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Downpayment and Closing Cost Assistance Loans

  • Loans available for up to 5% of puchase price for downpayment and closing costs
  • Borrowers must also get a Minnesota Housing first mortgage loan

Monthly Payment Loan

  • Must be used with Start Up, Step Up or MCC (with First Mortgage)
  • Loan amount up to the greater of $5,000 or 5% of the purchase price or loan amount
  • Minimum 640 credit score
  • Start Up or Step Up home cost limits
    • 11-County Metro: $310,000
    • Balance of State: $265,000
  • Meet income limits
  • 10-year loan term with monthly payments, interest rate equal to first mortgage rate
  • Homebuyer education required if using Start Up. Attend Home Stretch for in-person training, or Framework for online training.

Deferred Payment Loan

  • For first-time homebuyers only, must be used with Start Up
  • Two loan options
    • Deferred Payment Loan - maximum loan amount up to of $7,500
    • Deferred Payment Loan Plus - maximum loan amount up to $10,000 for borrowers who meet targeting criteria
  • Deferred loan with 0% interest, repaid when property is sold, refinanced, or is no longer primary residence
  • Minimum 640 credit score
  • Start Up home cost limits
    • 11-County Metro: $310,000
    • Balance of State: $265,000
  • Loan term equal to first mortgage term with 0% interest, repaid when property is sold, refinanced, or is no longer primary residence
  • Homebuyer education required. Attend Home Stretch for in-person training, or Framework for online training.