First-Time Homebuyer Programs in Minnesota

Minnesota Housing Finance Agency administers the state's primary homebuyer programs, including the Start Up loan for first-time buyers and the Step Up loan for repeat buyers and higher-income first-time buyers. Both can be paired with downpayment and closing cost assistance — the Deferred Payment Loan (up to ,500 at 0% interest, repaid only on sale or refinance) or the Monthly Payment Loan (up to ,000 amortized over 10 years). Minnesota also runs a First-Generation Homebuyer Loan Program offering up to ,000 in additional assistance for buyers whose parents have never owned a home. State programs require a 640 credit score, a Minnesota Housing-approved homebuyer education course, and at least ,000 of the borrower's own funds.