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Single Family Program Descriptions

Homeownership Programs

Start Up First-time Homebuyer Loan
Start Up loans for first-time homebuyers offer affordable interest rates and downpayment and closing cost assistance for eligible borrowers. The loans are originated by participating first mortgage lenders throughout the state.

Mortgage Credit Certificate (MCC)
The Mortgage Credit Certificate makes owning more affordable by allowing first-time homebuyers to claim 35% of the mortgage interest they pay each year as a federal income tax credit, reducing their taxes 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.

Step Up Repeat & Refinance Homebuyer Loan
Step Up loans help existing homeowners refinance or purchase a new home. It offers affordable interest rates through a statewide networks of approved lenders.
 
Monthly Payment Loan
The Monthly Payment Loan provides a loan of up to 5% of the purchase price or $5,000 (whichever is greater) to cover downpayment and/or closing costs. The loan has a ten-year term with low monthly payments. The loan is available to borrowers accessing the Start Up, MCC or Step Up programs. 
 
Deferred Payment Loan
The Deferred Payment Loan provides a loan of up to a $4,500 loan to cover downpayment and/or closing costs. There are no monthly payments and repayment is required at the time of sale or refinance. Income limits and other eligibility requirements apply. This option is only available through the Start Up program.

HOME Homeowner Entry Loan Program (HOME HELP)
HOME HELP is interest-free deferred funding to assist eligible homebuyers with downpayment and closing costs.  Assistance is available to first-time buyers under Minnesota Housing’s Start Up program.

Home Improvement Programs

Fix Up Loan Program (Fix Up)
The Fix Up Loan Program finances below-market interest rate, fully-amortizing home improvement loans to low- and moderate-income homeowners to improve the livability and energy efficiency of their homes.
 
Rehabilitation Loan Program
The Rehabilitation Loan Program provides deferred loans at no interest to low-income homeowners to fund repairs directly affecting the safety, habitability, energy efficiency or accessibility of their homes. The program is administered by local agencies.

Community Development Programs

Community Homeownership Impact Fund (Impact Fund)
The Community Homeownership Impact Fund (formerly known as the Community Revitalization Fund or CRV) provides funding for developers and administrators of single-family, owner-occupied affordable housing activity throughout the state.  Resources can be accessed through a competitive “Request for Proposal” process described on the Minnesota Housing website.  The Impact Fund is offered once a year in the spring.
 
Emergency Homeowners' Loan Program (EHLP)
The EHLP is a federal program which provides funds for counseling and mortgage payment relief for up to 24 months to eligible homeowners. As of the end of 2011, all eligibility determinations had been made. In accordance with federal law, the program is no longer accepting new applications.

Habitat for Humanity Initiatives
Minnesota Housing has provided funding to Habitat for Humanity to help provide loans at no interest to qualifying low-income homebuyers through Habitat affiliates in the state.
 
Homeownership Education, Counseling, and Training (HECAT)
HECAT provides financial support to eligible nonprofit organizations or public agencies offering pre-purchase education and counseling, foreclosure counseling and reverse mortgage counseling. Foreclosure counseling services are also federally funded through the National Foreclosure Mitigation Counseling program and the Making Home Affordable Outreach and Intake Project.
 
Neighborhood Stabilization Program (NSP)
The U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program (NSP) provides funds to states and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight. Minnesota Housing, as the HUD State Grantee, awarded its NSP1 and NSP3 funds to Minnesota cities and counties.