Minnesota Homeownership Incentive Program
$18,000
About the Program
Minnesota Housing offers a variety of loan programs for first-time and repeat homebuyers and a refinancing loan program to help make owning a home more affordable.
We work with participating lenders across the state who can answer questions about program eligibility and the features of our programs, including downpayment and closing cost loan program options totaling up to $18,000 in available loans for eligible borrowers. Apply for a Minnesota Housing loan program with one of our participating lenders just like you would for any other loan.
Wherever you are on your homeownership journey, our products and resources could make it possible for you to buy a home.
Buy a Home as a First-Time Homebuyer
The Start Up program is for first-time homebuyers, which is someone who "has not had an ownership interest in a principal residence in the last three years." If you’ve never owned a home, or it's been more than three years since you've been a homeowner, you may be considered a first-time homebuyer.
Start Up program guidelines and options may include:
- Income limits up to $152,200 based on county.
- House price purchase limits up to $659,550 in the 11-county Metro area and $604,400 for all other counties
- Downpayment and Closing Cost Loan options – with amounts up to $18,000!
- Minimum credit score
- Owner-occupancy requirement
- Homebuyer education: At least ONE borrower must complete an approved homebuyer education course before closing on the home.
If you are a first-time homebuyer but exceed the income or purchase price limits for Start Up, you may be eligible under the Step Up program (Information on Step Up is under “Repeat Homebuyers” below).
Repeat Homebuyers
If you’re not a first-time homebuyer – or you’re a first-time homebuyer who exceeds the income or purchase limits for Start Up – the Step Up program might be a great option.
If you’re not a first-time homebuyer – or you’re a first-time homebuyer who exceeds the income or purchase limits for Start Up – the Step Up program might be a great option.
Step Up program guidelines and options may include:
- Income limits up to $197,900 based on county
- House price limits up to $659,550 in the 11-county Metro area and $637,950 for all other counties
- Downpayment and Closing Cost Loan option – up to $14,000 available!
- Minimum credit score
- Owner-occupancy requirement
- Homebuyer education: If ALL borrowers are first time buyers, at least ONE borrower must complete an approved homebuyer education course before closing on the home.
Explore Communities Across Minnesota
You've learned about the program. Now explore communities across Minnesota to find the place that best fits your lifestyle and priorities.
On the Minnesota page, you'll find:
- LookyLOO Reviews of Minnesota Cities
- Neighborhood Guides
- Local Reviews
- Schools
- Lifestyle
- Save Minnesota Cities to Your Movebook