We are fortunate in Minnesota to have the Minnesota Housing Finance Agency (MHFA). This program offers up to $4,500 of down payment assistance to Minnesota first-time home buyers through it’s CASA program.
Register now for a Minnesota First Time Home Buyer's Seminar!
Let’s take a look at some of the qualifications necessary to qualify for MHFA down payment assistance using HAF and CASA.
Basic Eligibility for Minnesota First Time Home Buyer’s Down Payment Assistance
- You must not have owned any other real estate within the past 36 months
- You must qualify for the underlying first mortgage program such as an FHA loan
- You must have a minimum credit score of 620
- You must meet the maximum income guidelines listed below
Maximum Purchase Price
11-County Metro area: $298,125
All other counties in Minnesota: $237.031
Minnesota Down Payment Assistance Type
The HAF assistance down payment is a second mortgage that has zero interest and no payments due. It only needs to be repaid upon refinancing the loan or selling the home.
Minimum Investment Required
You must contribute a minimum of $1,000 towards down payment in order to qualify for the down payment assistance from Minnesota Housing.
Remaining Funds After Closing
You must not have more than $5,000 in liquid assets remaining after closing.
Do I Qualify for Minnesota Down Payment Assistance?
The easiest way is to start your pre-qualification at www.peterlindquist.com or to call me at 651-491-5381.
Maximum Income Limitations for Down Payment Assistance
The chart on the MHFA website shows the Homeownership Program Eligibility Income Limits. It also shows the availability of Entry Cost Assistance programs (Homeownership Assistance Fund (HAF) and HOME HELP) for Minnesota Housing first-time homebuyer programs:
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