Saving up for a down payment can be difficult. With the rising costs of housing, paying for existing loans and wages staying about the same, often times assistance is needed for a down payment. Generally, down payment assistance has income limits. You don’t have to be a first time home buyer necessarily, but the assistance almost always needs to be for a primary residence. Here are a few things to know:

  • Down payment assistance has income caps, generally
  • Programs vary by geographic area
  • Different assistance programs have different repayment or forgiveness terms
  • Not all lenders will work with down payment assistance
  • Home buyer education is frequently required with down payment programs
  • Additional underwriting guidelines apply
  • Buyers must qualify under those program guidelines

Here are some more thoughts on ways to cover the down payment in this short video:

In Minnesota, the Home Ownership Center has a lookup tool to find many of the available programs:

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