MN first time home buyer loans are available for those who qualify. Did you know, for instance, that Minnesota’s Anoka County partners with the state’s Minnesota Housing Finance Agency (MHFA) to offer mortgage programs for various types of home buyers including first time homebuyers in the 11-county metro area? The 2015 program started in April and runs through the end of November or until funds run out. In some cases, additional funds may be given out to help with closing costs and/or down payment assistance.
The MHFA’s MN first time home buyer loans program is called “Start Up.” To be eligible for it, you cannot have owned a home within the last three years. You must use a MHFA-approved lender who will determine whether or not you have acceptable credit. As for numbers, the home purchase price cannot exceed $307,300 and the household combined income cannot exceed $86,600 (for 1-2 people) or $99,500 (for 3+ people). These limits can change, so you should check the MHFA website for current info. You’re also encouraged to check with your lender to see if you qualify for a Mortgage Tax Credit Certificate. These deals are meant to get more people investing in home ownership in Minnesota.
To take advantage of the “Start Up” MN first time home buyer loans program, at least one member of your household must attend a home buyer course and receive a certificate of completion. In Anoka County, ACCAP is a HUD-certified counseling agency that offers the “Home Stretch” class, which will satisfy MHFA’s education requirement. For class information or to register, you can contact ACCAP at 763-783-4747 or visit their website.
Should you need a MN first time home buyer loans “Start Up” information packet mailed to you, call Linda at 763-323-5764. The packet will include a list of MHFA-approved lenders which will help you start the loan process. If you need to call the MHFA, their number is 651-296-8215.