This $5,000 second-mortgage loan is available to qualified buyers for purchase of an owner-occupied home in rural areas of 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.
Borrower(s) must meet the following requirements:
- See Mortgage Lending page for MMCDC lending focus
- Buyers must qualify for and receive a USDA first mortgage from MMCDC.
- Homebuyer Education Certificate required
*Limited Time Offer. Loans Available Until Funds Are Depleted. Up to $200 MMCDC Loan Fee (0.240% APR)
