Homeownership Resources

To become a first-time homebuyer, you need to know where and how to begin the homebuying process.

• Minnesota Housing offers affordable loan programs to layer on top of a mortgage. Including down payment and closing cost loans. They also offer affordable, fixed interest rates for the life of the loan. 

Guide to find the right lender

Minnesota Housing Bloomington Homebuyers Information

Home Stretch is a program of workshops and individualized counseling offered by the Minnesota Home Ownership Center and recommended for first-time Homebuyers.

Attend a workshop to help you:

• Determine your financial situation.
• Understand credit and credit issues.
• Discover the types of home ownership.
• Learn the role of the lender.
• Gain understanding of the loan closing process.
• Know your legal rights and responsibilities as a home owner.

Participate in our individualized Home Stretch counseling to help you:

• Explore financing options that best meet your household needs.
• Identify barriers to home ownership.
• Present solutions to remove barriers preventing home ownership.
• Create and implement a plan to help you become a successful homeowner.

One-day workshop

For workshop listings throughout the Metro area, including some that are geared toward primarily serving our Spanish-speaking population, visit https://www.hocmn.org/search-workshops/

What type of loan is ideal for you? There are many options out there.

• For a quick overview, provided by the Mortgage Bankers Association, go to
  https://www.mba.org/who-we-are/consumer-tools
• VA loan eligibility - loans for those who have served in the Military. Go to U.S. Department of Veterans Affairs website for frequently asked questions.
• What is "contract for deed"?

These affordability and mortgage calculators are helpful tools in determining how much you can afford on your home purchase.

• Freddie Mac calculators and tools

As you begin to seek information on home buying, you may see or hear terms that you are not very familiar with.

• Glossary of terms offered by the U.S. Department of Housing and Urban Development (HUD)

The Minnesota Attorney General's Office puts out a great publication called "The Home Buyer's Handbook."

• The Home Buyer's Handbook

HUD has put together a list of 100 questions and answers to provide you with a foundation of basic knowledge to get you started:

• HUD: Buying a Home

Need more help understanding what settlement costs you might incur when purchasing a home?

• Federal Reserve: A Consumer's Guide to Mortgage Settlement Costs

https://www.bloomingtonmn.gov/hr/rental-homes-future-home-buyers-programThe Rental Homes for Future Home Buyers program helps families save money to buy a house in the future. Eligible families of at least 3, but no more than 6 family members may apply for the program waiting list. 

To qualify, families must:

• Have 3 to 6 members in their household;
• Meet the income requirements (see table);
• Be willing to enter into a 5-year contract to live in an HRA house;
• Have the ability to pay rent and utilities without assistance;
• Have eligible citizenship or immigration status;
• Submit to background checks for credit, rental and criminal history. Households with poor credit or rental history or a criminal background may not be selected for the program; and
• Not own any pets!

Minnesota Housing is a state agency that provides first mortgage programs and down payment and closing cost assistance for first-time homebuyers, non first-time homebuyers and those looking to refinance. 

For more information about these programs, please visit www.mnhousing.gov or call 651-296-8215.

MN Housing's HomeHelpMN program is accepting applications through August 17.

Homeowners who have fallen behind on their mortgage or other eligible housing-related expenses due to the effects of the pandemic are eligible to receive up to $35,000 in assistance for past-due expenses.

Call 1-800-388-3226 or visit HomeHelpMN.org for more information or to apply.

Foreclosure is a legal action used by a mortgage company to recover money from a customer who does not pay his or her debt in accordance with the terms of the mortgage agreement.

Use the button below for more information about home foreclosure and ways to prevent it. 

Bloomington Home Improvement Loan program provides Bloomington owner-occupied households the ability to access funds to maintain, repair and improve their homes. Use the button below to find out more information about the program and its qualification criteria.