💰 Down Payment Assistance
The money most buyers never claim
Every year, down payment assistance goes unused because buyers don’t know it exists. Minnesota Housing offers deferred loans and monthly-payment loans that can cover down payment and closing costs for eligible buyers — stackable with FHA, VA, USDA, and conventional first mortgages.
Is this you?
Down Payment Assistance tend to be a great fit for…
- First-time buyers (and some repeat buyers in targeted areas)
- Households within Minnesota Housing income limits
- Buyers who qualify on income but are short on savings
- Anyone told “come back when you’ve saved more”
Questions friends actually ask
Down Payment Assistance: straight answers
How does down payment assistance work in Minnesota?
Minnesota Housing offers assistance as a second loan alongside your mortgage — some versions defer repayment until you sell or refinance, others carry a small monthly payment. Cole is experienced with these programs and handles the pairing for you.
Do I have to be a first-time buyer to get assistance?
Minnesota Housing’s Start Up program is for first-time buyers (defined as not owning in the last three years), but other programs serve repeat buyers too. Income and purchase price limits apply and vary by county.
Is down payment assistance free money or a loan?
It’s typically a loan — but often a deferred one with no monthly payment, repaid only when you sell, refinance, or pay off the first mortgage. Cole will walk you through exactly what your version costs, in plain English, before you commit.
Keep exploring
Conventional Loans
The workhorse of home financing — flexible terms, competitive costs, and down payments as low as 3% for first-time buyers.
Learn more →FHA Loans
The first-time buyer favorite — 3.5% down, friendlier credit requirements, and forgiving guidelines for real-life finances.
Learn more →VA Loans
For those who served — $0 down, no monthly mortgage insurance, and some of the strongest terms in all of lending.
Learn more →Not sure if down payment assistance are right for you?
That’s literally what Cole is for. One conversation, all your options side by side, zero pressure to move forward.