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Last updated: Mar 25, 2023

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Minnesota Mortgage Overview

Minnesota is a beautiful and cultural state. With over 10,000 lakes in the state, there's plenty of outdoor recreation and beauty to go around. Minnesota has decent summers and very cold winters, but 5.6 million people love it, as that's the population in Minnesota.

If you're thinking of buying a home in Minnesota here are your loan options:

Minnesota FHA loans

Do you not have great credit? The Minnesota FHA loan is a great option for first-time and subsequent homebuyers. With just a 580 credit score and a 3.5 percent down payment, you can stop renting. FHA loans have flexible underwriting guidelines but require mortgage insurance for the life of the loan.

Minnesota VA loans

Veterans of the military have the distinct advantage of 100 percent financing from a VA loan. The flexible underwriting guidelines including a 620 credit score and 50 percent debt ratio make it easy for veterans to secure financing. VA loans don't have mortgage insurance, but they do have an upfront funding fee.

Minnesota USDA loans

If you don't mind living in the rural areas of Minnesota and you have at least a 640 credit score, the USDA loan may be a good option. Your household income must be less than 115 percent of the area's income, but you'll get 100 percent financing if you're eligible. USDA loans require mortgage insurance for the life of the loan.

Minnesota conventional loans

If you have great credit and a low debt ratio, a conventional loan may be a great option. It's the traditional loan most people think about when talking about a mortgage. First-time homebuyers need just 3 percent down and subsequent buyers need 5 percent. You'll pay PMI if you put less than 20 percent down, but you can cancel it once you owe less than 80 percent of the home's value.

First-Time Homebuyer Programs in Minnesota

Start-up for First-Time Homebuyers

If you've never owned a home or haven't owned one in the last 3 years the Start-Up Program may be a great option. You can get up to $17,000 down payment and closing cost assistance. The program needs just 3 percent down and there are options without mortgage insurance.

Down payment assistance

If you use the Start-Up Program, you may also be eligible for down payment assistance. The loan may be up to $17,000 and the rate will be the same as the rate on your first mortgage with a 10-year term.

Down payment Deferred Payment Loan

If you can't make monthly payments on the down payment assistance, you may apply for a deferred payment loan if your income qualifies. You won't owe any payments on the second loan until you sell the home or refinance.

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