Start Up and Step Up Loan Program
Minnesota Housing offers a variety of loan programs for first-time and repeat homebuyers and a refinancing loan program to help make owning a home more affordable.
Details
- Credit Score640
- Down Payment Assistance TypeDeferred Loan
- First-Time HomebuyersYes
- Repeat HomebuyersYes
- Mortgage InsuranceYes
- Lender Paid Mortgage InsuranceYes
- Buyer Minimal Investment Requirement1000
Minnesota HFA Down Payment Assistant Program
- Start-Up program up to $16,500
- Start-Up Plus program up to $18,000
- Step-Up Program up to $18,000
Eligible Property Types
- Single Family Home
- Duplex/2-unit
Loan Term
- 30 year
Down Payment Assistance Amount (Explanation)
Deferred Payment Loan (DPL) Start Up - $16,000 and Deferred Payment Loan Plus (DPL+) - 18,000 No interest, no monthly payments. Balloon payment due in full at the end of the mortgage term. Step Up - 10 year repayment term equal to your first mortgage rate
Funds can be used for:
- Down Payment
- Closing Cost
Area Median Income (AMI) (Explanation)
The income maximum is based on the product type, household size, and county. Talk with your loan officer to find out more information
Debt-to-Income Program Explanation
There is a restriction on the DTI to be 45% if you have a credit score of 650. However your DTI can be 50% if you have a minimal credit score of 660
State(s)
- Minnesota
Financial Instution
CMG Home Loans
Meet-Up Availability
- Virtual
- In-Person
- By Phone
Role
Loan Officer
Location
731 Bielenberg Dr suite 204, Woodbury, MN 55125, USA
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About the listing author
I got into the mortgage business in a strange way. I have a degree in Hospitality Administration and a minor in business and was happy in the restaurant and hotel…
I got into the mortgage business in a strange way. I have a degree in Hospitality Administration and a minor in business and was happy in the restaurant and hotel…