Minnesota Housing has announced a limited time program starting on Thursday, Aug 3rd. Â They are going to offer a grant that can be used towards your closing costs, this grant does not have to be paid back! You can still get down payment assistance and ask the seller for additional money towards closing costs.
The amount of the grant will vary based on the program you use. Here is a chart to help give you an idea of what you can qualify for:
This grant money is only for a limited time and needs to be reserved by your lender when you lock in your interest rate. Â It’s only available for conventional financing with MN Housing. You will want to verify with your lender whether you are using a Fannie or Freddie program as it affects the amount of your grant. For example, if you are using Freddie Mac program and you are buying in Minneapolis with income under $42,600, you could get a grant for $4000 towards a mortgage of $200,000. If you are buying the same home but your income is between $42,600 and $72,320, you can get a grant for $1000.
Depending on your situation, it may mean the difference between needing the seller to contribute towards closing costs or not – that could make it easier to get your offer accepted also!
There will be additional information available on MN Housing’s website. Look at their website for more information –Â http://mnhousing.gov
We don’t know how long this program will last so take advantage of it while it’s available!
Leslie Vanderwerf, NMLS ID#335509, American Mortgage & Equity Consultants, Inc., An Equal Housing Lender, NMLS#150953 – Email – Website
