These are mortgage programs offered through the Minnesota Housing Finance Agency that provide below-market interest rates to eligible first-time homebuyers.

 

 

First-time homebuyer loan programs include:

   First time homebuyer

 

Minnesota Mortgage Program (MMP)
Mortgage loans for low- and moderate-income first-time homebuyers throughout Minnesota.

  • Affordable interest rate
  • 30-year fixed rate
  • Low mortgage insurance rates

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Community Activity Set-Aside (CASA) Program*
Mortgage loans for first-time homebuyers that support community-based initiatives to increase homeownership in emerging markets.

  • Affordable interest rate
  • Option for 40-year term
  • Low mortgage insurance rates

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Homeownership Assistance Fund (HAF)
Interest-free, deferred loans to help with down payment and closing costs.

  • Up to $3,000 to help with down payment and closing costs
  • Up to $75 per month to help pay monthly mortgage payment (CASA only)

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Borrower(s) for first-time homebuyer programs must meet the following requirements:

  • Borrower(s) must be a first-time homebuyer (or have not owned a home in the past three years)
  • Borrower(s) must have acceptable credit
  • Borrower(s) must meet income and home price limits

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    *CASA borrowers are required to attend homebuyer education.