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Home Ownership for Me

Detroit Lakes, Minnesota

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Income limit

$128,455

The household income limit the program publishes

Repayment

Deferred

No payments until the home is sold or refinanced

What is Home Ownership for Me?

Home Ownership for Me is a deferred second loan for homebuyers in Detroit Lakes, Minnesota.

  • MMCDC's lower-income FTHB DPA. Up to $15,000 0% deferred second. NW MN service area. Income $49,400-$128,455. 640 FICO. FTHB required.
  • MMCDC's Home Ownership for Me (HOM) is a deferred 0% second-mortgage DPA targeted to lower-income first-time homebuyers within MMCDC's NW Minnesota service area. Up to $15,000 in down payment, closing-cost, and prepaid expense assistance, structured as a 0% interest deferred second with no monthly payments. Repayable upon sale, refinance with cash-out, transfer of title, or non-owner-occupancy. Income tier $49,400 (1-person) up to $128,455 (4+ person tier ceiling). FTHB required.
  • Funding comes from CDFI, State, HOME, and CDBG.

Do you have to pay it back?

Home Ownership for Me is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Repayment is triggered by 0% interest deferred second mortgage. Balance due on sale, refinance with cash-out, transfer of title, or non-owner-occupancy.
  • The assistance is recorded in 2nd Lien position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Home Ownership for Me is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: FTHB requirement may be waived in federally targeted areas.
  • The home is occupied as a primary residence
  • On credit: 640 minimum FICO per first-mortgage product overlay.
  • A completed homebuyer education course, through MMCDC HUD-approved housing counseling - pre-purchase 8-hour homebuyer education and one-on-one counseling required.
  • Residency: Property must be in MMCDC service area (primarily NW Minnesota 10-county region).
  • Citizenship or immigration status: U.S. citizen, permanent resident, or qualifying non-permanent resident alien per first-mortgage product overlays.
  • First-time homebuyer required. Property in MMCDC service area (primarily 10-county NW Minnesota). Income $49,400 (1-person floor) up to $128,455 (4+ person ceiling). Must complete MMCDC homebuyer education. $1,000 minimum borrower contribution. Property must be primary residence.

The program excludes

  • Households above $128,455

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Home Ownership for Me limits household income to $128,455.

  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Home Ownership for Me caps the purchase price as follows: Per MN Housing Start Up county purchase price limits.

  • Eligible property types include Single-family detached, condominium, townhouse, PUD, manufactured home (real-property-titled).
  • New construction is eligible.
  • Manufactured homes are eligible.

Where does it apply?

Home Ownership for Me serves buyers purchasing in Detroit Lakes, Minnesota.

How do you apply?

Applications for Home Ownership for Me go through the administering agency, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through MMCDC HUD-approved housing counseling - pre-purchase 8-hour homebuyer education and one-on-one counseling required..

  2. Contact the administering agency to reserve funds

    Funds are reserved through Application via MMCDC Lending Department intake., and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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Home Ownership for Me, explained

A short, free course on Home Ownership for Me: what it is, who it is for, when it is repaid, where it applies and how to apply. Based on program data from July 2026. About ten minutes.

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