pentagon Federal Credit Union member to benefit from the Dream Makers Grant.

Loan Terms

Product type

Grant

Repayment Terms of the Loan or Assistance

Grant

Interest Rate of the Loan or Assistance

0%

Approved 1st Mortgage Products

30-year, fixed-rate loan, maximum of 97% LTV (i.e. must put 3% down). Can use a VA loan, but can't use the 100% LTV option.

3.United States Department of Veterans Affairs - Specially Adapted Housing (SAH) Grant

Maximum Amount

Up to $73,768

Benefits

  • SAH grants help Veterans with certain service-connected disabilities live independently in a barrier-free environment.

  • Funds can be used to: Construct a specially adapted home on land to be acquired, build a home on land already owned if it is suitable for specially adapted housing, remodel an existing home if it can be made suitable for specially adapted housing, or can be applied against the unpaid principal mortgage balance of an adapted home already acquired without the assistance of a VA grant.

United States Department of Veterans Affairs - Specially Adapted Housing (SAH) Grant

Next Steps

Participating Lenders

Homebuyer may use the lender of their choice

Approved Education Providers

NA

Program Guide/Flyer

http://www.benefits.va.gov/benefits/infographics/special_adaptive_housing.html#sthash.KblJkXGb.dpbs

Program Provider's Website

http://www.benefits.va.gov/homeloans/adaptedhousing.asp

Program Provider's Phone

1-800-827-1000 or sahinfo.vbaco@va.gov

Eligible Properties

Maximum Sales Price

$271,050

Geographic Coverage

Program available nationwide.

Eligible Borrowers

Maximum Annual Household Income by Household Size

1-8: $55,000

Min Buyers Contribution

None

Home Buyer Education

Not required

Home Buyer Obligations

Limitations

  • If you are a Servicemember or Veteran with a permanent and total service-connected disability, you may be entitled to a Specially Adapted Housing (SAH) grant. See website for eligibility criteria regarding disabilities. (http://www.benefits.va.gov/homeloans/adaptedhousing.asp).

  • No individual may use the grant benefit more than three times up to the maximum dollar amount allowable.

  • A temporary grant may be available to SAH eligible Veterans and Servicemembers who are or will be temporarily residing in a home owned by a family member.

Loan Terms

Product type

Grant

Repayment Terms of the Loan or Assistance

Grant

Interest Rate of the Loan or Assistance

NA

Approved 1st Mortgage Products

30-year, fixed-rate loan

4.HUD Good Neighbor Next Door Program (GNND)

Program limited to specific HUD-owned properties located in designated Revitalization Areas.

Maximum Amount

Up to 50% discount off the list price of the home.

Benefits

  • Deferred 3-year forgivable loan

  • Zero interest rate

  • After 3 years can sell home and keep any equity and/or appreciation.

  • If leave the employment, nothing changes as long as you continue to live in home for 36 months.

HUD Good Neighbor Next Door Program (GNND)

Next Steps

Participating Lenders

http://www.hud.gov/ll/code/llslcrit.cfm

Approved Education Providers

http://portal.hud.gov/hudportal/HUD?src=/i_want_to/talk_to_a_housing_counselor

Program Guide/Flyer

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot

Program Provider's Website

http://www.hudhomestore.com/Home/GNND.aspx

Program Provider's Phone

FHA Resource Center at (800) CALL FHA (225-5342) Email answers@hud.gov Or contact one of the FHA Homownership Centershttp://portal.hud.gov/hudportal/HUDsrc=/program_offices/housing/sfh/hoc/hsghocs

Eligible Properties

Maximum Sales Price

$275,665

Geographic Coverage

Program available nationwide but limited to specific HUD-owned properties located in designated Revitalization Areas. Use this link to find listings of the Good Neighbor Next Door-eligible properties. Be sure to select Good Neighbor Next Door on the "Buyer Type" drop down menu for your search. http://www.hudhomestore.com/Home/Index.aspx

Eligible Borrowers

Maximum Annual Household Income by Household Size

1: $52,900, 2: $60,500, 3: $68,050, 4: $75,600, 5: $81,650, 6: $87,700, 7: $93,750, 8: $99,800

Min Buyers Contribution

$500

Home Buyer Education

Not required

Home Buyer Obligations

  • Must reside in home as primary residence for 36 months.

  • Must certify good faith intention to remain employed in job for at least one year after purchase.

  • Earnest money deposit equal to 1% of list price but no less than $500 and no more than $2,000 to submit contract for a home.

Limitations

  • Must be employed full time as a Law Enforcement Officer, Teacher (Pre-K- to12) or a Firefighter/Emergency Medical Technician.

  • Only HUD Good Neighbor Next Door single-family properties located in revitalization areas are eligible for purchase.

  • For Teachers and FIrefighters/Medical Technicians, home must be located in the area they serve.

  • May not have owned a home for one-year previous to application.

  • Have to use a Real Estate Broker or Agent to buy a home.

  • Does not include assistance with closing costs or broker fees.

Loan Terms

Product type

2nd Mortgage

Repayment Terms of the Loan or Assistance

No interest or payments are required on the mortgage if you live in the house for the 36 months occupancy period. May be required to pay a pro-rata portion of the discount to HUD if you fail to fulfill the 3-year occupancy requirement,

Interest Rate of the Loan or Assistance

0%

Approved 1st Mortgage Products

Typically FHA but can also use VA, conventional or cash.

 

 

 

 

Down Payment Programs

Minnesota Housing - Deferred Payment Loan (DPL/DPL+)

Maximum Amount

DPL up to $8,000

DPL + Up to $10,000

Benefits

  • Up to $6,000 for DPL or $7,500 for DPL Plus if buyer qualifies.

  • 0% interest.

  • Can be combined with other homebuyer programs.

  • Deferred payments.

Minnesota Housing - Monthly Payment Loan

Maximum Amount

Maximum loan amount it up to $12,000

Benefits

  • Up to $12,000 for down payment and closing costs.

  • Can be layered with other homebuyer programs.

  • Do not have to be a first-time homebuyer unless using Start Up or MCC programs.

Build Wealth Minnesota - Twin Cities Community Land Bank - Homebuyer Assistance Program

Maximum Amount

Up to $10k for down payment, closing cost and gap financing.

Benefits

Deferred repayment.

Citizen Potawatomi Nation Housing Authority Down Payment & Closing Cost Assistance Grant

Program limited to Citizen Potawatomi Nation tribal members.

Maximum Amount

Up to $2,125 for down payment and closing cost assistance.

Benefits

  • Up to $2,125 for down payment and closing costs.

  • Grant - does not have to be repaid.

Confederated Tribes of Siletz Indians Down Payment Assistance Program

Program limited to qualified members of the Confederated Tribe of Siletz Indians.

Maximum Amount

Up to $15k

Benefits

  • Up to $15k for down payment and closing costs.

  • 0% Interest, Deferred loan which is forgivable after 5 years of owner occupancy.

Eastern Shawnee Tribe of Oklahoma Down Payment Assistance Program

Program limited to eligible members of the Eastern Shawnee Tribe of Oklahoma.

Maximum Amount

Contact program provider

Benefits

Down payment and closing cost assistance.

Fort Sill Apache Housing Authority Downpayment Assistance Program

Program limited to enrolled members of the Fort Sill Apache tribe.

Maximum Amount

Up to $5k for down payment assistance.

Benefits

  • Up to $5k for down payment assistance.

  • Grant - does not have to be repaid.

Grand Ronde Tribal Housing Authority Down Payment Assistance Program

Program limited to enrolled members of the Confederated Tribes of Grand Ronde.

Maximum Amount

20% of the purchase price and closing costs, to a maximum of $10,000, plus up to an additional $2,500 at a one-to-one (1:1) match for any additional cash contribution by the applicant over and above the $1,000 required.

Benefits

  • Up to $10k for down payment and closing costs.

  • Grant - does not have to be repaid.

  • An additional $2,500.00 at a one-to-one match is available for any cash contribution by the applicant above the required $1,000.

HomeStrong’s Heroes Program

Program limited to specific homes.

Maximum Amount

Possible assistance with down payment and closing costs available. Will vary by homebuyer. Consult agency for further details.

Benefits

  • HomeStrong USA acquires vacant properties, rehabilitates them, and then sells the properties to Veterans (active and inactive).

  • HomeStrong USA provides the homes for purchase by Veterans with incentives that may include providing down payment assistance and/or paying applicable closing costs.

HUD Good Neighbor Next Door Program (GNND)

Program limited to specific HUD-owned properties located in designated Revitalization Areas.

Maximum Amount

Up to 50% discount off the list price of the home.

Benefits

  • Deferred 3-year forgivable loan

  • Zero interest rate

  • After 3 years can sell home and keep any equity and/or appreciation.

  • If leave the employment, nothing changes as long as you continue to live in home for 36 months.

Little River Band of Ottawa Indians - Homeownership Initiative 100 DPA Program

Program limited to qualified members of the Little River Band of Ottawa Indians

Maximum Amount

The maximum amount for down payment and closing cost assistance is 3.33% of the total mortgage of the home, or $5,000, whichever is less.

Benefits

  • The purpose of the Down Payment Assistance Program is to encourage

  • homeownership among Tribal Members regardless of their place of residence.

  • The program is designed to assist Tribal Members who are buying, or planning to purchase a home either within or outside the reservation boundaries.

Muckleshoot Indian Tribe Home Buyer Down Payment Assistance

Program limited to qualified members of the Muckleshoot Tribe.

Maximum Amount

Up to $45k

Benefits

Up to $45k for down payment and closing costs.

PenFed Foundation Dream Makers Grant

Maximum Amount

$500 is the minimum amount for you to contribute towards the grant match.

Dream Makers will match that 2-to-1, up to our maximum of $5000.

Benefits

  • Up to $5k for down payment and closing costs via a 2-1 match.

  • Down payment grant - does not have to be repaid!

Prairie Band Potawatomi Nation Down Payment Program

Program limited to enrolled members of the Prairie Band Potawatomi Nation.

Maximum Amount

Up to $10k

Benefits

  • Up to $10k for down payment and closing costs.

  • Grant - does not have to be repaid.

The Chickasaw Nation Housing Division Down Payment and/or Closing Cost Assistance Grant

Program limited to enrolled members of the Chicasaw Nation.

Maximum Amount

Up to $3k for down payment and closing cost assistance.

Benefits

  • Up to $3k for down payment and closing cost assistance.

  • Grant - does not have to be repaid.

United States Department of Veterans Affairs - Specially Adapted Housing (SAH) Grant

Maximum Amount

Up to $73,768

Benefits

  • SAH grants help Veterans with certain service-connected disabilities live independently in a barrier-free environment.

  • Funds can be used to: Construct a specially adapted home on land to be acquired, build a home on land already owned if it is suitable for specially adapted housing, remodel an existing home if it can be made suitable for specially adapted housing, or can be applied against the unpaid principal mortgage balance of an adapted home already acquired without the assistance of a VA grant.

Minnesota Housing - Start Up

Maximum Amount

Purchase money 1st mortgage

Benefits

  • Affordable fixed-rate purchase loan

  • Non-traditional credit allowed per product guidelines

  • Will accept non-Minnesota Housing second mortgages when loans meet Minnesota Housing's, the underlying product's and the insurer/guarantor guidelines.

  • Access to down payment and closing cost options.

  • Reduce or eliminate private mortgage insurance costs through Minnesota Housing’s conventional loan options—up to 97% LTV: 1. Freddie Mac HFA Advantage/Upfront Paid Mortgage Insurance, 2. Fannie Mae HFA Preferred/Upfront Paid Mortgage Insurance, 3. Fannie Mae HFA Preferred Risk Sharing

Minnesota Housing - Step Up

Maximum Amount

Purchase money 1st mortgage

Benefits

  • Access to the Monthly Payment Loan for down payment and closing costs.

  • Will accept non-Minnesota Housing second mortgages when loans meet Minnesota Housing's, the underlying product's and the insurer/guarantor guidelines.

  • Reduce or eliminate private mortgage insurance costs through Minnesota Housing’s conventional loan options—up to 97% LTV:

  • o Freddie Mac HFA Advantage/Upfront Paid Mortgage Insurance

  • o Fannie Mae HFA Preferred/Upfront Paid Mortgage Insurance

  • o Fannie Mae HFA Preferred Risk Sharing

Minnesota Housing - Mortgage Credit Certificate (MCC) Program

Maximum Amount

Maximum tax credit value: $2,000 tax savings per year. First-time homebuyers can claim 25% of the mortgage interest they pay each year as a federal tax credit, reducing their tax bill by up to $2,000 per year. The program also provides access to an affordable, fixed-rate home mortgage and the Minnesota Housing Monthly Payment Loan for downpayment/closing costs.

Benefits

  • Annual, life-of-loan, federal income tax credit of up to $2,000 per year.

  • Combine the tax credit with an affordable, low-interest Minnesota Housing first mortgage and an (optional) Minnesota Housing Monthly Payment Loan to cover the down payment or closing costs.

  • Will accept non-Minnesota Housing second mortgages when loans meet Minnesota Housing's, the underlying product's and the insurer/guarantor guidelines.

Family Assets for Independence in Minnesota (FAIM) Matched Savings Program

Maximum Amount

Participants can save up to $960 over a two year period and receive $3,840 back for a total of $4,800 toward down payment on a home (or for other eligible uses). Grant is a 3-to-1 match and does not have to be repaid.

Benefits

  • Grant - does not have to be repaid.

  • 3-to-1 match for every dollar saved, for up to $3,840 in matching grant.

@Home The housing resource blog of the Minnesota Home Ownership Center.

MHP Connect Blog of the Minnesota Housing Partnership. Covers a variety of housing issues in Minnesota (Homeownership and Rental).

The Skinny Housing market insights from the Minneapolis Area Association of Realtors®

National Association of Realtors® Housing statistics, forecasts and reports from the National Association of Realtors®

US Department of Housing & Urban Development U.S. housing market conditions.

Joint Center for Housing Studies (Harvard University) Information and research on housing in the United States.

Center for Housing Policy Focuses on housing research to develop solutions at the local, state and national level that increase affordable rental and homeownership units.

 

 


Info Info Info to find out what you qualify for.

 





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