MHFA Down Payment Assistance | Cambria Mortgage

What do MHFA loan programs offer first time homebuyers in MN?

Mortgage loans to purchase a home for qualified low and moderate income first-time and move up 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 (Start Up program)
Currently own a home, but want to buy a new home (Step Up program)
Have Federal income tax return copies for the last three years
Are able to put a down payment of at least $1000 down (or 1% if the home is under $100,000) of YOUR OWN money
Have a credit score of at least 640
Buy a qualifying home within prescribed purchase price limits
Have an income at or below prescribed Minnesota Housing income limits

We are an Approved MHFA Lender

Minnesota Housing Finance Agency partners with lenders across the state to provide our loan products to consumers. To learn more about which Minnesota Housing program is right for you, and to see if you qualify, please call (651) 552-3681 or fill out our mobile optimized online application.

When you decide to buy a home or refinance a mortgage in Minneapolis, St. Paul, Duluth, Rochester, or anywhere else in Minnesota, your search for a home loan or mortgage only need to start and end here. With so many lenders to choose from in the greater metro area, and nationally, you need to choose one you can trust to find the mortgage loan that's best for you.

What kind of loans does Minnesota Housing offer?

Two Down Payment Assistance Loans to Choose From

START UP Program

The "Start Up" mortgage loans through local lenders to low and moderate income homebuyers throughout Minnesota. This first time homebuyer loan program helps low to moderate income Minnesotans to buy a home. The interest rates are below market rates and available to Minnesotans based on their income.

Purchase Option
640 minimum credit score
Low, affordable interest rates
Three downpayment and closing cost loan options available

STEP UP Program

The "Step Up" program is designed for move up buyers, or someone who has owned a home in the previous three-years. This program helps low to moderate income Minnesotans to buy a home. The interest rates are below market rates and available to Minnesotans based on their income.

Purchase and refinance options
640 minimum credit score
Low, affordable interest rates
One downpayment and closing cost loan option available