Is There an Income Limit for First-Time Homebuyers in Minnesota?
Is There an Income Limit for First-Time Homebuyers in Minnesota?
Buying a home for the first time can be very exciting, but there can also be a lot of unknowns that hold you back. One question many first-time homebuyers have is if there’s an income limit when applying for loans to buy a home in Minnesota. The short answer is yes, there will usually be an income limit for most types of mortgage loans that you can apply for when purchasing a home. The exact income limit will depend on the loan you apply for. First-time homebuyers in Minnesota often apply for the Minnesota Housing Finance Agency (MHFA)’s Start Up Program. This special financing program was established to help first-time buyers purchase their first house in the state. Income limits will vary depending on the county in which a home is being purchased and can be as high as $142,800 for the household, as of 2024. Another factor which determines income limit is the size of the household, with larger families being subject to higher income limits than smaller families. For a single-person or two-person household in Minnesota, income limits are generally around $120,000. For households with three or more people, these income limits usually rise to around $140,000. There are also low-income homebuyer assistance programs established to help low-income families purchase their own homes for the first time. For example, the First-Generation Homebuyer Loan Program offers interest-free loans of up to $35,000 to low-income first-time homebuyers in Minnesota.Reach out to the Nydahl Group today if you want to work with one of our realtors to buy your first home in the Southwest Twin Cities metro area!
