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Downpayment and Closing Cost Assistance Loans

Downpayment and closing cost assistance loans are available for up to 5% of the purchase price.
View a comparison of each loan option.

  • Borrowers must also get a Minnesota Housing first mortgage loan.
  • The downpayment and closing cost loan may be combined with other non-Minnesota Housing Community Seconds.
  • Borrowers purchasing a Minnesota Housing-owned property are ineligible for Minnesota Housing downpayment and closing cost loans or other secondary financing due to federal regulations.
  • Learn about downpayment and closing cost subordination and refinance guidelines.

Monthly Payment Loan

The Monthly Payment Loan has a 10-year loan term with monthly payments and an interest rate equal to the first mortgage rate. It must be used with Start Up, Step Up or MCC with First Mortgage. Loans go up to the greater of $5,000 or 5% of the purchase price or loan amount.

Deferred Payment Loans

Deferred Payment Loans have loan terms equal to the first mortgage term with 0% interest, repaid when the property is sold, refinanced or is no longer the primary residence. They must be used with Start Up. There are two options:
  • Deferred Payment Loan - Loan amount starting at $5,000 up to $7,500
  • Deferred Payment Loan Plus - Maximum loan amount of $10,000 for borrowers who meet targeting criteria
Lender Requirements