Down Payment and Closing Cost Assistance
If you are anxious to get into a new home, but looking for an easier way to cover additional expenses like a down payment and closing costs this loan option may be the right fit for you. Down payment and closing cost assistance loans are available for up to 5% of the purchase price. These loans have a 10-year term with monthly payments and an interest rate equal to the first mortgage rate. It must be used with Start Up, Step Up or MCC with First Mortgage. Loans go up to the greater of $5,000 or 5% of the purchase price or loan amount and are available in amounts up to $7,500.This product is only available to buyers in the Minnesota market. For income limit information, visit the Minnesota Housing Finance Agency website.