This $3,000 second-mortgage loan is available to qualified buyers for purchase of an owner-occupied home in Minnesota. There are no monthly payments and no interest on the loan, but it must be repaid when the home is sold or at the end of the first mortgage.
Who Is Eligible
- Loan is available to buyers with incomes at or below the Federal Guidelines for Low Income in Minnesota, by County or Metropolitan Statistical Area and Family Size.
- Buyers must qualify for and receive a first mortgage from MMCDC or another source.
- Homes must be located in Minnesota.
- $200 MMCDC Loan Fee (0.240% APR)
- Homebuyer Education Certificate
Please see our helpful Document Checklist for a list of items we may need to help close your loan.
*Limited Time Offer. Loans Available Until Funds Are Depleted.