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Down Payment Assistance Programs
Did you know that there are excellent government programs to help you make a down payment? Amazingly, there are Down Payment Resource (DPR) programs in Minnesota that will loan as much as $10,000 to you to help with the down payment and/or closing costs. There are different kinds of programs, depending on the county and property.
Some programs require you to pay back your DPR loan over 10 years at the same interest rate as your mortgage loan, while others are paid back over the whole term of your mortgage (30 years), at 0% interest! There are also programs which defer repayment entirely until you pay off the mortgage, usually when you sell the property. Scott County even has a grant program which does not require repayment at all! Some of these programs can be "stacked", such that you can use more than one at the same time.
There are significant restrictions, so do make sure you take a good look at the program before you make any commitments. Here are the links to a few of the major programs:
This website is a great way to find out if the home you are interested in qualifies for DPR. It will also ask questions about you to determine if you are eligible, and it will filter out the programs that don't apply to you or the property.
By the way, you can also find out if a property you are interested in is eligible for DPR assistance by looking at the detailed information on a property on our website. Just scroll down to where it says "DPR Eligible".
So don't let the down payment or closing costs be the only barrier to a new home - take advantage of the programs that are available to you!