Are you a first time home buyer? Of course you are, that’s why you are here! Many Minnesota residents like yourself are looking for assistance programs or incentives when it comes to purchasing their first home. This helps keep the payment of your mortgage down which will help you get into the real estate market. After all no one likes seeing rent money go towards someone else’s mortgage.
It may reassure you to know that there are programs and loans to help first time homebuyers in Minnesota purchase a home. The Home Ownership Works (HOW) offers affordable homes to those with incomes below the 80% of the metropolitan median income. It’s recommended that you work with a HOW representative who can show you affordable homes and explain how the program works. Once you’ve completed 2 homebuyers education workshops coordinated by the Home Ownership Center you can schedule a meeting with a HOW marketing representative.
Another option available for first time home buyers who qualify is the HOME program. This program is only available to current Minneapolis public housing residents and/or Section 8 participants who wish to move from renting to owning their own home. What the HOME program offers is a mortgage loan at typically lower-than-market interest rates, and a realtor to help you find a home that qualifies. As far as the deposit goes HOME provides a loan to help towards the down payment, in the future when you sell the home the loan including all interest must be repaid. There is one other opportunity with an interest free loan to cover closing costs that might be available. For more information about the HOME program, fill out the web form on this page.
Inside the first time homebuyers guide to MN you’ll also find information about the Minneapolis Advantage Program or MAP. What this program does is help first time home buyers purchase a home in areas hit by foreclosures. While limited to specific neighborhoods these loans are on a first come first serve basis. It also offers loans up to $10,000 with zero-percent interest and should the homeowner continue to live in the home for 5 years the loan is forgiven. Rather than have homes sitting empty these homes give first time homebuyers a chance to own their own home. Loans provided through this program can be used towards a down payment, closing costs and/or any repairs that may be needed.
Contact us today for more information on our Minnesota first time home buyer programs and assistance.