Minnesota Deferred Payment Loan (DPL)

Minnesota Deferred Payment Loan (DPL): how is it repaid?

It's a deferred loan with a 0% rate. All of it is due when the term finishes, or earlier if you move, sell or refinance your home.

No monthly payment comes with a deferred loan. The full amount is due after a sale, refinance or first mortgage payoff.

Minnesota Deferred Payment Loan (DPL): who can qualify?

• Income limits follow the area median income and rise as household size grows.
• This is only for first-time buyers, usually meaning you haven't owned a home in the past three years.
• You need to finish a homebuyer education course before buying.
• You get this help together with a first mortgage from Minnesota Housing Start Up.

Your county and household size set the exact income limit. Check the agency income chart to see it. Use our HUD lookup for income limits to see the median income in your area.

Applying for Minnesota Deferred Payment Loan (DPL)

1. You apply through one of the approved lenders from Minnesota Housing, along with your home loan, because that agency sends this help through them.
2. After checking the home plus your income and credit against program rules, the lender holds the funds for you.
3. At closing, the money is applied to your down payment and the costs of closing.

Check the full rules and if applications are open on Minnesota Housing's page for Deferred Payment Loan (DPL), or choose one from the agency's participating lender list.

More first-time buyer programs across Minnesota

• Minnesota Monthly Payment Loan:

  $14,000 at most, repayable loan.

• Minnesota Deferred Payment Loan Plus (DPL+):

  $18,000 at most, deferred loan.

Every Minnesota first-time home buyer program · Down payment assistance in every state