MN Housing Mortgage Programs-Down Payment Assistance

Buying a home in Minnesota?

 

 

Buying a home may be one of the best decisions you can make. You can take pride of ownership. Tax deductions-No more worrying about pets or paying extra to have one in an apartment. Gain equity by fixing some items in the home. Long term appreciation.

Minnesota down payment assistance programs

In Minnesota, the MHFA offers first-time buyer loans for up to $10,000, which can be used for a down payment or closing costs. Borrowers receiving this assistance loan must not have owned in the last three years, have a credit score higher than 640 and meet the income limits. Within the 11-county metro, the home cost is limited to $307,900 and across the state, the home cost limit is $255,500. Homebuyers must also attend homebuyer education classes. Read the full details of the Start Up program for first-time buyers in Minnesota.

If you’ve owned a home in the last three years or currently own a home, you may still qualify for down payment assistance or closing cost assistance. 

Wisconsin down payment assistance programs

In Wisconsin, both first-time buyers and repeat buyers can apply for a WHEDA Easy Close Advantage loan to get funds that can be used for down payment assistance, closing costs or homeowner expenses. Homebuyers who exercise this option must take out a WHEDA Advantage home loan for their mortgage, and meet income and credit standards. Learn more about WHEDA programs here.

Where do you start when looking to buy a property?

  1. Getting pre approved with a lender is the first step. Home sellers will not look at your offer until they know you can purchase the house. We can help guide you with this process.
  2. Do you need a Realtor?  I would highly recommend BOARDWALK PREMIER REALTY INC it doesn’t cost you anything to use a Realtor and there is a lot of to know when drafting a purchase agreement. 
  3. Getting direct access to MN listings from the MLS. You will want to get out and see the homes the same day the market is hot and you will want to be first. 
  4. Drafting an offer in a hot real estate market having a knowledgeable broker is key to bidding against other potential buyers. Steve Vennemann has been in Real estate for over 20 years. Licensed in Minnesota and Wisconsin.
  5. Helping the buyer find a home inspector.
  6. Finding the right title company.
  7. coordinating the sale of the property.

 

Who should I talk to about buying a home?

651-334-8312

CALL STEVE VENNEMANN TODAY!

boardwalkpremierrealty.com

  • FHA loans
  • First-time homebuyer programs
  • Fixed-rate mortgages
  • Minnesota housing and other community bond mortgages
  • Reverse mortgages
  • Second-home mortgages (lake homes and recreational properties)
  • Home refinancing
  • Investment property mortgages
  • VA loans
  • Adjustable rate mortgages (ARMs)
  • Mortgages for people with less-than-perfect credit
  • USDA home loan
  • MN CONTRACT FOR DEED.

Income Limits for Minnesota Housing Mortgage Programs

Start Up With or Without Monthly Payment Loan

Household Size

11-County Twin Cities Metro Area*

Dodge and Olmsted Counties

All Other Counties

1-2 Person

$90,400

$88,600

$80,400

3+ Person

$103,900

$101,800

$92,400

Step Up With or Without Monthly Payment Loan

11-County Twin Cities Metro Area*

Dodge and Olmsted Counties

All Other Counties

$135,100

$135,100

$120,200

Deferred Payment Loan and Deferred Payment Loan Plus

Household Size 11-County Twin Cities Metro Area* Dodge and Olmsted Counties All Other Counties
1- 2 Person $65,000 $65,000 $58,000
3 Person $73,000 $73,000 $65,000
4 Person $81,000 $81,000 $72,000
5 Person $88,000 $88,000 $78,000
6 Person $94,000 $94,000 $84,000
7+ Person $101,000 $101,000 $90,000

*The 11-county Twin Cities Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.

Search for Minnesota homes for sale.

boardwalkpremierrealty.com

 

Find Minnesota Contract for deed properties for sale-town homes-condo-New construction and much more/

mnhomescontractfordeed.com

 GOVERNMENT 
Product  FICO/DTI 
RD/RD Streamline Refi/VA  640/45% 
660/50% 
FHA  650/45% 
660/50% 
FHA Streamlined Refinance (serviced by U.S. Bank)  660/NA 
FHA Streamlined Refinance (not serviced by U.S. Bank)  680/NA 

 

 CONVENTIONAL 
HFA Preferred™ (Fannie Mae) 
LTV  Underwriting  FICO/DTI 
≤ 95%  Automated (DU®/LPA℠)  640/50% 
Manual for one-unit properties  680/36% 
Manual for two-unit properties  700/36% 
˃ 95% to ≤ 97%  Automated (DU®/LPA℠)  640/50% 
Manual  Not allowed 
HFA Advantage℠ (Freddie Mac) 
LTV  Underwriting  FICO/DTI 
≤ 95%  Automated (LPA℠ purchase and refinance)  640/50% 
Automated (DU® purchase)  660/50% 
Automated (DU® refinance)  680/50% 
Manual  See product description for details 
˃ 95% to ≤ 97%  Automated (LPA℠ purchase and refinance)  640/50% 
Automated (DU® purchase)  660/50% 
Automated (DU® refinance)  680/50% 
Manual  Not allowed 
HFA Preferred Risk Sharing™ (Fannie Mae) 
LTV  Underwriting  FICO/DTI 
≤ 97%  Automated  680/50% 
Manual  Not allowed 

 

 Upfront Paid Mortgage Insurance (UPMI) with HFA Preferred™ and HFA Advantage℠ 
LTV  Underwriting  FICO/DTI 
≤ 97%  HFA Preferred™ (Fannie Mae) Automated  See below1/50% 
HFA Advantage℠ (Freddie Mac) Automated  See below1/50% 
Manual  See HFA Preferred and HFA Advantage product descriptions for details. 

 

 

MN CONTRACT FOR DEEDS GENERALLY DONT HAVE ANY DEBT TO INCOME RATIO’S. BUT THE RATES ARE HIGHER THAN A STANDARD MORTGAGE PROGRAM.

WE ALWAYS RECOMMEND TRYING TO GET A MORTGAGE BEFORE TRYING A CONTRACT FOR DEED IF THAT FALLS THRU AND YOU HAVE 10% DOWN OF THE SALE PRICE OF THE HOUSE WE CAN HELP YOU FIND YOUR DREAM HOME THAT ROUTE.

WE ALWAYS WANT TO FIND YOU THE BEST TERMS-RATES-AS POSSIBLE.

OUR GOAL IS TO MAKE YOUR DREAM OF HOME OWNERSHIP COME TRUE.

minnesotahomescontractfordeed.com

 

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