MHFA Loans

First Time Homebuyer Loans

Buying your first home can seem overwhelming.  As a mortgage professional, I can assist you to take  advantage of these Programs.  The Minnesota Housing Finance Agency facilitates these loans and a following information will provide the information needed to understand if you are eligible to participate.

The Minnesota Housing Board of Directors approved $82.6 million in funding on October 25, 2007 that will result in 2,543 housing units across the state. The funding is awarded through deferred and below-market loans, tax credits, operating and rental assistance.  The awards advance the state housing priorities of financing new affordable housing opportunities, preserving existing affordable housing, ending long-term homelessness, and increasing emerging market homeownership.

What do Minnesota Housing Mortgage Loan Programs have to offer?

• Mortgage loans through local Lenders for qualified low and moderate income first-time homebuyers in Minnesota.
• Affordable, low, fixed interest rates for the life of the loan.
• Lower monthly payments and increased purchasing power.
• Interest-free loans to help with your down payment and closing costs.
• 30 and optional 40-year affordable fixed rate loans.

Which program is right for you!

If you've always wanted a home of your own, now is the time to start. Even if you think you can't afford it, don't have a down payment or have no idea where to start, Minnesota Housing encourages you to find out if homeownership is right for you.

Minnesota Housing Mortgage Loan Programs

Minnesota Mortgage Program (MMP) -  The Minnesota Mortgage Program (MMP) is a first time homebuyer loan program that helps low to moderate income Minnesotans buy a home. The affordable, low, fixed interest rates are available to eligible homebuyers statewide. Find out today how you can be on the road to successful homeownership with the Minnesota Mortgage Program.

Community Activity Set-Aside (CASA) - The Community Activity Set Aside (CASA) program is a first time homebuyer loan program that helps low to moderate income Minnesotans buy a home. The affordable, low, fixed interest rates are available to eligible homebuyers through lenders participating in initiatives in several communities around the state.  Homebuyer education is required for all borrowers receiving a CASA loan.

Urban Indian Housing Program (UIHP) - The Urban Indian Housing Program (UIHP) provides homeownership opportunities by offering low, fixed interest rate mortgages to low to moderate income American Indian families purchasing their first homes in the following urban areas of Minnesota:  11-County Metro Area (which includes: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright counties), Duluth and Bemidji.  Recipients of a UIHP mortgage must complete first-time homebuyer education.

Ready to Apply!

Contact the loan originator that provided this information. They will assist you with completing your application and getting you started down the road towards successful homeownership. You must work with a licensed mortgage originator who will supply the guidance and application for these loan programs.