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Help for MN First Time Home Buyers

Help for MN First Time Home Buyers

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, this program provides 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.

St. Paul users may be eligible for a similar program from Rondo Community Land Trust. To qualify for this program, you must have children and be living in public housing or have a Section 8 voucher.

Certain lenders, such as Minnesota Valley Federal Credit Unionoffer 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 leads the Low Income Relief team with over 20 years of professional research and writing experience. Nicole started Low Income Relief after a personal experience with poverty. When her husband was medically discharged from the US Army, their family experienced tremendous financial hardship. Nicole was able to gather help from multiple community agencies and move into a nearby low income housing unit in just two weeks! Since then, Nicole has been dedicated to helping low income families in crisis. She regularly spends hundreds of hours combing through countless resources to make sure that Low Income Relief has the most comprehensive and complete resource directories on the internet today. Prior to starting Low Income Relief, Nicole worked as a novelist, journalist, ghostwriter and content creator. Her work has been featured in various print and online publications, including USA Today, eHow, Livestrong, Legal Beagle, The Daily Herald, The Chronicle and more.