Down Payment Assistance Programs in Minnesota

"The Twin Cities area has some of the best down payment assistance [programs] in the nation."

SPAAR's Education & Events Director, Kristin Parker, sits down with two SPAAR Affiliate Members: Cindy Allen of Bay Equity Home Loans and Kevin Harris of Wells Fargo Home Mortgage to talk about Minnesota Down Payment Assistance Programs - shedding some light on a variety of opportunities for homebuyers.

"The #1 thing to remember as a REALTOR® or a Loan Officer is to bring lots of enthusiasm and excitement to the process - stay positive and honest in every situation and the journey won't feel so rocky. "

Kevin and Cindy dive into a few different programs out there that could be that little extra something your clients needs to close on the home of their dreams.  There are a lot of different funding options and down payment resources available, so it's best for a buyer to find a lender to talk to about their situation, their needs, and their future plans to get the best advice.  REALTORS® can start the conversations with their clients about possible money available, urging their buyers to ask questions, and educating sellers by debunking myths about financing/money sources.

Watch above or [click here] to listen to the Better & Better Podcast episode.

Down Payment Assistance Programs in Minnesota
(40-minutes)

• USDA program funds allow for up to 100% value of the property, and is not for hobby farms!
  • USDA Eligibility website resource
• VA loan program is one of the best programs available for any eligible veteran
• City & County Programs offer down payment assistance to encourage buyers to become citizens. In 2023, there are a variety of cities with these programs ranging from small loans to forgivable grants with terms!
  • Bloomington
  • Edina
  • Plymouth
  • Ramsey County
  • Richfield
  • Saint Louis Park
  • Saint Paul - Max Available $110,000
  • Shoreview
  • Woodbury
• Down Payment Resource has a plethora of information for Agents and their clients is available on listings in NorthstarMLS at the click of a button!
• Offers with VA, FHA, and even down payment assistance are just as good of an offer as any other financed program - money is money!
• Not all lenders are equal.  Some may not check into nor have answers about down payment resources or other unique programs that might make a better option for the buyer.
• and more!