MN down payment assistance programs are available for eligible buyers everywhere. If you are a first time home buyer and seeking down payment assistance, contact Medina Realty today at 612-354-3443 or [email protected].

Not a first time home buyer? There are still many programs and options out there for you. Contact us today to learn more!

What is down payment?

Down payment is an amount paid up front at closing for the purchase of a property. Lenders usually require buyers to put down 5-20% minimum of the purchase price in order to receive the mortgage.

How much should I put down?

If you put down less than 20% of your purchase price, many lenders will require you to purchase PMI (private mortgage insurance). PMI can add anywhere from $75-$250 extra on your monthly mortgage. If you can put down more than 20%, lenders will usually consider you less of a risk and waive the PMI.

What if I don’t have any money to put down for a house but I’m ready to start owning?

The state of MN has many great down payment assistance programs to help buyers like you. Many programs will help you pay the downpayment if you take a homeowners education course. Others offer no interest loans to assist with the down payment.

Who can I ask about down payment assistance?

Your loan officer will have many resources readily available to you regarding programs for down payment assistance. If you’re not sure, or do not have a loan officer, call Medina Realty and one of our agents can help point you in the right direction.