Down Payment Assistance Programs in Minnesota

SPAAR - 05/19/2023

"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

  • USDA program funds allow for up to 100% value of the property, and is not for hobby farms!
  • 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!
  • 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!

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