First Time Home Buyer Photo

First Time Home Buyer Options!

You can get money for your down payment or closing costs on a home if you are a First Time Home Buyer!


The time has come to start the process on one of the best investments of your life. Seems daunting, doesn’t it? Most of us are worried that we can’t afford a home or that our credit isn’t good enough to apply for a loan. What if I told you there are first time home buyer programs out there that will make this entire process easier and more affordable? Seems too good to be true!

Let’s check out two of our local programs.

1. Minnesota Housing Finance Assistance 

This is also known as MHFA and is a great first time home buyer loan option for down payment assistance and closing cost assistance. MHFA includes two options:

Monthly payment option  This provides a loan which you can use to cover your closing costs and down payment. The loan can cover up to $12,000 of expenses! This loan is at the same interest rate as your mortgage and you make monthly payments on this loan, spread out over a 10 year term.

Deferred payment loans  This loan can provide up to $8,000 for you to use as part of your down payment and closing costs. Deferred payment loan plus offers up to $10,000 if certain criteria are met. There is no interest with  the deferred payment options! You don’t make any monthly payments, you simply pay this loan off when you sell or refinance the property.

These two MHFA options will be available only with a Minnesota Housing first mortgage loan and will have eligibility requirements.  Loan officers can provide the exact eligibility requirements.

2. Dakota County First Time Home Buyer Program 

This is an exclusive program for Dakota County residents, and it works with FHA, VA or HFA Preferred Conventional mortgage loans.

The Dakota County first time home buyer program features low interest fixed-rate financing for the first mortgage through participating lenders. Home buyers can be eligible for this loan so long as they have not owned a home in the last three years.

First time home buyers are also eligible for down payment assistance loans of up to $10,000! This is dependent on the number of people in the household and their combined income.

No monthly payments are required and this will have zero percent interest. The loan will need to be repaid in full when the first mortgage is paid off, the home is refinanced or sold. The borrower must also supply at least $1,000 of their own funds.

First Time Home Buyer Keys

Doesn’t buying your first home seem easier?  With programs like these it makes the purchase way more affordable! The best first step is to talk to your loan officer to see which program fits your needs. We work with several local lenders and would be happy to refer you to the lenders who know these programs.

Contact us for recommendations!

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