Bootcamp For Buyers

First Time Homebuyer Programs in Minnesota

Minnesota offers a range of first-time homebuyer programs through Minnesota Housing to help residents achieve their homeownership dreams. These programs provide financial assistance, competitive loans, and resources tailored for first-time buyers.

Start Up Program

The Start Up Program is designed to make homeownership accessible with affordable loan options for first-time buyers.

  • Offers 30-year fixed-rate mortgages with competitive interest rates.
  • Available for FHA, VA, USDA, and conventional loans.
  • Income and purchase price limits apply based on location and household size.

Downpayment and Closing Cost Loans

Minnesota Housing provides several options for down payment and closing cost assistance.

  • Monthly Payment Loan: Up to $18,000 with affordable monthly payments.
  • Deferred Payment Loan: Up to $16,000 with no monthly payments, repayable upon sale, refinance, or loan maturity.
  • Must be used with a Minnesota Housing loan product.

Step Up Program

The Step Up Program supports repeat buyers or those refinancing their homes.

  • Offers competitive interest rates for 30-year fixed-rate mortgages.
  • Includes down payment and closing cost assistance options.
  • Designed for households exceeding Start Up Program income limits.

Minnesota’s first-time homebuyer programs are tailored to make homeownership more affordable and accessible. Explore these options and take the first step toward owning your dream home in the North Star State.