Many first-time buyers are unaware that they may qualify for down payment or other assistance programs in Minnesota. It can be especially challenging to understand the requirements, benefits and application process for multiple programs.
The Center has partnered with Down Payment Resource to help! This FREE online tool will ask a series of simple questions and then provide you information about the down payment programs in Minnesota that you may qualify for. The interactive tool is available here.
To help you understand the steps to successful homeownership, the Center has created a visual overview of the process for buying your first home. Click ‘Read more’ or click on the image to view the steps to successful homeownership.
Shopping for, and getting, the right mortgage loan might just be the key to successful homeownership for you. The Center has compiled a catalog of Affordable Mortgage Loan Products for first-time homebuyers in Minnesota. These loans typically have flexible underwriting standards, low down-payment requirements and other qualities that make them perfect for first-time buyers. Click ‘Read More’ to open a PDF of the catalog. If you have questions about any of the products, please don’t hesitate to contact a Homeownership Advisor by clicking here.
The Neighborhood Stabilization Program (NSP) is a federal program administered by the Department of Housing and Urban Development.
These funds are used by specific municipalities in Minnesota who purchase and redevelop previously foreclosed and abandoned homes. In some cases, down payment assistance may also be available to purchase these previously foreclosed homes.
If you are a purchasing an NSP property in Minnesota or are an NSP participant, you are required to complete eight hours of homebuyer education and counseling from an NSP-Approved organization.
Search for upcoming workshops here. Limit your search to “Neighborhood Stabilization Program” under Loan Requirements.
The Homeownership Center offers information to make sure that you have what you need to make educated home buying decisions.
We’ve created a number of fact sheets and informational videos to help homebuyers in Minnesota, including information on home mortgages and other important first-time homebuyer information.
Purchasing a short sale
Buying a “For Sale by Owner (FSBO)” Property
Types of Homeownership
Understanding a Contract for Deed
And many more …