Home Down Payment Assistance Programs Minnesota

DOWN PAYMENT ASSISTANCE IN MINNESOTA

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Home Down Payment Assistance Programs Minnesota

Certainly, while the era of easy lending may be behind us, there are still avenues for purchasing a home in Minnesota without a substantial down payment. Team Brian Zimpel is here to guide you through the available options. Despite the tightening of lending conditions, there are zero down-payment and low down-payment loans accessible. Additionally, Minnesota provides various down payment assistance programs, and Team REMAX Professionals Brian Zimpel can assist you in navigating them.

DOWN PAYMENT ASSISTANCE IN MINNESOTA

These assistance programs typically come in the form of grants or interest-free second loans. To qualify, having good credit, a stable job history, and the ability to meet monthly mortgage payments are essential prerequisites.

Consider two programs offered by the Minnesota Housing Finance Agency (MHFA):

  1. Start Up for First-Time Homebuyers:

    • Offers an interest-free, deferred loan for down payment or closing costs.
    • Repayment is deferred until the home is refinanced, sold, or is no longer the primary residence.
    • Qualification criteria include a maximum home price of $310,000 in the Twin Cities metro region or $265,000 elsewhere.
    • Loan amount is based on either 5 percent of the purchase price or $6,000, whichever is greater.
  2. Step Up for Repeat Homebuyers:

    • Provides a 10-year fully-amortized loan with monthly payments.
    • Eligibility requires a credit score of 640 or above, meeting income limits, and adhering to purchase price and loan limits.

For further assistance, Team Brian Zimpel recommends exploring county and city-specific programs, as well. REMAX Professionals, led by Brian Zimpel, is committed to helping you find the right program, and the best part – our services are free to buyers! Join us, and let's make your homeownership dream a reality.

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