First-time homebuyer program (Minnesota Mortgage Program)

Home repair and first-time homebuyer loan funds available; pre-applications now being taken

Requirements for Minnesota Mortgage Program (MMP)
Maximum gross household income
1–4 persons
$83,900
5 persons
$90,700
6+ persons
$96,400
Maximum home purchase price
$298,125
Lien
30 years, fixed rate
Interest rate
4.375% (current as of June 10, 2010)

The MMP program is a first-time homebuyer program that offers lower-interest rate loans. In order to qualify for the loan you must:

  • Be a first-time homebuyer (anyone that has not owned a home or interest in a home in the past three years).
  • Meet income requirements.
  • Purchase an eligible property (single-family, condominium, townhouse, or 2-unit duplex).
  • Have federal income tax return copies for the last three years.
  • Have acceptable credit.

Additional information on the MMP Program is available from Minnesota Housing. Visit Minnesota Housing’s website to find a participating lender.