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
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:
It's easy! Three simple steps
Fill out the online mortgage loan application
Call us at (651) 552-3681.
Schedule a telephone or office appointment
All clients must qualify for the basic main loan, which is typically a standard 30-year fixed loan, either FHA or conventional.
The first time home buyer programs have additional qualification requirements.
Then if you need down payment assistance, there are even more additional income requirements.
The home you wish to buy must be under this purchase price. (as of May 20 2021)
Limit | Area | Max Home Price |
---|---|---|
Purchase Limit | Metro Area | $352300 |
Purchase Limit | Balance of State | $311900 |
START UP PROGRAM Income limits (FIRST TIME HOME BUYER)
As of 1/03/2022 and subject to change
Household Size | Metro Area | Rochester Area | All Other Counties |
---|---|---|---|
1-2 people | $104900 | $101200 | $93100 |
3+ people | $120600 | $116300 | $107000 |
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.
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 $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
Household size | Metro Area | Rochester Area | Balance 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 |
Household Size | Metro Area | Rochester Area | All Other Counties |
---|---|---|---|
1-2 people | $10340 | $101200 | $91800 |
3+ people | $118900 | $116300 | $105500 |
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
We also offer the Minnesota Housing STEP UP home buyer program.
Unlike the START UP program, which is for first time home buyers, this program is an assistance program for repeat homebuyers - those who already have owned a home, or currently own a home. This program has slightly different guidelines than the Start Up program.
The Step Up program also allows for down payment assistance, but only allows for the monthly payment option.
11-County Metro | Rochester Area | All Other Counties |
---|---|---|
$156800 | $156800 | $139200 |
Location | property Type | Loan Limit |
---|---|---|
11 County Metro | One Unit | $448500 |
11 County Metro | Duplex | $574150 |
Balance of State | One Unit | $420680 |
Balance of State | Duplex | $4538650 |
*The 11-county Twin Cities Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.
Current MHFA down payment assistance rate as of March 30 2022 is 4.75% and APR 5.23% 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 4.75%, APR 4.77%. 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.
33 Wentworth Ave E
Suite 290
West St Paul, MN 55118
651-552-3681
651-252-1342
Cambria Mortgage | NMLS# 322798
Joe Metzler, MLO. NMLS# 274132
Branch NMLS 1888858
Licensed in MN. WI, SD
Cambria Licensed Mortgage Loan Officer serving home owners, home buyers and residential real estate investors. Equal Housing Lender, Cambria Mortgage NMLS #322798. I am a licensed mortgage originator, NMLS #274132, and am licensed to originate mortgage loans in: MN, WI, IA, ND, and SD. Lending services may be provided in certain states by Cambria Mortgage NMLS #322798. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 2021 Joe Metzler