The programs on this page are for homebuyers buying anywhere in the state of Minnesota

Minnesota Housing Finance Agency (MHFA)

The following income requirements apply to all MHFA programs unless otherwise specified.

The following purchase price limits apply to all MHFA programs unless otherwise specified.

Minnesota MortgageProgram (MMP)

This program offers low interest First-Time Homebuyer loans throughout Minnesota to low- and moderate-income borrowers.

Borrower must be a first time homebuyer (has not owned a home in 3 years), meet income limits for MHFA (in chart above), and complete homeownership counseling through the Homestretch counseling program sponsored by the Minnesota Home Ownership Center.

Property Eligibility:

Property must be a single family home, PUD, condo, or duplex located in the state of Minnesota and meet purchase price limits form MHFA (in chart above).

Community Activity Set Aside (CASA)

This program offers first time homebuyers low- and moderate-income borrowers a low interest rate through local participating lenders as well as offering access to maximum Minnesota Housing Down payment and Closing Cost Assistance through HAF and HOME HELP.

 Borrower Eligibility

Borrower must meet income limits for MHFA (in chart above), complete homeownership counseling through the Homestretch counseling program sponsored by the Minnesota Home Ownership Center, and contribute at least $500 of their own funds to the purchase of the home. Borrower must also qualify as one of the following targeted markets:

1. Emerging Markets: 

Households of Color or Hispanic Ethnicity or pilots endorsed by the Emerging Markets Homeownership Initiative (EMHI).

 A family with one adult householder, no spouse/partner in the household, and one or more dependents in the household.

• New construction in Target Counties: (Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington, Wright)
• New construction in approved developments
• Homes sold by government or non-profit agencies
• Homes with long-term affordability including Community Land Trust and deed restricted homes
• Approved employer-based initiatives
• Neighborhood/Community revitalization efforts
• Light Rail Transit Corridor in Hennepin County
• Hard Hit Foreclosure areas of Minneapolis

4. Disability

The borrower or one member of the household is disabled.

Property Eligibility

Property must be a single family home, PUD, duplex or condo located in the state of Minnesota and meet purchase price limits form MHFA (in chart above).

Homeownership Assistance Fund (HAF)

This program offers a reduced interest rate for low- to middle-income borrowers as well as $1,000-$3,000 in entry cost assistance. The loan must be repaid in full when the home is sold, refinanced, is no longer the principle residence, or the first mortgage is paid off.

Borrower Eligibility

Borrower must complete homeownership counseling through the Homestretch counseling program sponsored by the Minnesota Home Ownership Center, contribute at least $1,000 of their own funds to the purchase of the home, have a credit score of 620 or higher, have the lesser of 6 months principle, interest, taxes, and insurance or $5,000 liquid assets after closing, and meet one of the following requirements:

Be eligible for the CASA program, and meet the MHFA income requirements.

OR

Be a targeted borrower:

        Single-headed household

        Household of color, American Indian or Alaska Native, Asian Black or African American, Hispanic or Latino Ethnicity, Native Hawaiian or Other Pacific Islander

           A low-income census tract

            One household member with a disability

OR

Meet the following income requirements:

 Property Eligibility

Property must be a single family home, PUD, condo, or duplex located in the state of Minnesota and meet purchase price limits form MHFA (in chart above).

Home HELP

 This offers low-income homebuyers $5,000, $10,000 or $14,999 interest free, deferred payment loans. The loans are 70% forgivable after 5 years. The loan must be repaid in full if the home is sold, refinanced, is no longer the primary residence, or the primary mortgage matures within the first 5 years. The loan amount will be determined as to create a minimum housing ratio of 30%.

Borrower Eligibility

Borrower must complete homeownership counseling through the Homestretch counseling program sponsored by the Minnesota Home Ownership Center, contribute at least $1,000 of their own funds to the purchase of the home, have a credit score of 620 or higher, and qualify for a mortgage through CASA. Borrower must have the lesser of 6 months principle, interest, taxes, and insurance or $5,000 in liquid assets after closing. Borrower must also meet income requirements based on county. The income limits for the 11 county metro area are listed below. For purchases in counties outside the metro area, see the MHFA HOME HELP website. First time homebuyers must purchase a property in one of the targeted zip codes, but up to $10,000 is available to non-first time homebuyers purchasing a foreclosed home in one of the targeted zip codes.*           

 Property Eligibility

Property must meet MHFA sale litmits (in chart above), pass a Hoem Quality Standards (HQS) inspection, and be a single family detached home or a condo or townhome built after 1978. (Duplexes are not eligible) Property must also be located in a targeted zip code, For non-first time home