When you’re planning to buy a home for the first time in Minnesota, it’s important to review your options for mortgages and other financial assistance carefully. The State of Minnesota offers several helpful first-time homebuyers programs through organizations such as the Minnesota Housing Finance Agency (MHFA). Before you begin your home search in the state, be sure to research these programs to see if you might apply.

One of the most popular first-time homebuyers programs in Minnesota is the MHFA’s Start Up Program. The goal of this program is to help Minnesotans buy their first home in the state by providing fixed-rate mortgage loans with affordable interest rates, as well as down payment and closing cost loans of up to $17,000. Homebuyers applying for the Start Up Program must fall within specific income limits and home purchase price limits. These limits range by county, but income limits tend to cap around $140,000, while purchase price limits max out at $340,000.

Below the state level, many counties and cities in Minnesota offer their own financial assistance programs for first-time homebuyers. If you know what city or area you’re planning to move to, search for any local housing programs you may qualify for to ease the home buying process.If you’re interested in buying your first home in the Southwest Twin Cities metro, reach out to the Nydahl Group today and speak to one of our realtors about first-time homebuyers programs you can apply for!