Mortgage Rates for Today

Minnesota Assistance Programs

If you are hunting for a new home in Minnesota and want to lock in a favorable deal, then you’ve come to the right place. Total Mortgage is one of the best and largest mortgage lenders in Minnesota. We have already helped thousands of home buyers get the best mortgage rates in Minnesota. Additionally, we educate our customers on the first-time home buyer grants in MN, along with down payment assistance that can make their homeownership dream come true without disturbing their budget. Contact us today for more information.

If you have any questions about securing the best mortgage rates in Minnesota, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Minnesota first-time homebuyer loan programs

Minnesota Housing Start-Up

Minnesota Housing's Start-Up first-time homebuyer program provides low fixed-rate loans, which can comprise a conventional, FHA, VA, and USDA loan as long as you are working with an agency-approved mortgage lender. You can use this program in conjunction with other closing costs and down payment assistance in MN through the agency. Additionally, the following requirements are mandatory for one to qualify for this Minnesota down payment assistance initiative:

  • You must be a first-time home buyer in Minnesota who has not owned a home in the last 3 years.
  • Your total income should not exceed the agency's income limits and the purchase price limit for each loan type
  • You are required to complete and pass the homeowner education course.

The Start-Up conventional loan only needs a 3 percent down payment, but it does come with the additional cost of private mortgage insurance (PMI). FHA, VA, and USDA loans each have their own distinct requirements.

Minnesota down payment assistance

Minnesota Housing Monthly Payment Loan

Minnesota Housing's monthly payment loan is available to MN first-time home buyers. It provides up to $18,000 for the down payment or closing expenses of the Minnesota Housing loan you qualified for, among other conditions. The MHFA down payment assistance loan must be repaid over a decade and in monthly amounts at the same interest as your first mortgage. You must contribute $1,000 of your own money to the acquisition of the Start-Up loan or another out from Minnesota Housing.

Minnesota Housing Deferred Payment Loans

Minnesota first-time homebuyers could secure down payment assistance with a Deferred Payment or Deferred Payment Plus Loan. A Deferred Payment Loan is good for up to $16,500 of down payment or closing costs, whereas its relative can reach up to $18,000.One must pay the money back at once when he pays off the first mortgage or sells or moves the home.

Other first-time homebuyer loan programs

FHA Loan

If a borrower's credit is less than stellar or savings are slim, they may choose to investigate an FHA loan. Such first-time home buyer MN grants provide widespread access and only necessitate a minimum credit score of 580 alongside a down payment as low as 3.5 percent.

VA Loan

Military personnel or veterans looking to purchase real estate should examine VA loans, as they require no money down.


Borrowers searching in a rural area designated by the USDA have the option of a USDA loan with no down payment required. However, a credit score of around 640 or higher is generally expected for approval.

The Good Neighbor Next Door Program

Opportunity through HUD presents an extremely low equity requirement combined with half-price savings on eligible homes located in selected communities.

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