More than $60 million in resources available in 2018
Minnesota Housing announced over $60 million is available to provide affordable mortgages to first-time homebuyers through a collaboration with Minnesota cities and counties, including $470,192 for the city of Winona.
Homebuyers can take advantage of these resources through the Minnesota Housing Start Up loan program, which offers fixed interest rates and downpayment and closing cost loans up to $12,000 for eligible first-time homebuyers. Buyers can purchase homes in Winona that cost up to $253,800. Income limits vary by household size, going up to $92,400.
“The Start Up loan program is a wonderful way for residents of Winona to obtain homeownership, as it can relieve the burden of having downpayment and closing costs upfront,” said Community Development Specialist Nick Larson.
Minnesota Housing is a state agency that provides access to safe and affordable housing and builds stronger communities across the state. Minnesota Housing offers purchase, refinance, and home improvement loans, as well as financing for affordable rental housing throughout the state.
“Minnesota Housing’s affordable loans, combined with the support of the city of Winona and local lenders, will help more families achieve homeownership,” said Minnesota Housing Commissioner Mary Tingerthal.
First-time buyers can get started by contacting participating lenders in the Winona area. Visit www.mnhousing.gov for a full list of approved lenders, current interest rates, and program eligibility.
Minnesota Housing collaborates with individuals, communities, and partners to create, preserve, and finance affordable housing. Find out more at www.mnhousing.gov. Follow it at www.facebook.com/minnesotahousing and on Twitter @mnhousing.