Northwest Minnesota Multi-County Housing & Redevelopment Authority

The Northwest Minnesota Multi-County Housing & Redevelopment Authority offers down payment assistance programs to local residents. To see what kind of Minnesota down payment programs are offered by Northwest Minnesota Multi-County Housing & Redevelopment Authority, visit their website: www.nwmnhra.org.

Deferred Payment Loan

Deferred Payment Loan Start Up Program are eligible for two loan options under the Deferred Minnesota down payment assistance plan: the Deferred Payment Loan (amounts ranging from $5,000 to $7,500) and the Deferred Payment Loan Plus (amounts up to $10,000 for Minnesota borrowers who meeting targeting criteria). Loan terms are equal to the first mortgage and come with 0 percent interest. Loans are to be repaid when the property is sold or refinanced, or when it no longer serves as the Minnesota borrower’s primary residence. Qualifying home buyers must have a minimum credit score of 640.