Minnesota Housing Start Up

Minnesota Housing Start Up is a deferred second loan for homebuyers in Minnesota. Minnesota Housing Finance Agency Start Up program providing deferred down payment and closing cost assistance to first-time homebuyers statewide. The Deferred Payment Loan Plus (DPL+) offers up to $17,000 for borrowers at or below 80% AMI; standard Deferred Payment Loan offers up to $12,500. No monthly payments; repaid when home is sold, refinanced, or no longer primary residence. Up to $17,000 in deferred down payment and closing cost assistance. 0% interest with no monthly payments. repaid only upon sale, refinance, or when home is no longer primary residence. statewide availability through Minnesota Housing Finance Agency participating lenders. Funding comes from State.

Minnesota Housing Start Up offers up to $17,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Minnesota Housing Start Up is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, Refinance, and No Longer Primary. 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.

Minnesota Housing Start Up is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. The program lists a minimum credit score of 640. A homebuyer education course is required. Residency requirement: No Requirement. Citizenship or immigration status: U.S. Citizen or Permanent Resident.

Minnesota Housing Start Up limits household income to 100% of the area median income, which varies by county and household size. 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.

Minnesota Housing Start Up can be used for Single Family, Condo, and Townhouse.

Minnesota Housing Start Up serves homebuyers purchasing anywhere in Minnesota.

Applications for Minnesota Housing Start Up go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.