Down payment grants in MN

[Cathi 5,816]

Not something I have ever heard of. You used to be able to get 100% mortgages but that has obviously stopped.

there are without a doubt grants for down payments, my husband got one when we bought our house last year. They have been around for decades as my ex husband and I also received a grant for the first home we bought 24 years ago.

OP the grants vary state to state, not all states offer them and it is not a federal program. Usually the grant money is released the first of the year every year and when the grant money runs out it is gone until the next year. So essentially it is first come first served. The best thing to do is contact a bank or mortgage company for information on the program in your state, or Google is your friend. Here in NH it is New Hampshire Housing Finance who runs the program.My husband applied for the mortgage and was approved on his own, so the fact that I had bought homes in the past wasn't an issue.

Edited December 21, 2015 by mimolicious

[Cathi 5,816]

The limits on income are based on where you are. You will find more available in less desirable areas. Usually the best ploy is to look at trends and try to find an area that is about to turn around. Highly desired areas have little to none of these available so you may have to balance down payment assistance with living where you want.

In NH there are no restrictions on where you can buy a home. Each state has different rules and guidelines. The grant money is based on the cost of the house, in NH they give up to 3%

[POA 178]

there are without a doubt grants for down payments, my husband got one when we bought our house last year. They have been around for decades as my ex husband and I also received a grant for the first home we bought 24 years ago.

OP the grants vary state to state, not all states offer them and it is not a federal program. Usually the grant money is released the first of the year every year and when the grant money runs out it is gone until the next year. So essentially it is first come first served. The best thing to do is contact a bank or mortgage company for information on the program in your state, or Google is your friend. Here in NH it is New Hampshire Housing Finance who runs the program.My husband applied for the mortgage and was approved on his own, so the fact that I had bought homes in the past wasn't an issue.

Thank you for sharing! I hope MN has that as well! I will check with some mortgage companies here to check if there are any grants they are aware of going for next year. : I am really happy to hear that they are real though still unsure if we have them here. : Happy holidays!