Minnesota Housing and Finance Agency

The Minnesota Housing and Finance Agency (MHFA) is responsible for the support, development, and management, of affordable housing program initiatives and polices in Minnesota to reduce homelessness, increase homeownership and sustain our low-to-moderate income communities.

MHFA First-Time Homebuyer programs that fund home purchases are designed to offer affordable housing opportunities by providing safe mortgage funded programs and assistance to low-to-moderate income individuals.

MHFA assistance is delivered through local lenders. We, at Summit Mortgage Corporation, are an MHFA approved lender. The programs fund the home purchases, but the home loans are originated and go through participating local lenders .

MHFA First-Time Homebuyer Loans (FTHB) – FTHB is anyone who has not owned a home in the past three years. MHFA first-time homebuyer benefits include 30 year below market fixed rate for the life of the loan, which means lower monthly mortgage payments. They also provide interest free deferred loan assistance, which helps with down payment and closing costs. MHFA Home Help Limits

Single Family Homes Division Income Limits

* Homeownership Programs Eligibility Income Limits

* MHFA Income Limits

First-Time Homebuyer Down Payment and Closing Cost Assistance:

Interest-free deferred loan through MHFA Homeownership Funds

Homeowner Entry Loan Program Home Help: Offered in partnership with the Federal Housing Adminsitration (FHA). Home Help assistance can be as high as $7,000. This is an interest free, deferred loan. If you own and occupy the home for 5 years, 70% of the Home Help loan assistance is forgiven.

Community Activity Set-Aside Program (CASA)- CASA community initiatives are offered to targeted emerging community markets. Lenders participating in CASA initiatives are in several communities around the state. Home Stretch home buyer education classes are required for all borrowers receiving a CASA loan.

CASA HAF Entry Cost Assistance (HAF): provides up to $5,000 to help borrowers with down payment or closing costs.

Home Help and CASA Househould income limits:

* HOME HELP Homeowner Entry Loan Program Income Limits

* MHFA $7,000 Down-Payment Assistance

* MHFA $5000 Down-Payment Assistance

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Peter Boyle 612.701.6816
20 Years Mortgage Lending Experience!
pboyle@summit-mortgage.com
NMLS # 218261

Summit Mortgage Corporation
Summit Home Mortgage Inc. is FHA approved but is not officially affiliated with HUD
*Please check with your lender for current pricing and personal mortgage analysis.
*The information in this Web site can change without notice. This is an Equal Housing Lender