How Exciting! Learn how to get down payment assistance on your home.
Purchasing a home can be a stressful, but exciting time…but have no fear! My team and I will be there beside you every step of the way!
There is Support for First-Time & Repeat Home Buyers!
Is your stress about making the down payment stopping you from taking the plunge and buying a home? I get it; the thought of putting a huge sum of money down can be daunting. The good news, though, is that there are some great down payment assistance programs out there to help first-time homebuyers keep their out-of-pocket costs to a minimum. If you’re not a first-time homebuyer, there’s no need to worry. There are some options for you, too.
Reach out to me with all of your tough questions and I can help set you on the right path for success!
First-Generation Programs
- 2 Different Programs for up to $32,000 & $35,000 in deferred interest-free forgivable down payment assistance.
- Can be used for any eligible property in MN.
- Funds can be used to cover down payment, closing cost and escrow.
- No down payment required.
- Roll out date for this program is expected in the Spring of 2024.
Requirements:
- 620+ credit score required.
- You may qualify as a first-generation homebuyer if you and your parent(s) or legal guardian(s):
- Have never owned a home (in any country) OR
- Owned a home but lost it due to foreclosure
- If you do not know if your parent or legal guardian owned a home or lost it due to foreclosure, you may still be eligible for the program.
- Income limits apply.
MN Housing Start-Up Program
2 Different Programs for up to $16,500 & $18,000 in deferred interest-free down payment assistance OR fixed-rate monthly payment loan on a 10-year term.
Can be used for any eligible property in MN.
Funds can be used to cover the down payment, closing cost, and escrow.
Requirements:
- 640+ credit score required.
- Employment or documentable income is required to meet a 50% or lower debt ratio.
- Must not have owned a home within the last 3 years.
- Minimum $1,000 down payment required.
- Income and purchase price limits apply.
MN Housing Step-Up Program
Current & repeat home buyers are eligible for this program.
$18,000 down payment assistance in a fixed-rate monthly payment loan on a 10-year term.
Can be used for any eligible property in MN.
Funds can be used to cover down payment, closing cost and escrow.
Requirements:
- 640+ credit score required.
- Employment or documentable income is required to meet a 50% or lower debt ratio.
- Minimum $1,000 down payment required.
- Income and purchase price limits apply.
I'm excited to meet you.
APPROVED offers work harder in low inventory markets.
A pre-approval from Summit Mortgage is a great strategy to get your offer to the top of the list. Our company is respected and recognized by real estate agents working hard to get their clients to closing.
Matt Olson
Branch Manager
NMLS: 220056
E: molson@summit-mortgage.com
C: 612.432.6956
Meet Matt Olson, Branch Manager
I have worked in the bank & finance industry since 2001 and specialized in mortgages ever since 2003. I enjoy the challenging fast-paced competitive environment of the mortgage industry, putting complicated deals together, and getting to know clients on a more personal level. It is very rewarding to me when I make someone’s housing dreams happen. Outside of work I enjoy the outdoors (hunting, fishing, golf & skiing) and spending time with my wife and 4-year-old son.
We are experts in working with MN Down Payment Assistance Programs. Myself, along with my team, have over a combined 100 years of mortgage experience utilizing these various programs. When you work with us, you are working with the experts.
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- 9600 54th Ave N, Plymouth, MN 55442
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9600 54th Ave N, Plymouth, MN 55442
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