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Minnesota Housing Monthly Payment Loan

Geographic Service Area: 
Twin Cities metro area
Program Details: 
Loan for up to $5,000 or 5% of the purchase Price (maximum of $7,500)
Purchase price and income limits apply

All homebuyers who qualify for a Minnesota Housing loan are eligible for the Monthly Payment Loan to help with downpayment and closing costs.  Borrowers make monthly payments over the ten year term of the loan. Step Up refinance borrowers are also eligible for the Monthly Payment Loan.

Loan for up to $5,000 or 5% of the purchase Price (maximum of $7,500). Visit www.mnhousing.gov for full program details.

Benefits:

  • Downpayment and closing cost loan for loan for up to 5% of the purchase price of the home, or $5,000 (whichever is greater)
  • Interest rate matches the first mortgages interest rate
  • 10 year term 

Eligibility Requirements:

You may be eligible if you:

  • Are a first-time homebuyer
  • Have an income at or below prescribed Minnesota Housing income limits
  • Purchase a home under the $298,125 acquisition cost limit for 11-county metro area

Home Stretch or Framework (www.hocmn.org) required for borrowers receiving a Minnesota Housing downpayment/closing cost loan.