Are you a first time home buyer? We can help!

Down Payment Assistance | Deferred Down Payment Assistance | Monthly Payment Assistance Loan | Step Up Program |

Cambria Mortgage is proud to partner with the Minnesota Housing Finance Agency ( MHFA ) to offer Minnesota first time home buyers  some great home loan options, including down payment assistance programs.

If you have OK Credit (640 score or higher), stable employment, and a few thousand in the bank for down payment.. 

Than YOU could be a home owner, and We Can Help

Buying a home is much more than a financial transaction. It means independence, growth, and a place to share with family and friends. We offer the programs and resources that will help you buy a home and be a successful homeowner.  Low and no down payment loans, down payment assistance programs, affordable fixed interest rates, help you with home buyer education classes, and a wide variety of loan assistance options, including both loans and grants to meet your needs.

Figuring all this out can become overwhelming for many, so we suggest you don't try. We make it easy for you. Simply review the steps below on how to get started.

Whether you’re just starting your home search or have already found that perfect dream home, Cambria Mortgage has you covered!

To Be Eligible for these MN Housing Finance Agency programs, you:

• Must be a first time home buyer (or have NOT owned a home the past 3-years) for the Start Up program.
• You can also currently own a house, or have recently owned a home for the Step Up program
• Have acceptable credit - Lowest acceptable score for any program is currently 640.
• Have at least $1,000 of your own money for down payment (or 1% of the purchase price if home is under $100,000) *
• Have household income less than the income limits (see below)
• Meet additional household income limits for one of the two down payment assistance options (see below)
• Buy a home less than the current maximum home price limit (see below)
• Meet standard FHA loan, USDA Loan, VA Loan, or Conventional loan guidelines
• Be a U.S. Citizen, or a qualified non-citizen

START UP PROGRAM Income limits (FIRST TIME HOME BUYER)

As of 7/1/2022 and subject to change

On top of the basic first time home buyer loans, you may also qualify and get down payment assistance. The down payment assistance loan are not a gifts or grants, these are loans that must be paid back.

There are two basic down payment assistance loans:

Deferred Loan: No payments due today. Pay the loan back when you sell the home, or no longer occupy the home as your primary residence. This loan has stricter household income limits (see below).

Monthly payment loan: A payment is due today along with your main mortgage loan payments. The interest rate is the same as your first mortgage, and is a 10-year loan. This program allows for higher household incomes (see below).

DEFERRED Assistance Loan PAYMENT OPTIONS

There are two payback options.  

DEFERRED PAYMENT: Maximum assistance loan is $12,500. No payments, no interest due today. You pay the loan back when you sell, refinance, or no longer occupy the home. Available with Start Up loans ONLY. If you've owned a home in the past three years, only the monthly payment assistance loan is available to you.

DEFERRED PAYMENT PLUS: Maximum assistance loan is $15,000. Limited to limited target criteria. No payments, no interest due today. You pay the money back when you sell, refinance, or no longer occupy the home. Available with Start Up and Step Up Loans. Target criteria: Must meet two or more of these items: Household size of four or more

• Single head of household with minor dependents
• House payment no more than 28% of income
• Household member with a disability

To Qualify For The Deferred Payment Down Payment Assistance program:

You must fall under the income limits below (as of July 1, 2022):

Monthly Payment Assistance Loans

Household Income Too Much?

If your household income is too high to qualify for the deferred payment assistance loan program, there is another possible option for you, known as the Monthly Payment Assistance Loan. This program has much higher household income limits, but a payment on the assistance loan is due each month along with your main loan payment.

Monthly payment assistance loans can be used with either Start Up or Step Up, and can be used if over the deferred assistance income level

• Loans up to $17,000
• Payments are due on the assistance loan right away based on a 10-year loan
• Interest rate equal to first mortgage rate
• Is a 2nd Mortgage on the house

To Qualify For The Monthly Payment Assistance Loan

Your household income must be below the current limit (as of July 1, 2022)

*The 11-county Twin Cities Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.

While we try to keep this web site as accurate as possible, income limits and other parameters may have changed. Contact us here at FirstTimeHomeBuyer-MN.com for the most current interest rate, income, and other down payment assistance guideline changes.

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