Minnesota - Government Backed Loans

Created in 1971, the Minnesota Housing finances and advances affordable housing opportunities for low and moderate income Minnesotans to enhance quality of life and foster strong communities.

Refinance Programs

Foreclosure Prevention Assistance Program - FPAP

The Foreclosure Prevention Assistance Program provides case management services and sometimes mortgage payment on a one-time basis for homeowners who are facing foreclosure due to a temporary financial crisis.

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Reverse Mortgage and Home Equity Conversion

Designed to primarily assist senior homeowners who are facing financial crises and are unable to meet monthly mortgage payments, a Reverse Mortgage or Home Equity Conversion allows homeowners to remain living in their homes by living off the home's equity. Eligible homeowners are required to receive counseling in order to ensure they understand the programs and the options available with the Reverse Mortgage.

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Purchase Programs

Minnesota Mortgage Program - MMP

Designed to assist low- to moderate-income homebuyers in purchasing their first home, the Minnesota Mortgage Program offers fixed-rate, low-interest mortgage loans. In order to qualify for MMP, homebuyers must fall within income limits and have acceptable credit.

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Community Activity Set-Aside Program - CASA

Eligible first-time homebuyers can take advantage of the CASA Program if they are in a low- to moderate-income household and require a low, fixed-rate interest mortgage loan in order to achieve homeownership. CASA is a 40-year mortgage loan and may be used in conjunction with Minnesota Housing Downpayment and Closing Cost Assistance Program. CASA requires that homebuyers be within one of the designated target markets, which include households of color or Hispanic ethnicity, single-headed households or a workforce household.

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Homeownership Assistance Fund - HAF

The Homeownership Assistance Fund is available to first-time homebuyers in the form of an interest-free, deferred-payment loan, which is to be used in conjunction with a Minnesota Housing loan. In order to qualify for HAF, homebuyers must either meet the requirements of the CASA program, qualify as a target market or have a household income 60% or lower than the area median income. HAP provides loans up to $3, 000 in amount to be used toward down payment and closing costs, and also offers the Monthly Payment Assistance program, which provides borrowers with up to $75 per month in order to assist in with mortgage payments.

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HOME Homeowner Entry Loan Program - HOME Help

If you are either eligible for the CASA program, fall within the state designated income limits or qualify as an eligible target market, you may qualify for HOME Help. HOME Help offers first-time homebuyers a second mortgage loan in the amount of $5,000, $10, 000 or $14, 999 in order to assist with down payment and closing costs. This second loan is in the form of an interest-free, deferred-payment loan, and 70% of the balance is forgiven after 5 years time.

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Urban Indian Housing Program - UIHP

Homeownership opportunities are available to low- to moderate-income American Indian families purchasing their first home through the Urban Indian Housing Program in the form of low, fixed-interest rate mortgages. Homes being purchased must be located within a designated urban area, and borrowers are required to complete a homebuyer education course. This loan may also be used in conjunction with the Homeownership Assistance Fund.

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