First Time Homebuyer Money

Here’s some helpful information about the first time homebuyer money and down payment assistance available. Give me a call! I’m happy to answer all your questions.

First time home buyer programs available for homes for sale in Dakota County:

A great program is available to help those purchasing property in any part of Dakota County. Those eligible may receive assistance with their down payment and closing costs.

If you’re interested in finding out if you are eligible for this program, contact me and I can put you in touch with a qualified mortgage lender. You can receive up to $10,000 for down payment and/or closing costs. Dakota County has their own application process that your approval lender can assist you with in determining the eligibility.

Some program guidelines and details include:

• Income Limits are $84,000 for a one to two person household.
• There is a maximum purchase price of $276,683
• Lower than market rate
• Three levels of assistance
• 10%, 5% and 2.5% of the loan amount with maximum of $10,000 depending on household income.

I can guide you through the process of making your first home purchase easy and rewarding!

Minnesota Housing Mortgage Loan Programs

First time homebuyers may be eligible for:

• Mortgage loans to purchase a home through local lenders for qualified low and moderate income first-time homebuyers in Minnesota
• 30-year loans with affordable, low, fixed interest rates for the life of the loan
• Interest-free loans to help with down payment and closing costs for eligible borrowers

You may be eligible for a Minnesota Housing mortgage if you:

• Are a first-time homebuyer, meaning you have not owned a home in the past three years,
• Have federal income tax return copies for the last three years,
• Have acceptable credit,
• Have an income at or below Minnesota housing income limits
• For basic first-time homebuyer program for a family of one to four, income limits are as follows:

11-County Twin Cities Metro Area – $84,000
Rochester MSA – $77,600
Balance of State – $73,100

• Buy a qualifying home within prescribed purchase price limits as follows:

11-County Twin Cities Metro Area – $298,125
Balance of State – $237,031

If you’d like to see if you’re eligible for this program, give me a call (612-590-7555).

Tags: Dakota County, downpayment assistance, First time home buyer programs, first time homebuyer, homes for sale, Minnesota Housing mortgage