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Loan Program Information for Homebuyers and Homeowners

Minnesota Housing partners with a statewide network of participating lenders to offer affordable fixed interest rate purchase or refinance and downpayment and closing cost loans to eligible borrowers.

Homebuyers/homeowners interested in a downpayment and closing cost loan should contact a Minnesota Housing participating lender prior to signing a purchase agreement to determine eligibility.  Borrower(s) may receive only one Minnesota Housing downpayment and closing cost loan.  Loans may be combined with other non-Minnesota Housing Community SecondsĀ®.

What do Minnesota Housing Mortgage Loan Programs have to offer?

Start Up
First-time Homebuyer Loans
First-time Homebuyer Tax Credit
through the MCC Program - Limited Time Only
  • Affordable fixed-rate purchase loan with three downpayment and closing cost loan options.
  • See Start Up brochure for more information.
  • Tax credit program that could save you up to $2,000/year on your federal income taxes.
  • Affordable fixed-rate purchase loan with one downpayment and closing cost option. 
  • See MCC flyer and Potential Benefits for more information.
Step Up
Non-First-time Homebuyers Loans
Downpayment and Closing Cost Loans
(with a Minnesota Housing First Mortgage)
  • Affordable fixed-rate purchase or refinance loan with one downpayment and closing cost loan option.
  • See Step Up brochure for more information.
  • Three downpayment and closing cost options with a Minnesota Housing First Mortgage.
  • Compare program options for loan descriptions.
 

Am I eligible? What are my next steps?

  • Apply:  Contact a Minnesota Housing participating lender to talk about what Minnesota Housing program may be right for you and to start the pre-qualifying process.

  • Homebuyer Education:  Minnesota Housing encourages applicants to attend a homebuyer education course to promote successful homeownership.  Homebuyer education may be required for some programs.  To find a course, contact the Minnesota Home Ownership Center

  • Find a Home:  The home you purchase or refinance must fall within the following limits:

Loan or Home Cost Limits
Property Location:
11-County Metro
Balance of State
$298,125
$237,031