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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

Next Steps

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.

Next Steps

Contact the City of North Mankato, 1001 Belgrade Avenue, 507-625-4141 and ask for Community Development Director Mike Fischer or email michaelf@northmankato.com

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