If You Think You Can’t Qualify for a Mortgage in Minnesota, There Might Be Help!

Minnesota Housing is a mortgage facilitator in Minnesota with whom I have worked before to help a young couple, not married, and just starting out.

Minnesota Housing has worked for over 40 years to stabilize neighborhoods, prevent foreclosures and support community recovery, promote and support homeownership, and prevent and end homelessness.  They provide access to affordable housing to low and moderate income first-time homebuyers.  They also support being able to repair homes that need structural improvements. 

They provide access to lenders who can assess your situation and offer advice on how to proceed with a first time home purchase or a move-up purchase, too. 

They offer through the providers 30-year loans with affordable, low, fixed interest rates for the life of the loan and  interest-free loans to help with down payment and closing costs for eligible borrowers,

You may be eligible for a Minnesota Housing mortgage if you:

Are a first-time homebuyer, meaning you have not owned a home in the past three years (Start Up program)

Are a move up buyer who has owned a home in the past (Step Up program)

Have federal income tax return copies for the last three years

Are able to put $1000 down of your own money

You have a  credit score of at least 640 for all borrowers

And, you meet basic Conventional, FHA, VA, or USDA loan guidelines

You will also need to buy a qualifying home within prescribed purchase price limits, and

Have an income at or below prescribed limits

See this table for limits

You can do this, it can be done.  Call me today to help you with the process.  And, please visit Minnesota Housing for more information.  

In 2013, Minnesota Housing invested $782 million and assisted nearly 63,000 households.

I want to help you find the home of your dreams.  And, we can work together to make that happen!