Minnesota Housing is offering Affordable Advantage, a conventional fixed-rate loan product that helps serve low and moderate income borrowers with financing. Minnesota Housing’s Affordable Advantage has flexible terms and is one of the few 100 percent loan to value products available today in the market. This product is based on Fannie Mae’s Affordable Advantage™, an initiative developed exclusively for Housing Finance Agencies.
What does Affordable Advantage have to offer?
Affordable Advantage is for borrowers who:
- Are a first-time homebuyer, meaning you have not owned a home in the past three years
-Have an income at or below Minnesota Mortgage Program (MMP) limits on the Minnesota Housing website at www.mnhousing.gov
-Buy a qualifying home within prescribed purchase price limits-visit www.mnhousing.gov
-Are looking for an affordable monthly payment and don’t have as much cash to close.
At least one borrower per household must complete Qualified Homebuyer Education that meets Minnesota Housing requirements. For information on Homebuyer Education, go to the Minnesota Home Ownership Center website at www.hocmn.org.
Contact me for more information.
Information provided by www.mnhousing.gov.