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Quick Links
Consumers Frequently Asked Questions
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What is your interest rate and do you have any money available? |
| Minnesota Housing interest rates are subject to change at any time and funds are continuously available for our mortgage programs. |
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Do you have any grants to either buy a home or to help with the purchase or improvement of a home? |
| Minnesota Housing offers low interest mortgage loans for the purchase of a home and interest free loans to help with down payment and closing costs. While some of our loans may have deferred payments, Minnesota Housing loans do have to be repaid in full unless the terms of the loan indicate otherwise, as in the case of our Quick Start Disaster Recovery Loan program. |
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What's a first time homebuyer? |
| For the purposes of getting a Minnesota Housing program mortgage loan, first time homebuyer is defined as anyone who has not owned a home for the past three years. |
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I have your brochures. What do I do now? |
Here are two ways to go:
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If I have my Homebuyer Education certificate, what's next? |
| Contact a Minnesota Housing Lending Partner to apply for a mortgage. |
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Is there anything "special" or out-of-the-ordinary I need to do when I make a loan application for a Minnesota Housing first-time homebuyer loan? |
| No. A Minnesota Housing Lending Partner can prequalify you so that you can find a home within your price range.You don't need a signed purchase agreement before applying for the loan; however, you will need a signed purchase agreement prior to your Minnesota Housing Lending Partner reserving your mortgage loan funds. |
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Where do I get an application for the Minnesota Mortgage Program or Fix-up Fund Program? |
| The local Minnesota Housing Lending Partner you choose will have all the application materials and other forms you'll need to get started on a Minnesota Housing loan. |
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I used to own a mobile/manufactured home. Can I qualify as first time homebuyer? |
| You can qualify as a first time homebuyer if you rented or leased the land under the mobile home. If you owned the land on which the mobile home resided, you do not qualify for first time homebuyer status. |
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Do your loans cover mobile homes? |
| Minnesota Housing does not finance the purchase of single-wide mobile homes or mobile homes on rented land. If you are looking to buy other kinds of manufactured housing located on land you will own, it may also be possible to get a Minnesota Housing loan. Check with your local Minnesota Housing Lending Partner for details. The Rehabilitation Loan Program does not cover repairs to mobile homes. |
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My home is in foreclosure and I'm not sure what to do. |
| Minnesota Housing funds a program statewide called the Foreclosure Prevention Assistance Program (FPAP). This program is designed to help Minnesotans through crises not of their own making and keep them in their home. You may also contact the Home Ownership Center (www.hocmn.org) to find a foreclosure counselor in your area. |
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Can I get a Minnesota Housing loan if I have bad credit? |
| Industry standard underwriting guidelines apply to all Minnesota Housing loans, so you would have to have acceptable credit to be eligible for our programs. |
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Is first-time homebuyer education required for all of Minnesota Housing's loans? |
| Minnesota Housing believes in the benefits and is a strong supporter of homebuyer education for the State of Minnesota. We do require classroom style homebuyer education for some Minnesota Housing loans. Homebuyer Education classes can be found on the Homeownership Center Website at www.hocmn.org. Borrowers should consult their lender to determine if their Minnesota Housing loan has this requirement. |
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