Monthly Payment Loan Program

Monthly Payment Loan Program The Start Up and MCC programs are eligible for this Minnesota down payment assistance, which is the greater of either $5,000 or 5 percent of the purchase price or loan amount. Loans have 10 year terms with monthly payments. The interest rate is equal to the rate on the first mortgage. To qualify, Minnesota borrowers must have a minimum credit score of 640, and must meet purchase price and income limits associated with the Start Up Program.

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