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Posted in: Getting a Mortgage, Buying a Home

Do you qualify for down payment assistance?

Down Payment Assistance

The Minnesota Housing Finance Agency (MHFA) and the Wisconsin Housing and Economic Development Authority (WHEDA) have several programs that help first-time and seasoned homebuyers with down payments and other home buying costs. Even if you don’t have enough saved for a down payment, here are insights you can use to determine how to qualify for down payment assistance in Minnesota or Wisconsin.

Minnesota down payment assistance programs

In Minnesota, the MHFA offers first-time buyer loans for up to $7,500, which can be used for a down payment or closing costs. Borrowers receiving this assistance loan must not have owned in the last three years, have a credit score higher than 640 and meet the income limits. Within the 11-county metro, the home cost is limited to $307,300 and across the state, the home cost limit is $258,600. Homebuyers must also attend homebuyer education classes. Read the full details of the Start Up program for first-time buyers in Minnesota.

If you’ve owned a home in the last three years or currently own a home, you may still qualify for down payment assistance or closing cost assistance. Details on these loans for Minnesota residents can be found here.

Wisconsin down payment assistance programs

In Wisconsin, both first-time buyers and repeat buyers can apply for a WHEDA Easy Close Advantage loan to get funds that can be used for down payment assistance, closing costs or homeowner expenses. Homebuyers who exercise this option must take out a WHEDA Advantage home loan for their mortgage, and meet income and credit standards. Learn more about WHEDA programs here.

Who should I talk to about down payment assistance?

At Edina Realty, we have 2,300 REALTORS® who can help get you connected with a home loan officer. Reach out today to get in touch with a local agent who has insights you can use as you determine your home buying needs.

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