Minnesota Monthly Payment Loan
Minnesota Housing offers Monthly Payment Loan to home buyers in Minnesota: up to $14,000, as a repayable loan.
- Amount
- Up to $14,000
- Kind of help
- Repayable loan
- First-time buyers only
- No
- Homebuyer course
- Required
How is Minnesota Monthly Payment Loan paid back?
Repayable loan: repaid monthly over 15 years at the same interest rate as your main home loan.
A repayable loan is a small second mortgage you pay off each month, usually in the same payment as your main home loan.
Who qualifies for Minnesota Monthly Payment Loan?
- Same as Minnesota Housing's main home loan program.
- You don't have to be a first-time buyer.
- A homebuyer education course before you buy.
- It comes with a Minnesota Housing Start Up or Step Up first mortgage.
Most limits follow your county and household size. Our HUD income limits lookup shows your area's median income and where your household sits.
How to apply for Minnesota Monthly Payment Loan
- Minnesota Housing pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
- The lender checks your income, credit and the home against the program's rules and reserves the money for you.
- 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 Monthly Payment Loan, or pick a lender from the agency's list of participating lenders.
Ask a lender about Minnesota Monthly Payment Loan
Tell us where you're buying and a lender that works with Minnesota's programs can tell you whether Minnesota Monthly Payment Loan fits you, and what you could combine with it.
Rather not call? Send your details and the lender will reach you.
Other first-time buyer programs in Minnesota
- Minnesota Deferred Payment Loan (DPL): up to $14,000, deferred 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