The Start Up program is for first-time homebuyers, which is someone who "has not had an ownership interest in a principal residence in the last three years." If you’ve never owned a home, or it's been more than three years since you've been a homeowner, you may be considered a first-time homebuyer.

Start Up program guidelines and options may include:

• Income limits up to $142,800 based on county.
• House price purchase limits up to $659,550 in the 11-county Metro area and $604,400 for all other counties
• Downpayment and Closing Cost Loan options – with amounts totaling up to $53,000!
• Minimum credit score
• Owner-occupancy requirement
• Homebuyer education:  At least ONE borrower must complete an approved homebuyer education course before closing on the home. 

If you are a first-time homebuyer but exceed the income or purchase price limits for Start Up, you may be eligible under the Step Up program (Information on Step Up is under “Repeat Homebuyers” below). 

If you’re not a first-time homebuyer – or you’re a first-time homebuyer who exceeds the income or purchase limits for Start Up – the Step Up program might be a great option.

Step Up program guidelines and options may include:

• Income limits up to $185,700 based on county
• House price limits up to $659,550 in the 11-county Metro area and $637,950 for all other counties
• Downpayment and Closing Cost Loan options – up to $18,000 available!
• Minimum credit score
• Owner-occupancy requirement
• Homebuyer education:  If ALL borrowers are first time buyers, at least ONE borrower must complete an approved homebuyer education course before closing on the home.

Step Up can also be used to refinance your current mortgage and offers borrowers the option to use our Monthly Payment Loan to cover closing costs. You do not need to be an existing Minnesota Housing borrower to use this program, but if you are, and have one of our second mortgages, you may be able to subordinate it when you refinance with Step Up.

Step Up program guidelines and options may include:

• Income limits up to $185,700 based on county
• Loan amount limits up to $659,550 in the 11-county Metro area and $637,950 for all other counties
• Downpayment and Closing Cost Loan options – up to $18,000 available!
• Minimum credit score requirement
• Owner-occupancy required

When you qualify for a loan and are eligible for the Minnesota Housing Start Up or Step Up programs, you may also have the option to access one of our downpayment and closing cost loan programs.

These loans, with amounts up to $35,000 and $18,000, are not grants. Each loan program has eligibility requirements and can only be used with a Minnesota Housing first mortgage.

Downpayment and closing cost loan program options main features:

Terms	Monthly Payment Loan	Deferred Payment Loan (DPL) / Deferred Payment Loan Plus (DPL+)	First-Generation Homebuyer Loan
Availability	Available with Start Up or Step Up	Available with Start Up only	Limited funding.* Available with Start Up only
Loan Amount	Up to $18,000	DPL Up to $16,500 DPL+ Up to $18,000	Up to $35,000
Interest Rate and Repayment Terms	10 year repayment term Equal to your first mortgage rate	No interest, no monthly payments. Balloon payment due in full at the end of the mortgage term.**	Deferred, forgivable loan. Borrower must meet all terms of the note to be eligible for loan forgiveness:    • 50% forgivable 10 years after closing date    • Remaining balance forgivable 20 years after closing date. Unforgiven balance due when borrower moves, property is sold or refinanced (unless refinancing with our Step Up program) or the first mortgage is paid off prior to the loan term.
Income Limits	Same as Minnesota Housing first mortgage loan program	Contact a participating lender	Contact a participating lender

*The Minnesota Housing First-Generation Homebuyer Loan has funding to serve approximately 1,500 eligible borrowers on a first-come, first-served basis until funds are exhausted. The program is made available through $50 million in one-time funding from the Minnesota legislature.

** Interest-free deferred balloon loan must be fully repaid in a lump sum at the end of the mortgage term, or if the borrower moves, the property is sold or refinanced (unless refinancing with our Step Up program) or the first mortgage is paid off before the term of the loan.

Find a participating Minnesota Housing lender of your choice through our Lender Search tool.

• Contact them to learn about these and other guidelines and options for the programs listed
• Get answers to your questions
• Let them know you are interested in working with them to see which Minnesota Housing program may be right for you