There are several first time homebuyer programs in Minnesota, some are available for the entire state and some are just by county or city. I just heard about one in Scott County that was new to me, so I wanted to share it.
Scott County has a $3000 grant available to first time homebuyers that complete the Scott County Homebuyer's Club program. It is a grant and so it does not have to be repaid and it can be combined with MN Housing's program. You must purchase in Scott County and there are income limits and home price limits. The buyer has to contribute $1000 into the purchase.
Dakota County also has a program for first time homebuyers. You can get down payment assistance up to $10,000 depending on your income limits. You can also get a mortgage credit certificate that will give you an income tax credit to apply to your income tax. There are also income limits and purchase price limits with this program. Currently the interest rate is 4.125%.
MN Housing has different programs depending on your situation. There is a first time homebuyer program and a move up buyer program. They also have down payment assistance available depending on your income. There is a mortgage credit certificate program available also that you can apply to your income taxes.
Woodbury has a first time homebuyer program available to low and moderate income homebuyers. They will give you a low interest deferred payment loan up to $25,000 depending on your income.
Minneapolis has different programs available to you depending on where you might be buying. Some of the programs do not have to be paid back, some do.
If you are interested in learning more about these programs, talk to your loan officer or contact the city where you are going to be buying a home. If you are concerned about saving for your down payment, these programs can help you buy a new home sooner than you may have been able to!
Leslie Vanderwerf, NMLS ID#335509, American Mortgage & Equity Consultants, NMLS#150953 – Email – Website