1st time home buyers programs

1st time homes buyers assistance

Buyers may qualify to receive a down payment loan or grant if you meet the eligibility requirements.

The Federal government help for first time home buyers, many community, city, county and state agencies offer down payment grants and down payment assistance, which have unique qualification requirements regarding income, assets, credit, occupancy and location.

Find down payment assistance in Minnesota and Wisconsin.

The Minnesota Housing Finance Agency (MHFA) and the Wisconsin Housing and Economic Development Authority (WHEDA) have several programs that help first-time and seasoned homebuyers with down payments and other home buying costs.

Minnesota Down payment assistance

In Minnesota, the MHFA offers first-time buyer loans for up to $10,000, which can be used for a down payment or closing costs. Borrowers receiving this assistance loan must not have owned in the last three years, have a credit score higher than 640 and meet the income limits. Within the 11-county metro, the home cost is limited to $307,900 and across the state, the home cost limit is $255,500. Homebuyers must also attend homebuyer education classes. Read the full details of the Start Up program for first-time buyers in Minnesota.

If you’ve owned a home in the last three years or currently own a home, you may still qualify for down payment assistance or closing cost assistance. Details on these loans for Minnesota residents can be found here.

Wisconsin Down payment assistance

In Wisconsin, both first-time buyers and repeat buyers can apply for a WHEDA Easy Close Advantage loan to get funds that can be used for down payment assistance, closing costs or homeowner expenses. Homebuyers who exercise this option must take out a WHEDA Advantage home loan for their mortgage, and meet income and credit standards. Learn more about WHEDA programs here.

Who should I talk to about down payment assistance and finding a home?

Boardwalk Premier Realty INC. We help guide you thru the process of purchasing a house.

Homebuyer education can help you make smart choices for yourself and your family. Everyone in Minnesota has access to the education they need to make smart choices about homeownership. Services are available online, in person and by phone.

By completing homebuyer education, you may also qualify for special mortgages, down payment assistance, or other help that can make homeownership more affordable.



Steve Vennemann

Boardwalk Premier Realty INC