• First Time Home Buyer Mortgage Rates You Can Brag About

  • A first time home buyer program with down payment assistance in MN

    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 $1400 in rent right now?

    First time home buyers movingThan 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!

  • Follow these Simple Steps To Become a Home Owner

    1) Apply for Financing

    Pick one of these options to start:

    2) Loan Review

    Once we have your information, an experienced Loan Officer will review your application with you, determine what loan programs you qualify for, if you qualify for down payment assistance, how much house you can afford, what your payments might look like, and how much money you may need for down payment and closing costs.

    3) Submit Documents

    Assuming your application review went well, you will need to provide your supporting documents for review. Typical documents are the last 30-days of pay stubs, last two years of W2's (all jobs), and your last two months of bank statements (real statements, like they would mail to your home). If you are using down payment assistance, we will also need the last three years of Federal tax returns.  Your Loan Officer will let you know if you need other items depending on your personal situation. Common additional items are divorce papers, bankruptcy papers, and foreclosure documents. Upload Documents

    4) Full Pre-Approval

    After all your supporting documents have been reviewed, you will be given a Pre-Approval Letter that is needed by the Real Estate Agent to make any offer on a home. This letter tells the Real Estate Agents and sellers your financing looks good, and they can trust you can get a loan to buy the home.  If you are buying in the Twin Cities metro area, we can refer you a good Real Estate Agent too if you need one.

    5) Find a House / Make an Offer

    You can now talk to a Real Estate Agent to go over where you'd like to live, maximum purchase price, how many bedrooms, etc. The agent will help you find houses that match, then present offers and negotiate on your behalf.

    6) Final Approval

    Once you have an accepted offer on a home, everything will come back to your Cambria Mortgage Loan Officer, who will order an appraisal on the home, and get everything into Underwriting for a final review and approval.

    7) Closing

    Congratulations. You've applied for financing, found a home, made an offer, and been fully approved. The only thing left is the closing, where you will sign all your final loan paperwork, and be handed the keys to your own home! This generally happens between 30 - 60 days after signing your purchase agreement.



  • Get Approved Today for Down Payment Assistance in MN

    Up to $15,000 in down payment assistance may be available to qualified first time home buyers

    Get Pre-Approved

  • Why Choose An First Time Home Buyer Loan?

    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
  • We Can Probably Help You Buy a Home!

    Minnesota Housing Partner Lender

    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.

  • Who is Eligible For First Time Home Buyers Programs, and Down Payment Assistance?

    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
  • MHFA Home Price Limits

    The home you wish to buy must be under this purchase price. (as of Jan1 2021)

  • Limit AreaMax Home Price
    Purchase Limit Metro Area$382950
    Purchase Limit Balance of State$311760
  • Step Up Maximum Loan Amount

    Location property Type Loan Limit
    11 County MetroOne Unit$405500
    11 County MetroDuplex$515250
    Balance of StateOne Unit$346362
    Balance of StateDuplex$456275
  • First time home buyer income limits


    As of 6/15/2020 and subject to change

  • Household SizeMetro AreaRochester Area All Other Counties
    1-2 people$103400$101200 $91800
    3+ people $118900$116300$105500
  • Step Up Program Income Limits (with or without down payment assistance)

    11-County Metro Rochester Area All Other Counties

    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).


    There are two payback options.  

    DEFERRED PAYMENT: Maximum assistance loan is $11,000. 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. 

    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
  • Deferred Payment Loan Income Limits

    Household sizeMetro AreaRochester AreaBalance of State (as of 6/15/2020)
    1-2 people$74000$74000 $66000
    3 people $84000 $84000 $74000
    4 people $93000 $93000 $83000
    5 people $101000 $101000$89000
    6 people $108000 $108000 $96000
    7+ people $115000 $115000 $102000

    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
  • Monthly Payment Assistance Loan Income Limits

    Household SizeMetro AreaRochester Area All Other Counties
    1-2 people$10340$101200$91800
    3+ people $118900$116300$105500
  • *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.
  • *

    Current MHFA down payment assistance rate as of Feb 2021 is 3.50% and APR 4.493% based on sample loan of $280,000 purchase price, 3% down payment conventional 30-year fixed, $1,000 out of buyers pocket, no origination fee, and assistance 2nd mortgage. Assistance 2nd mortgage rate is also 4.125%, APR 4.125%. Not an offer to enter into an interest rate lock agreement. Not everyone will qualify. Equal Housing Lender. RATES SUBJECT TO CHANGE. Call your Loan officer for current rates.