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Downpayment and Closing Cost Loans

Don’t let a downpayment stand in your way of buying a home.

When you get a Minnesota Housing mortgage, you can also receive an optional downpayment and closing cost loan up to $12,000.

Remember, downpayment and closing cost loans are only available when you get a Minnesota Housing first mortgage loan and additional eligibility requirements may apply, including income limits. Contact an approved lender partner to get started.

Monthly Payment Loan

The Monthly Payment Loan can be used with Start Up, Step Up, or the Mortgage Credit Certificate program.

Loans go up to $12,000. The interest rate is equal to your first mortgage rate, and you’ll pay monthly payments for a 10-year loan term. See how the Monthly Payment Loan can work for your budget.

Deferred Payment Loan

The Deferred Payment Loan can be used with the Start Up program and is only for first-time homebuyers. There are two options:

  • Deferred Payment Loan: Loans go up to $8,000

  • Deferred Payment Loan Plus: Loans go up to $10,000 for borrowers who meet targeting criteria

There is no interest, and the loan term is equal to your first mortgage term. Repay the loan when the property is sold, refinanced or the first mortgage becomes due.