Buying a Home
Below you will find valuable information on resources and educational tools available to help you understand the home-buying process and to better prepare you for successful homeownership.
Minnesota Housing Homebuyers Initiative
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.
Homebuyer workshops and counseling
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.
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
- 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"?
First-time home buyer programs
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.
How much can you afford?
These affordability and mortgage calculators are helpful tools in determining how much you can afford on your home purchase.
As you begin to seek information on home buying, you may see or hear terms that you are not very familiar with.
The Minnesota Attorney General's Office puts out a great publication called "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:
Need more help understanding what settlement costs you might incur when purchasing a home?