The 2007 First-Time Homebuyer Program started April 11, 2007.

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).
  • They provide funds for fixed rate, low-interest loans to qualified first-time homebuyers.
  • Additional funds may also be available through MHFA’s Homeownership Assistance Fund (HAF) to help with entry costs (such as down payment and closing) and, in some cases, monthly payments.

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. These loans are at or below market-rate interest. An MHFA-approved lender will have current rates.
  3. The 2007 program will run from April 11 through December 11, 2007 or until funds are spent whichever occurs first.
  4. We strongly encourage people seeking First-Time Homebuyer funds to attend a homebuyer education course prior to applying for a . 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. In 2007, the limits on household income and the home purchase price that could not be exceeded were as follows:

Maximum adjusted income limits – Gross Income by Household Size
Area 1-4 Persons 5 persons 6 Persons 7 Persons 8 Persons 9 Persons 10 Persons
11-County Twin City Metro Area $63,000 $68,500 $73,500 $78,500 $83,500 $88,500 $89,000

 

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

If you are interested in:

  • Receiving an information packet by mail, call 763-323-5764;
  • The “Home Stretch” class offered by ACCAP, 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.

Contact an MHFA-approved lender to see if you qualify for the First-Time Homebuyer Program.