Minnesota Monthly Payment Loan

How is Minnesota Monthly Payment Loan paid back?

You pay this loan back monthly for 15 years, and its interest rate matches your main mortgage.

A repayable loan works as a small second mortgage, paid off month by month, usually combined into one payment with your main home loan.

Who qualifies for Minnesota Monthly Payment Loan?

• The rules match Minnesota Housing's own main home loan program.
• There's no requirement to be a first-time buyer.
• You take a homebuyer education course before buying.
• The first mortgage paired with it is either Step Up or Minnesota Housing Start Up.

Your county and household size set most limits. With our HUD income limits tool you can check the median income where you live and how your household compares.

How to apply for Minnesota Monthly Payment Loan

1. This money is paid by Minnesota Housing through its approved lenders; you apply through one of them when you apply for your home loan.
2. Before reserving the money for you, the lender makes sure your income, credit and the home meet the program's rules.
3. It's paid at closing and used toward your closing costs and down payment.

For the full rules and to see if applications are open, go to Minnesota Housing's page for Monthly Payment Loan. You can also choose a lender using the agency's list of participating lenders.

Minnesota's other first-time buyer programs

• Minnesota Deferred Payment Loan (DPL):

  Deferred loan worth up to $14,000.

• Minnesota Deferred Payment Loan Plus (DPL+):

  Deferred loan worth up to $18,000.

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