The Minnesota Housing Start Up Program at a Glance
To help assist first-time home buyers in Minnesota with purchasing a new home, the state has developed its Start Up statewide mortgage program, which allows certain eligible homeowners making $99,500 per year or less access to affordable interest rates, as well as down payment and closing cost assistance loans.
The Minnesota Start Up program also offers either reduction or elimination of mortgage insurance costs for these homeowners, with exclusive conventional loan options available. The borrower must contribute the lesser of one-percent of the home’s purchase price or $1,000.
Other qualifications for homeowners wishing to use the Minnesota Start Up program include the purchase price of the home. For homes located within the eleven-county metro, the home must be priced below $307,300. As for the rest of Minnesota, the limit is $258,600. Eligible properties include detached single-family homes, duplexes, townhomes, servicer-approved condos, modular homes, manufactured homes that are taxed as real property and specific other residences.
For more information about qualifications, exclusions, certain specifics of the plan and other details of Start Up, prospective homeowners are urged to contact the Minnesota Housing Finance Agency, or reach out to one of our first-time home buying experts for answers to all your questions!