There are a number of first time buyer programs available offered by State, County and City municipalities. Funding for these programs run out from time to time and may not be available until additional funding is approved by the Municipality. Below are some of the programs available as well as their highlights. Please contact us to determine your eligibility and whether program funding is available.
The programs all have income and sales price limitations that change from
year to year.City Living Program - The City Living Program is a subsidized financing
program for homes purchased in the cities of Minneapolis and St. Paul.
MN Housing Finance Agency Program (MFHA) - The MFHA program is a program subsidized by the state of Minnesota for home purchased in select counties.
Dakota County Bond Program - The Dakota County Bond funds are
available for properties purchased in Dakota County, Minnesota.
Take Credit - Mortgage Credit Certificate - A community subsidized program that offers a tax credit to participants. Participants will receive a tax credit equal to 20% of the annual interest paid on their loan. Example: $100,000 loan at 8.0% = $8,000 in annual interest X 20% = $1,600. On your year end tax return, not only will you receive a deduction for the interest that you paid but you would also receive a tax credit of $1,600 to be applied towards your income taxes paid.
