St. Louis County working with Minnesota Housing to provide affordable first-time homebuyer loans

Greater than $3.4 million in resources available in 2016

St. Louis County – (RealEstateRama) — Minnesota Housing announced that $56 million is available to provide affordable mortgages to first-time homebuyers through a collaboration with Minnesota cities and counties, including $3,496,783 for St. Louis County

Homebuyers can take advantage of these resources through the Minnesota Housing Start Up loan program, which offers fixed interest rates and down payment and closing cost loans up to $10,000 for eligible firsttime homebuyers. Buyers can purchase homes in St. Louis County that cost up to $258,600. Income limits for St. Louis County are $77,400 for a 1-2 person household and $89,000 for a 3+ person household.

Minnesota Housing is a state agency that provides access to safe and affordable housing and builds stronger communities across the state. Minnesota Housing offers purchase, refinance, and home improvement loans, as well as financing for affordable rental housing throughout the state.

“Minnesota Housing’s affordable loans, combined with the support of St. Louis County and local lenders, will help more families achieve homeownership,” said Minnesota Housing Commissioner Mary Tingerthal.

First-time buyers can get started by contacting participating lenders in St. Louis County. Visit www.mnhousing.gov for a full list of approved lenders, current interest rates, and program eligibility.

Minnesota Housing collaborates with individuals, communities, and partners to create, preserve, and finance affordable housing. Find out more at www.mnhousing.gov.

###

Minnesota Housing:
Megan Ryan, 651.297.3566
megan.ryan (at) state.mn (dot) us
St. Louis County: Barb Hayden, 218.725.5008
haydenb (at) stlouiscountymn (dot) gov