DOWN PAYMENT ASSISTANCE PROGRAMS in Rochester MN
Have OK credit? Have at least $1,000 for down payment? Than YOU can be a homeowner.
The lack of down payment money is the biggest reason many people think they can not buy a home.
With our down payment assistance programs from the Minnesota Housing Finance Agency - you can buy a new home today, and be enjoying it next month!
TWO DOWN PAYMENT ASSISTANCE PROGRAMS to choose from.
The START UP Program
The Start Up assistance program is for people who have NOT owned a home in the last three years.
The STEP UP Program
The Step Up program is for people who currently do, or may have owned a home in the past three years.
Up to $10,000 in Down Payment Assistance
Both of these program assist with up to $10,000 is down payment assistance to those who qualify. Most people get much less. Typically around $5,000, which is more than enough for most first time home buyers in MN to buy a home.
MORTGAGE CREDIT CERTIFICATES
By adding a Mortgage Credit Certificate option, first time home buyers can potentially save up to an addition $2,000 on their taxes per year, and up to $50,000 over the life of the loan.
Click or call to learn more about the benefits of mortgage credit certificates in MN (MCC)
WHO QUALIFIES FOR DOWN PAYMENT ASSISTANCE?
As with any assistance program, there are additional rules and guidelines. Here is a basic list of requirements:
- Credit score above 640 (middle score of all applicants)
- Attend First time Home Buyer Classes or take the online class
- Meet family Income Limits
- Buy an affordable home meeting affordability guidelines
- Provide previous three years tax returns
- Meet Fannie Mae, Freddie Mac FHA, VA, or USDA Loan underlying loan guidelines
The rules and guidelines for first time home buyer and down payment assistance programs in MN are a bit overwhelming for most potential new home owners.
We suggest you don't try to figure it out yourself... Rather, simply call us at (651) 552-3681, or fill out a full online application. Our licensed professional Loan Officers will review the application, zero in on the best loan for you, then contact you to discuss your options, all with NO COST and NO obligations whatsoever.