Did you know that you live in the second happiest state in the entire U.S.? A recent study done by the finance website, WalletHub, ranked Minnesota #2 in their analysis of the happiest states in our union.WalletHub compiled a list of factors that went into determinng the happiest ...
Minnesota First Time Home Buyer
Are you a first time home buyer in Minnesota? Are you looking for a home in the Minneapolis, Saint Paul or Dakota County area? There are some excellent financing options available just for you! (If you're looking outside these areas, DON'T WORRY, there is another program that may benefit you too - MHFA - The Minnesota Housing Finance Agency.) All of these programs offer lower-than-market interest rates and some offer grants or down-payment assistance - WOW!
The most important thing to know is that you must be a Minnesota First Time Home Buyer in order to qualify. What does that mean? According to the program guidelines, it means you could not have owned a home in the last three years. This is documented by obtaining copies of your last three years tax returns.
All of these programs are on a first-come, first-served basis. Funds may run out and when new funds are re-issued, the rates or parameters could change.
Please contact us to verify the availability of Minnesota first time home buyer funds. Below, we will highlight the characteristics of each program.
Minneapolis and Saint Paul First Time Home Buyers - City Living Program
Are you a buyer looking for your first home in Minneapolis or Saint Paul? Your very first Minneapolis or Saint Paul mortgage could be with a program called City Living. Here are the qualifications the program expects:
- Maximum household income for 1-2 people is $77,000
- Maximum household income for 3 or more people is $84,700
- Maximum purchase price limit is $254,100
- 3% grant available for down payment or closing costs with a slightly higher
For more information on the City Living Program, please attend our FREE HOME BUYING SEMINAR or complete the form below to be contacted with more information.
Dakota County Minnesota First Time Home Buyers
Are you a buyer looking for your first home in Dakota County? Dakota County has a similar program to help you afford your first home. This program has some great additions over the City Living Program. The qualifications are below:
- Maximum household income for 1-2 people is $78,500
- Maximum household income for 3 or more people is $86,350
- Maximum purchase price limit is $259,050
- 4% grant available for down payment or closing costs with a slightly higher rate
- Down payment assistance of $7500 or $10,000 available for buyers that meet lower income limits outlined on their website
For more information on Dakota County's program, please attend our FREE HOME BUYING SEMINAR or complete the form below to be contacted with more information.
Twin Cities First Time Home Buyer - 11 County Metro* - MHFA Programs
- *11-county metro area includes Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright
If you are looking outside of Dakota County, possibly in other Twin Cities counties, including Ramsey and Hennepin, there is another program that may suit you perfectly - MHFA. The Minnesota Financing Agency has been around since 1971, helping Twin Cities first time home buyers like you enjoy the dream of home-ownership. The qualifications are below:
- Maximum household income for 1-4 people is $63,000 (11-county metro area*)
- Maximum purchase price limit is $298,125 (11-county metro area)
- $3,000 down-payment and monthly housing payment assistance for those who meet certain qualifications outlined on the website
- More down-payment assistance available for those who meet the income parameters
- Money also available for Olmsted County and the balance of the state with different income limits and purchase price limits
For more information on MHFA, please attend our FREE HOME BUYING SEMINAR or complete the form below to be contacted with more information.
For all these Minnesota first time home buyer programs, you would still need to qualify for a general mortgage program, such as FHA, VA or Conventional.
A few things to note that make these programs so great - you may be able to afford MORE of a home! With the market getting out of hand with prices, sometimes it's tough to get into your first home. The grant money, or down-payment money or even the monthly payment assistance can help immensely in getting you into the home of your dreams.