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Home -> Departments -> Governmental Services -> Community Development -> HOME Program -> First-Time Homebuyer Program
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First-Time Homebuyer Program

The 2008 First-Time Homebuyer Program started April 14 and will run through December 14, 2008 or until funds are spent whichever occurs first. 

HouseApplying for the First-Time Homebuyer Program:

Contact an MHFA-approved lender to see if you qualify.

Take the "Home Stretch" class offered by ACCAP, 763-783-4747

Get more information from the MHFA's Web site at www.mnhousing.gov

About the Program

  • This program is financed by the Minnesota Housing Finance Agency (MHFA), and you must use an MHFA-approved lender.
  • They provide funds for fixed rate, low-interest loans to qualified first-time homebuyers. These loans are usually at or below market-rate interest. An MHFA-approved lender has current rates. 
  • Additional funds may also be available through MHFA or the Anoka County Community Action Program (ACCAP) to help with entry costs such as down payment and/or closing fees. 

Summary and Requirements of the First-Time Homebuyer Program:

  1. You must be a first-time homebuyer or not have owned a home within the last three (3) years.
  2. You must have copies of your federal income tax returns for the last 3 years.
  3. You need to have acceptable credit as determined by an MHFA-approved lender. 
  4. We strongly encourage people seeking First-Time Homebuyer funds to attend a homebuyer education course prior to applying for a mortgage. The Anoka County Community Action Program (ACCAP) offers a “Home Stretch” class that explains, step-by-step, the buying process and offers guidance to potential new buyers so that they can make informed decisions when seeking a loan and purchasing a home. This class is available throughout the year.
  5. You need to have acceptable credit as determined by an MHFA-approved lender.
  6. The limits on household income and home purchase price for 2008 are listed below: 

Combined Gross Income by Household Not to Exceed:

Area 1-4 Persons 5 persons 6 Persons 7 Persons 8 Persons 9 Persons 10 Persons
11-County Twin City Metro Area $64,800 $70,000 $75,200 $80,400 $85,600 $90,800 $96,000

 

Maximum home purchase price not to exceed
11-County Twin Cities Area New Construction and Existing Residences not to exceed: $298,125

If you are interested in:

  • Receiving an information packet by mail, call 763-323-5764; 
  • ACCAP’s “Home Stretch” class or down payment assistance program, call 763-783-4747;
  • More detailed program information, call MHFA at 651-296-8215 or 800-710-8871 or go to the MHFA Web site at www.mnhousing.gov.  You can find a list of MHFA-approved lenders on that Web site.

page last updated - 04/19/2007

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