Minnesota Deferred Payment Loan (DPL)

How is Minnesota Deferred Payment Loan (DPL) paid back?

Deferred loan: 0% loan. You repay all of it when the loan term ends, or sooner if you move, sell or refinance.

A deferred loan costs nothing each month, but the whole amount is due when you sell, refinance or pay off the first mortgage.

Who qualifies for Minnesota Deferred Payment Loan (DPL)?

• Based on the area median income, and higher for bigger households.
• Only for first-time buyers (usually no home owned in the past three years).
• A homebuyer education course before you buy.
• It comes with a Minnesota Housing Start Up first mortgage.

The exact income limit for your county and household size is on the agency's income chart. Our HUD income limits lookup shows your area's median income.

How to apply for Minnesota Deferred Payment Loan (DPL)

1. Minnesota Housing pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
2. The lender checks your income, credit and the home against the program's rules and reserves the money for you.
3. The help is paid at closing, toward your down payment and closing costs.

Read the full rules and whether it is taking applications on Minnesota Housing's page for Deferred Payment Loan (DPL), or pick a lender from the agency's list of participating lenders.

Other first-time buyer programs in Minnesota

• Minnesota Monthly Payment Loan: up to $14,000, repayable loan.
• Minnesota Deferred Payment Loan Plus (DPL+): up to $18,000, deferred loan.

All Minnesota first-time home buyer programs · Down payment assistance in every state