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Mortgage and Downpayment Loan Programs

Information and resources about Minnesota Housing purchase, refinance and downpayment and closing cost assistance programs for participating Minnesota Housing Homeownership Program Lenders.

Lender Toolkit - Manuals, Forms, & Resources

Access to online manuals, forms, worksheets, guides and resources to help Minnesota Housing lenders work with and originate Minnesota Housing Homeownership Program Loans.

Start Up for First-Time Homebuyers

Start Up is our statewide mortgage program for eligible first-time homebuyers, available through participating lenders.  Start Up offers: Affordable interest rates Three downpayment and closing cost assistance loan options for eligible borrowers Income limits up to $118,900 Acquisition cost must fall under the following limits: 11-County Metro: $340,000 Balance of State: $294,600

Step Up for Repeat Homebuyers and Homeowners

Step Up is our statewide program for repeat homebuyers or current homeowners to purchase or refinance a home. Step Up offers: Affordable interest rates Downpayment and closing cost assistance loan for eligible borrowers Income limits up to $154,600 Purchase price/refinance loan amount must fall under the following limits:   One Unit Two Unit 11-County Metro $402,500 $515,250 Balance of State $356,362 $456,275

Downpayment and Closing Cost Loans

For eligibility requirements, click on the Downpayment and Closing Cost Loan Comparison Chart . Monthly Payment Loan: Available with Start or Step Up Up to $17,000 Fully amortized over 10 years Interest rate equal to first mortgage rate Additional eligibility requirements apply. Deferred Payment Loans: Available with Start Up only Up to $11,000 with Deferred Payment Loan or $15,000 with Deferred Payment Loan Plus Interest-free deferred loan for length of first mortgage term Repayment of the full loan balance is required (a balloon payment) when: The borrower moves The home is sold The first mortgage loan is refinanced (unless refinancing with our Step Up Program) The first mortgage loan is paid off (prior to or at the end of the loan term) Additional eligibility requirements apply.

Conventional Loan Options

Minnesota Housing offers several HFA conventional mortgage products that must be layered with one of our Mortgage Loan Programs, offering the reduction or elimination of mortgage insurance (MI) costs with options available up to 97% LTV. Fannie Mae Product Description - For HFA Preferred™/UPMI. Includes mortgage insurance coverage information. Freddie Mac Product Description - For HFA Advantage®/UPMI. Includes mortgage insurance coverage information. Conventional Income Limits - Use to determine interest rate, MI coverage, and product availability.

Questions?

Reach the Partner Solutions Team at 651.296.8215 or 800.710.8871 between 8:00 a.m. and 5:00 p.m. on business days.

Not sure who to call? Review our Minnesota Housing and U.S. Bank HFA Division contact sheet.