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Minnesota Housing Start Up Program

Geographic Service Area: 
Twin Cities metro area
Program Details: 
Available for first-time homebuyers
Purchase price and income limits apply

Start Up is a first-time homebuyer loan program that helps low and moderate income Minnesotans buy a home. The Start Up Program provides affordable, low, fixed interest rates for eligible homebuyers statewide. Visit www.mnhousing.gov for full program details.

Benefits:

  •  Low, affordable interest rates
  • Access to Minnesota Housing down payment and closing cost loans
  • Monthly Payment Loan (link to that section): Available to any Start Up borrower
  • Deferred Payment Loan (link to that section): Income limits apply
  • HOME HELP Loan (link to that section): Income limits and other restrictions apply
  •  Conventional product available with no mortgage insurance—only 3% downpayment needed
  • Lower private mortgage insurance rates for conventional-insured loans—only 3% downpayment needed
  • Housing Choice Vouchers may be used
  • HA 203(k) Streamlined purchase/repair product option available

Eligibility Requirements:

You may be eligible if you:

  • Are a first-time homebuyer
  • Have an income at or below 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 with conventional loans or for borrowers using Minnesota Housing down payment/closing cost loans