Minnesota Housing can help get you there. First Class Mortgage will work to help you find the right Minnesota Housing loan program to meet your homebuying needs, and discuss options, including:
MN Housing Affordable Loan Programs
- Start Up Loan Program: Purchase loans for
first-time homebuyers - Step Up Loan Program: Purchase or refinance
loans for existing homeowners and repeat
homebuyers - Downpayment and Closing Cost Loan
options up to $18,000: Only available with
Minnesota Housing first mortgages - As little as 3% down, and affordable, fixed rates
for the life of the loan.
Am I Eligible?
These are the basic eligibility requirements for Minnesota Housing loan programs. Talk to First Class Mortgage for more detailed qualification information.
- Qualify for an industry standard product such as FHA, RD, VA or Conventional
- Meet minimum credit score and debt-to-income ratio requirements
- Meet income limits up to $142,800 statewide
- Purchase or refinance an owner-occupied home within Minnesota Housing’s purchase price limits – up to $672,300 in the 11-county Metro; $616,100 for all other counties
- Complete homebuyer education as required for some programs and borrowers
- As little as 3% down, plus downpayment and closing cost loan options up to $18,000.
- Affordable, fixed interest rates for the life of the loan.
- Incomes up to $185,700 | House prices up to $515,200 in the 11-county Metro; $472,030 for all other counties.
