First time home buyer programs help low income Minnesota residents buy their first homes instead of throwing money away on monthly rent. If you’re interested in buying your first home in Minnesota, don’t miss this!
Get more help buying a house with low income here!
Minnesota Housing offers a statewide Start Up program!
Like most first time home buyer programs, the Minnesota Housing programs provide affordable interest rates, down payment assistance and closing costs to qualifying buyers. Depending on your household size, you could earn up to $103,900 per year and still qualify for these first time home buyer programs!
You could receive up to $12,000 in down payment and closing cost assistance, depending on the loan option you select. These benefits can be combined with other non-MHCS programs. Loan options include the monthly payment loan and deferred payment loan. Through the deferred option, certain qualifying home buyers can avoid paying for their down payment and closing cost assistance until they sell or refinance the house!
To qualify, your income must meet certain limits that are calculated based on your area, household size and desired loan type. A household of three people or more that resides in the 11-County Twin Cities Metro Area can earn up to $103,900 and still qualify for this program. The 11 County area includes Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.
The home you are purchasing must also meet certain requirements. For example, the purchase price cannot exceed $306,000 in the 11 County Metro area or $253,800 in the rest of the state.
Local programs provide additional assistance!
You may qualify for additional programs based on the area where you are purchasing a home!
Minneapolis buyers may be able to use the City of Lakes community Land Trust offers a Homebuyer Initiated Program. This program can contribute up to $60,000 for your home purchase or $25,000 toward rehabilitating an existing home.
Certain lenders, such as Minnesota Valley Federal Credit Union, offer grants as part of their first time home buyer programs. MVFCU may award up to $30,000 toward the purchase of your first home!
Did you know you can buy a house with Section 8 vouchers?!
You can learn all about these programs & more in a free First Time Home Buyer Programs education course!
Owning a home is a big decision. Most of the programs that will help you buy a home require you to take a first time home buyers course to help you better understand the process.
In Minnesota, you have two options. You can taken an in-person Home Stretch workshop or online as a Framework course. The workshops are often free but the online class costs $75.
Serious about buying a house? Don’t miss these other resources!
Nicole Thelin
Nicole is the founder and lead researcher of Low Income Relief. After a personal experience with poverty and homelessness following her husband's sudden medical discharge from the U.S. Army, Nicole discovered the life-changing impact of community resources. This experience ignited her passion for empowering others to navigate similar crises. Nicole launched her writing career at age 16, working for various newspapers and publications. Her commitment to in-depth research and accessible content has been recognized by Google for Publishers and other industry leaders. For over 20 years, she has applied her investigative skills to uncover the most helpful, up-to-date information on benefits programs and community resources, ensuring Low Income Relief maintains the most extensive resource databases available.