First Time Home Buyer
Programs in Minnesota
Complete First Time Home Buyer Programs Available in
Minnesota.
The state agency created by the legislature in Minnesota to offer
first time home buyer programs is the Minnesota Housing Finance Agency. Here is
a summary of the current first time home buyer programs that are offered:
Assistance with Costs of Homeownership >
Homeownership Assistance Fund (HAF)
Program Guidelines
HAF is available for single family and duplex residences that are within the
home purchase price limits featured on the Home Cost Limits Table for the MHFA
Program the borrower has selected. HAF monthly assistance is not available for
the purchase of a duplex.
Borrowers who receive HAF monthly assistance must complete MHFA approved
Homebuyer Education prior to closing their loan. For more information on
Homebuyer Education, go to Minnesota Homeownership Center website at
www.hocmn.org.
Contact
For more specific Homeownership Assistance Fund information, contact Barb
Collins at barb.collins@state.mn.us, Ed Niewinski at ed.niewinski@state.mn.us or
Tonya Taylor at tonya.taylor@ state.mn.us or you may call the MHFA Consumer
Information Line at 651-296-8215 or 1-800-710-8871.
Minnesota Mortgage Program (MMP) - Mortgage Loans
available throughout Minnesota
Community Activity Set-Aside (CASA) - Mortgage Loans for Specific Community
Needs
Urban Indian Housing Program - Mortgage Loans for Native Americans
For complete details on these first time home
buyer programs available to Minnesota residents, visit the
Minnesota Housing
Finance Agency website.
It is highly recommend that you also visit the
First Time Home Buyer Grants
page.
Best Lender For First Time Home Buyer Loans
Unfortunately, some lenders do not like
to work with first time home buyers (due to not having a track record), and prefer instead to only provide
mortgages to people who have previously owned a home.
If you do not need help with the down payment and are not
in need of any state program, but simply want to apply for a mortgage,
we recommend ING DIRECT Orange Mortgage
They have great rates, an easy online application, and welcome first
time home buyers. Additionally they have not been as severely hurt by the
subprime mortgage crisis and are still approving the majority of applications.
Other First Time Home Buyer Programs & Resources
