NEW MN Housing Programs!

MN Housing now offers a few great programs that may help you get into a home. Here are a summary of the loans and qualifications:

Start Up:
~ Interest Rate: 2.75% (fixed rate)
~ Household Income: (1-2 people) $83,900 & (3+ people) $96,485
*Income varies outside of the Twin Cities
~ Purchase Price: Up to $298,125 ($237,031 outside of Twin cities)
~ Credit Score: 640 – 659 & maximum DTI (Debt to Income ratio) of 45%
~ Credit Score: 650+ & maximum DTI of 50%
~ No co-signers
~ All buyers meet the First Time Home Buyer definition and occupy the home (Anyone who has not had an ownership interest in a principle residence for the previous 3 years)
~ Need to occupy the home within 60 days after closing
~ Borrower can also use Down Payment Assistance with the Start Up program

Step Up:
~ Interest Rate: 2.75%
~ Household Income: (1-2 people) $83,900 (3+ people) $96,485
*Income varies outside of the Twin Cities
~ Purchase Price: Up to $298,125 ($237,031 outside of Twin cities)
~ Credit Score: 640 – 659 & maximum DTI (Debt to Income ratio) of 45%
~ Credit Score: 650+ & maximum DTI of 50%
~ Must be purchased as a principle residence (No Investment, recreational, or non-owner occupied properties)

For complete details on these programs please see www.mnhousing.gov