Affordable Mortgages for first-time homebuyers

YOU CAN own a home in your community with the Minnesota City Participation Program (MCPP).  Minnesota cities and counties offer low interest loans through the Minnesota Housing Finance Agency, which can make it possible for you to buy your first home.

More affordable!
With a low interest loan from the Minnesota City Participation Program, purchasing your first home won’t break your budget.

The Minnesota Housing Finance Agency offers:
• Lower interest rates than most lenders or mortgage companies.
• Terms that make your monthly payment lower, often lower than paying rent!

YOU CAN start today!
If you’ve always wanted a home of your own in your city or county, check out the Minnesota City Participation Program.

Simple Loan Requirements
You must:
• Be a first-time homebuyer (or have not owned a home in the last 3 years).
• Have a signed purchase agreement when you apply for the program.
• Have federal income tax return copies for the last 3 years.
• Have decent credit.
• Live in the home within 60 days of closing of your mortgage.
• Meet the requirements for income and home purchase price limits.

YOU CAN do it now!
Call Minnesota Housing Finance Agency for a list of lenders in your community to get started on your way to homeownership.

Find a lender in your neighborhood
Twin Cities 651-296-8215
Greater Minnesota 800-710-8871
TTY 651-297-2361

Or check us out on the internet at:
www.mhfa.state.mn.us

The fine print is included here:
Read the insert in this brochure to understand everything you need to know about:
• Income limits
• Home cost limits (in your county)
• HAF income limits for the Minnesota Mortgage Program
• City specific enhancements

For more “YOU CAN” housing information, pick up our (purple) Home Stretch brochure: “YOU CAN unlock the secrets to homeownership!”   The Minnesota Housing Finance Agency does not discriminate on the basis of race, color, national origin, sex, religion, age, or disability in employment or the provision of services. The information contained in the publication will be made available in an alternative format (Braille, large print, or audio cassette) upon request.

Straightforward mortgages
(with extra funds through HAF for downpayment, closing costs, and monthly assistance!)

Minnesota City Participation loans feature the followinq:
• A fixed monthly payment
• Loans available in participating cities through our lender network.
• Depending on your specific loan, downpayment costs range from zero to five percent of the home’s purchase price.

Homeownership Assistance Fund (HAF) features:
• Entry cost assistance - Downpayment and closing costs up to $3,500.
• Monthly payment assistance - Up to $60.00

FIRST TIME HOMEBUYERS PROGRAM

For current Program Year Interest Rates, Incomes Limits, House Limits, and participating lenders, please see the Minnesota Housing Finance Agency website at:  www.mhfa.state.mn.us

To APPLY:
Contact participating lender.