Down Payment Assistance in Blaine
There are probably few things more frustrating than being cash poor. You know you make enough income to afford house payments every month, your credit is good but you lack the cash to use as a down payment.
If you think this situation will keep you out of the Blaine housing market, think again.
Relax, there is Help
Many government agencies, federal, state and local, offer both closing cost and down payment assistance programs that will help you realize the dream of buying a home in Blaine.
For instance, the Minnesota Housing Finance Agency (MHFA) offers a number of different loans. These include:
- Homeownership Assistance Fund (HAF)
- Homeowner Entry Loan Program (HOME HELP)
HAF offers interest-free, deferred payment loans if you are a first-time homebuyer. This means that you won't have to make payments on the loan. How convenient is that?
To qualify you must obtain your mortgage through a lender that's approved by Minnesota Housing. Income limits apply.
With the HOME HELP program, you'll also need to qualify for a Minnesota Housing Loan and you'll also receive an interest-free deferred loan. To qualify, you must currently pay more than 25 percent of your gross monthly income on housing.
These loans max out at $8,500 and the amount you'll receive depends on your income. You'll also need to put $1,000 of your own money down on the home.
For these loans, a first-time homebuyer is someone who hasn't owned a home within the past three years.
This is just one example of the many down payment assistance programs available to Blaine home buyers. Contact us to learn more.
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Listing information last updated on July 9th, 2020 at 5:20am CDT.