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Home Buyer Resources

Checkout the current homeownership resources available to help make your dream of homeownership a reality! Start building your generational wealth with our team today!

Mortgage Loan Programs Downpayment and Closing Cost Loans Comparison

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 their downpayment and closing cost loan programs.

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

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Check out the downpayment and closing cost loan program options main features by clicking the button below.

Downpayment Options

Buy a Home as a First-Time Homebuyer

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.

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Please click the button below to read the Start Up program guidelines and see the options included with it.

Start Up Program

How Do I Know If I'm Eligible for the MN Housing Downpayment Assistance Program?

There’s no doubt about it, buying a home is a worthwhile investment. But it can also be a challenge getting in the door.

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It’s never too early to prepare to buy a home, and we have resources to help you get started. Click button below!

Homeownership Resources

Mortgage Registry Tax Shariah Compliant Home Financing

A Shariah Compliant home financing mortgage is often structured using "cost plus profit" components, instead of the "principal plus interest" components that are traditional in Minnesota Mortgages.

 

With Shariah Compliant financing, if the total of the "fully amortized" payments (i.e. cost plus profit) is stated in the mortgage instead of just the cost amount, MRT would unnecessarily be imposed on the profit.

Learn More

Zero Down Payment Mortgage

A zero down payment mortgage is a loan to buy a home that does not require any money down at the time of purchase. This type of loan is not very common. Not many people are able to qualify for a zero down payment mortgage. Qualifications include things like a very high credit score, income requirements, and proven ability to repay the loan. Many banks do not even offer zero down payment loans.

Down Payment Options for Buying Your First MN Home

USDA Loan

The United States Department of Agriculture (USDA) Rural Development Guaranteed Housing Loan Program provides zero down payment loans for low- to moderate-income families in suburban and rural areas. A USDA loan allows buyers to finance 100% of their home purchase and access lower-than-average interest rates. Loans are received through a bank and backed by the USDA. The purpose of these loans is to help get people into safe, clean housing who otherwise would not be able to secure a loan. USDA loans include many eligibility requirements.

VA Loan

The U.S. Department of Veterans Affairs offers mortgages with low-interest rates that don’t require a down payment. However, only members of the military can qualify.

Minnesota Housing Finance Agency

A zero down payment mortgage is a loan to buy a home that does not require any money down at the time of purchase. This type of loan is not very common. Not many people are able to qualify for a zero down payment mortgage. Qualifications include things like a very high credit score, income requirements, and proven ability to repay the loan. Many banks do not even offer zero down payment loans.

If you get a mortgage through Minnesota Housing's Start Up or Step Up programs, you can get some help with your down payment, up to $18,000!

Location-Specific Assistance

There are various counties and cities within the Twin Cities metro area that provide some level of assistance with a down payment on a house in their area. So, if you’re looking to buy a house, check with the cities and counties where you’re searching to see what they offer.

Lenders for ITIN Loans

NerdWallet's Best Mortgage Lenders for ITIN Loans

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