Minnesota first time home buyer programs
There are several state programs offered to first time home buyers at the Minnesota Housing Finance Agency. Qualified low and moderate income first time home buyers can get an affordable fixed interest rates, low monthly payments, even interest free loans to help with down payments and closing costs. Mortgage loans processed through local lenders can be set up for 30 years or 40 years. Additionally, Minnesota Housing Mortgage Insurance Partners provide borrowers with lower mortgage insurance rates and involuntary unemployment insurance at no extra cost.
Home Buyer qualifications
To qualify for most of the programs, the applicant must be a MN first time home buyer or cannot have owned a home within the last 3 years. They must also have acceptable credit. Income limits and home purchase price limits vary from county to county.To qualify for The Minnesota Mortgage Program your MHFA Eligibility Income must not exceed the following:
| Size of Household | 11-County Twin Cities Metro Area* | Balance of State |
| 1-4 Persons | $63,000 | $55,000 |
| 5 Persons | $68,500 | $59,500 |
| 6 Persons | $73,500 | $64,000 |
| 7 Persons | $78,500 | $68,500 |
| 8 Persons | $83,500 | $73,000 |
| 9 Persons | $88,500 | $77,000 |
| $93,500 | $81,500 |
The home you purchase must fall within the following cost limits:
Metro Area* | Balance of State |
| $298,125 | $237,031 |
If you've always wanted a home of your own, these programs can make it possible. Even if you don’t think you can afford it or don't have a down payment, Minnesota Housing programs truly can lead you on the path to homeownership.
*For the purpose of this section, the 11 county Twin Cities Area is defined as:
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