MHFA Approved Lender. Minneapolis, St Paul, MN
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We make dreams come true... With first time home buyer and down payment assistance loans

Minnesota Housing Finance Agency
In partnership with the Minnesota Housing Finance Agency

What do these loan programs have to offer first time homebuyers in MN?

You may be eligible for Minnesota down payment assistance if you:

Click here to apply online for a down payment assistance loan in MN


What kind of First Time Home buyer, and down payment assistance programs does Minnesota Housing offer?

Down Payment Assistance Programs

Down payment assistance in Minnesota is available to eligible future home owners who meet underwriting guidelines, and can only be used in conjuntion with Minnesota Housing first mortgage programs. You must get the main loan and the assistance from the same lender, and not all lenders offer these programs. These programs are loans, not gifts or grants.  They must be paid back.

Assistance Option 1: Deferred Payment,

These loans are available up to $8,000. No payments are necessary today. You must pay the loan back when you sell, refinance, or no longer occupy the home. You must meet income limits which vary based on what county you buy a home in, and your family size.

     or Deferred Payment Plus Loans

These loans are available up to $10,000. Must meet all conditions of basic deferred payment program. To get the Plus program extra money, you must also meet at least two of the following criteria; sole head of household with at least one dependent living in the home, household of four or more people, disabled household member, front housing payment ratio of 28% of income or higher.

Maximum household income for 1-2 person household capped at:
  $69,000 in metro counties
  $69,000 in Dodge and Olmstead counties
  $62,000 in all other counties

Maximum household income for 7+ person household caps out at:
  $103,900 in metro counties
  $101,800 in Dodge and Olmstead counties
  $92,000 in all other counties

Limit is based on household income, which means all adults living in the home who have income, regardless if they are on the actual loan or not.

Call (651) 552-3681 for more information on your family size.

Assistance Option 2: Monthly Payment Loan

These loans are available up to $12,000. You will make monthly payments on this loan starting right away. This is a 10-yr loan. The interest rate matches your main mortgage loan. You must completely pay the loan back when you sell, refinance, or no longer occupy the home. You must meet income limits which vary based on what county you buy a home in, and your family size. Call (651) 552-3681 for more information.

Income limits: 1-2 people
  $90,400 in metro counties
  $88,600 in Dodge and Olmstead counties
  $80,400 in all other counties

Income limits: 3+ people
   $103,900 in metro counties
   $101,800 in Dodge and Olmstead counties
   $92,400 in all other counties

Click here to apply online for a down payment assistance loan in MN

Two Basic First Time Home Buyer Loan Programs:  

Start Up First-time Homebuyer Loans

The "Start Up" program is for low and moderate income first time home buyers homebuyers throughout Minnesota. The interest rates are below market rates and available to Minnesotans based on their income. Assistance program Income information is available on our more detailed desktop version web site.

Step Up Non-First-time Homebuyers Loans

The "Step Up" program is designed for move up buyers looking for a different home, or someone who HAS owned a home in the previous three-years. This  loan program helps low to moderate income Minnesotans  buy a different home with a very small down payment. The interest rates are below market rates and available to Minnesotans based on their income. Assistance program Income information is available on our more detailed desktop version web site

MCC (Mortgage Credit Certificates)

Combine a Start Up Program loan with Mortgage Credit Certificates (MCC), which can be used to lower your federal tax liability up to $2,000 per year.  be sure to ask about an the MCC program when applying.

The house you buy must be less than: (applies to all programs)

 

Click here to apply online for a down payment assistance loan in MN


We are and Approved MHFA First Time home buyer program, and Down Payment Assistance program lender

Minnesota Housing Finance Agency partners with lenders across the state to provide our loan products to consumers.  To learn more about which Minnesota Housing program is right for you, and to see if you qualify, please call (651) 552-3681 or fill out our mobile optimized online application.

When you decide to buy a home or refinance a mortgage in Minneapolis, St. Paul, Duluth, Rochester, or anywhere in Minnesota, your search for a home loan or mortgage only need to start and end here.  With so many lenders to choose from in the greater metro area, and nationally, you need to choose one you can trust to find the mortgage loan thatís best for you.

Mortgages Unlimited, Inc - St Paul Office
33 Wentworth Ave E, Suite 290
St Paul, MN 55118
Office (651) 552-3681   Fax (651) 994-6425
E-Mail: jmetzler@muihomeloans.com

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License Information
Mortgages Unlimited, Inc. Nationwide Mortgage Licensing System and Registry (NMLS) # 225504 Saint Paul Branch - NMLS # 387944. Joe Metzler, Licensed Mortgage Loan Originator NMLS #  274132. Minnesota Lic/Reg #: MN-MLO-274132. Wisconsin Lic/Reg #: 11418

33 Wentworth Ave E - St Paul, MN 55118. Equal Housing Lender © 1998-2017 - Joe Metzler for Mortgages Unlimited, Inc