First Time Home Owners Loan Mn. Current available dollars for loans are based upon the fund balance for any given period. The maximum loan amount is 25 000.
To qualify for a fha loan you ll need a minimum credit score of 580 a low 3 5 percent down payment and a debt to income ratio that doesn t exceed 43 percent. Low or no mortgage insurance options for lower monthly payments. Meet credit score requirements.
Downpayment and closing cost loans up to 17 000.
The maximum purchase price allowed is 200 000. When you get a minnesota housing mortgage you can also receive an optional downpayment and closing cost loan up to 17 000. Current available dollars for loans are based upon the fund balance for any given period. As mentioned above fha loans are for anyone looking to purchase a home not just first time home buyers in minnesota.