Get Pre-Qualified Now
One of the biggest challenges to buying a home is having a down payment. We have Down Payment Assistance options to help you now. Our Professionals will review all our programs and show you how to qualify. Complete a few questions so we can start your program search.
Down Payment Assistance 101
Understanding the types of Down Payment Assistance is important. There many types of Down Payment Assistance. Some programs are loans and some are grants. Some loans are forgivable (do not need to be paid back), some can be forgiven sooner than others. The different Down Payment Assistance programs providers vary mainly based on areas. There are government agency provided programs and private programs which are usually non-profit agencies. Geographic boundaries are divided into State, County, City, and Neighborhood programs. When we speak to you it will be important to establish areas of home search so we can determine available programs.
First Time or Not
It is a common misunderstanding that Down Payment Assistance is only available for First Time Home Buyers. That is not the case. There are programs for people that have owned a home in the past. Generally all programs are available to you if you have not owned a home within the past 3 years. Minnesota Housing Finance Agency has options for people the currently own a home or have owned a home within the last 3 years. See Minnesota Housing Options for more details on that program.
Eligibility and Education
Let’s make sure we understand the Eligibility Requirements for each Down Payment Assistance program. The Eligibility for each programs is slightly different. Each program can have it’s own credit score, debt, and income requirement. Being Pre-Qualified for a mortgage in general doesn’t mean your are eligible to use every Down Payment Assistance programs. Eligibility can also be based on demographics, geographic area, and lower income. Almost every program will require you to complete home buyer education (HUD Approved) to be eligible. You can now complete this online if you prefer. In person is available in number of areas at flexible times and dates. See Approved education below.
Neighborhood Lift has Returned
Minneapolis and St. Paul has up to an additional $7,500 for down payment and closing costs.
Minnesota Housing Finance Agency
Minnesota Housing Finance Agency (MHFA) is one of the most widely used down payment resource in Minnesota. The programs are available state wide. They are a government agency that has large sustainable reserves for all their programs. Reasonable requirements on their down payment loans and tax credit programs an excellent option for both first timer buyers and non-first timers buyers. New Homeowner Center at Summit Mortgage is a preferred lender of Minnesota Housing Options. Click below to see more about Minnesota Housing options and get Pre-Qualified Today.
The New Homeowner Center at Summit Mortgage wants to offer a level of service above your expectations. We know that communication is the most important thing about your home buying process. We make ourselves available on your time. Call us today, or whenever. Let us know how we can help. We want your feedback.
Call Us Now – 612-226-3559