DOWN PAYMENT ASSISTANCE PROGRAM IN MN for REPEAT and MOVE UP HOMEBUYERS
- Current home too small?
- Selling but little equity?
- Have OK Credit?
- Have $1,000 for down payment?
Then We Can Help You!
Cambria Mortgage has been helping Minnesota homebuyers since 1991. We partner with the Minnesota Housing Finance Agency to offer safe and affordable home loans, including loans combined with down payment assistance for existing, repeat, and move up home buyers.
YOU DON'T HAVE TO BE A FIRST TIME HOME BUYER TO GET DOWN PAYMENT ASSISTANCE
STEP UP purchase assistance loan is for those who have owned a home anytime within the past three years
- Below market affordable interest rates
- Special programs available anywhere in Minnesota
- Down Payment Assistance loans for eligible home buyers
To Be Eligible for Down Payment Assistance
- Be an existing home owner, or someone who HAS owned a home in the past three years.
- Be credit qualified, with at least a 640 middle credit score
- Have at least $1,000 of your own money for down payment (or 1% of the purchase price if home is under $100,000)
- Meet income guidelines
- Meet program requirements for sale price of the home.
- Meet standard FHA loan, USDA Loan, VA Loan, or Conventional HFA Risk Sharing loan guidelines
Move Up Buyer Down Payment Assistance Guidelines
To qualify for the Step Up Program down payment assistance loan, you must meet the following income requirements:
|
Metro Area |
Rochester Area |
Rest of State |
|---|---|---|
|
$124,000 |
$124,000 |
$110,600 |
Step up Home Price Limits:
The home you wish to buy may not cost more than:
|
11 county Metro Area |
Balance of State |
|---|---|
|
$310,000 |
$265,000 |
What Does The Down Payment Assistance Loan Offer?
- Assistance amounts up to the greater of $5,000, or 5% of the purchase price or loan amount
- Loan is a 10-yr fixed
- Interest rate is the same as the first mortgage
- Payments due on the assistance loan starting right away
How To Apply for Move Up Home Buyer Assistance Loans
Don't assume you can't move up to a bigger home, or move to a new neighborhood because you lack down payment money.
The Step Up Program for down payment assistance is available anywhere in Minnesota. Most people get around $5,000 worth of assistance, but can often times go as high as $10,000.
Ready to Buy Again or Move To A New Home?
Step Up Program applicants can apply online, and have an answer in a few business hours!
HUD,
The VA, and the USDA requires those who offer their mortgage loans go through a stringent approval process. We are an
approved FHA, VA, and USDA mortgage lender. We are not acting on behalf of, or under the direction of the VA or the Federal Government.
HUD / FHA and the VA do not lend directly to the public, only through approved lending institutions like Cambria Mortgage.
