Through MFHA, the State of Minnesota offers eligible homebuyers loans with subsidized interest rates and mortgage insurance for low-to-moderate income first-time homebuyers.
You may be eligible for the Minnesota Mortgage Program (MMP) if you are:
● A first-time homebuyer,
● Have federal income tax return copies for the last 3 years,
● Have acceptable credit,
● Attend a certified Homestretch Class,
● Have an income at or below prescribed Minnesota Housing limits and want to buy a qualifying home
MHFA also provides down-payment and closing-cost assistance for MMP eligible homebuyers in the form of an interest-free, deferred loan called the Homeownership Assistance Fund (HAF). Assistance from HAF is available up to $3,000. Additional restrictions may apply. Talk to your iLoan professional for details.
Besides the MMP program, MHFA also offers the Community Activity Set Aside (CASA) for specific community initiatives. CASA eligible buyers may also apply for HAF up to $4,500 or Home Help up to $8,500. Additional restrictions may apply. Talk to your iLoan professional for details.
MHFA interest rates: http://www.mnhousing.gov/index.aspx
Related Articles:
- First Time Homebuyers - OK, Now What?
- Seller Contributions Towards Closing Costs on a Home Purchase
- FHA vs. Fannie Flex 97 for Low Down Payment Buyers
- Ready To Sell That Flip? Not So Fast, Big Guy…
- Monthly Private Mortgage Insurance - It Doesn't Make Any Sense. . .
