Housing Rehabilitation and First-Time Homeowner Loan Programs
Minnesota Housing Finance Agency
North Mankato working with Minnesota Housing to provide first-time homebuyer loans
Minnesota Housing Homeownership Programs
Make your dream of homeownership a reality with help from Minnesota Housing and the City of North Mankato! Whether you're a first-time buyer, repeat buyer, or want to refinance, there's an affordable Minnesota Housing program that's right for you.
Why choose a Minnesota Housing loan?
- Low, fixed interest rates for the life of the loan
- Purchase and refinance options for first-time and repeat homebuyers
- Downpayment and closing cost loans up to $12,000 for qualified borrowers
- Exclusive 3% down conventional products with low or no mortgage insurance options
- Works with industry-standard products including FHA, VA, Conventional and Rural Development
Do you qualify?
Requirements vary based on the program. Visit the Minnesota Housing website for current information, including:
- Minimum credit score
- Income limits
- Home cost limits
- Homebuyer education requirements
Contact a participating lender.
Minnesota Housing Fix Up Loan Program
Tackle your home improvement to-do list without breaking your budget with a Fix Up Loan.
Why choose a Fix Up loan?
- Affordable, fixed interest rates with lower rates for energy conservation and accessibility improvements
- Loan amounts range from $2,000-$50,000
- Secured and unsecured loan options
- Repayment terms up to 20 years
- Hire a contractor or do the work yourself
What can you do with the loan?
Repair, remodel and make energy-saving improvements. Update your bathroom or kitchen. Replace your furnace, A/C, windows, or doors. Get new siding or roofing. Make accessibility improvements. There are so many options available with the Fix Up loan program!
Do you qualify?
- You must own and occupy the property to be improved.
- Single-family homes, duplexes, triplexes and fourplexes are eligible.
- Your gross household income must be no greater than $99,500. The income limit is waived if the improvement is being made for the accessibility of a family member who is disabled or for specific energy improvements.
Contact the City of North Mankato, 1001 Belgrade Avenue, 507-625-4141 and ask for Community Development Director Mike Fischer or email firstname.lastname@example.org