Minnesota Housing has purchased more than 24,000 home mortgage loans since 2021. Interest rates on home mortgage loans reached historic lows in 2021 (below 3%) making homeownership more affordable. Beginning in 2022, interest rates increased to levels that are more typical from a historical perspective (7%), limiting the affordability of homeownership for some. Despite this rise, Minnesota Housing purchased nearly 4,000 home mortgages in 2025 including 3,374 for first-time homebuyers through the Start Up program and an additional 551 through the Step Up program. 
 

Homeownership is the primary way that most people in Minnesota build wealth. However, many factors create barriers to successful homeownership, including poor or no credit, limited savings and income, existing debt, limited knowledge and trust of the mortgage industry, discrimination and limited access to financing. Minnesota Housing finances homeownership loans for Minnesotans with low and moderate incomes who face barriers to homeownership.

This metric captures the number of purchased home mortgages each program year in Minnesota Housing’s homebuyer programs, Start Up and Step Up. The Start Up program serves first-time homebuyers, and Step Up primarily serves repeat homebuyers. Minnesota Housing’s program year runs from October 1 through September 30.