Are you a first time home buyer?  Maybe looking for down payment assistance too?

Tired of Renting? Ready to become a homeowner? Have OK Credit and stable employment? Have a few thousand in the bank? Have at least $1,000 * for down payment? Comfortable paying at least $1200 in rent right now?

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!

Here are a few of the great reasons to choose a first time home buyer program with down payment assistance for your first Minnesota home

• Below market affordable interest rates
• Special programs available anywhere in Minnesota only
• Down Payment Assistance loans for eligible home buyers
• No payment today interest free assistance loans for those lower income participants
• Payment due assistance loans with higher income participants

The Minnesota Housing Finance Agency is a statewide program designed to help low to medium income household become home owners. The program combines a standard first mortgage, like an FHA loan, or a conventional loan with one of two down payment assistance program second mortgages to cover down payment and closing costs.

Cambria Mortgage partners with the Minnesota Housing Finance Agency (MHFA) to offer safe and affordable home loans, including loans combined with down payment assistance for homes anywhere in Minnesota.

To Be Eligible for these 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

The home you wish to buy must be under this purchase price. (as of May 20 2021)

START UP PROGRAM Income limits (FIRST TIME HOME BUYER)

As of 1/03/2022 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 is not a gifts or grants, these are down payment assistance LOANS. You must pay them 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. You pay the money back when you sell, refinance, or no longer occupy the home. Available with Start Up loans.

DEFERRED PAYMENT PLUS: Maximum assistance loan is $15,000. Limited to limited target criteria. No payments, no interest due. 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

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

*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 may have changed. Contact us here at FirstTimeHomeBuyer-MN.com for the most current interest rate, income, and other down payment assistance guideline changes.