First-time Homebuyers Assistance Program

April 1st will be the start date for the Minnesota Housing Finance Agency’s 2016 Start Up Program for first-time homebuyers.  This year’s allocation to Anoka County is $5,965,146, and the 2016 program will again run from April 1st to November 30th or until funds run out whichever occurs first.  This mortgage loan program offers affordable interest rates, down payment and closing cost assistance to qualified buyers and a large network of experienced lending partners (buyers must use an MHFA-approved lender).  Anoka County does not fund a down payment assistance program.

Buyers must qualify financially and may also be required to attend a home buyer education class.  Buyers have two education options available to them: the in-person class (HomeStretch) or a new on-line class (Framework).  To locate classes, buyers can contact the Minnesota Homeownership Center at 651-659-9336 or www.hocmn.org

MHFA also continues to offer its loan program (Step Up) for non-first time home buyers.  The program has many of the same benefits and requirements that the Start Up program has; and although the county does not get an allocation for it, it is available to all qualified home buyers/owners. This program is for existing homeowners or repeat homebuyers who are looking to either purchase or refinance.

For more information, please see the documents below.