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Downpayment and Closing Cost Assistance Loans

  • Loans available up to $10,000 for downpayment and closing costs
  • Borrowers must also get a Minnesota Housing first mortgage loan

Monthly Payment Loan

  • Must be used with Start Up, Step Up or MCC (with First Mortgage)
  • Loans up to $5,000 or 5% of the purchase price or loan amount ($10,000 maximum), whichever is greater
  • 10-year loan term with monthly payments, interest rate equal to first mortgage rate
  • Meet minimum credit score requirements (varies by product)
  • Meet Start Up or Step Up home cost limits:
    • 11-County Metro: $307,300
    • Balance of State: $258,600
  • Meet income limits
  • Homebuyer education required if using Start Up. Attend Home Stretch for in-person training, or Framework for online training.

Deferred Payment Loan

  • For first-time homebuyers only, must be used with Start Up
  • Two loan options
    • Deferred Payment Loan - Loans up to $5,000 or 5% of the purchase price or loan amount ($5,500 maximum), whichever is greater
    • Deferred Payment Loan Plus - Loans up to $7,500 for borrowers who meet targeting criteria
  • Loan term equal to first mortgage term with 0% interest, repaid when property is sold, refinanced, or is no longer primary residence
  • Meet minimum credit score requirements (varies by product)
  • Meet Start Up home cost limits:
    • 11-County Metro: $307,300
    • Balance of State: $258,600
  • Homebuyer education required. Attend Home Stretch for in-person training, or Framework for online training.