Current First Time Buyer Programs

This is a traditional first time buyer program insured by the Federal Government. The main feature is a 3% down payment and reduced monthly mortgage insurance. This program does not have an income limit; however, maximum loan limit restrictions apply. This currently is the most commonly used program for first time buyers. The 3% down payment can be a gift from a relative, a "community" second, or can be from traditional types of savings. FHA allows you to have less than perfect credit and still get a decent interest rate on your mortgage.

3% Grant Money for down payment to qualified buyers purchasing within the city limits of Minneapolis or Saint Paul, Minnesota. The buyers and property MUST qualify for traditional FHA financing. Rates are determined by the rate on the released “pool” of money. Income and Purchase Price restrictions apply.

This loan offers below market interest rates, down payment assistance, monthly payment assistance, and up to a 40 year term for qualified buyers. Income and Purchase Price restrictions apply.

3% down financing with reduced mortgage insurance rates available to qualified buyers. This program allows “less than perfect” credit borrowers to purchase a home. It requires a MINIMUM investment of $500 from the borrower (usually the earnest money) Income and purchase price limits apply.

Same as above. 3% down financing with reduced mortgage insurance rates available to qualified buyers. This program allows “less than perfect” credit borrowers purchase a home. It requires a MINIMUM investment of $500 from the borrower (usually the earnest money) Income and purchase price limits apply.