Downpayment and closing cost assistance

Income requirements
Must be at or below the following income:
1 person
$33,500
2 persons
$38,000
3 persons
$43,000
4 persons
$47,500
5 persons
$51,500
6 persons
$55,500
7 persons
$59,000
8 persons
$63,000
OR
at or below the following income and be either a single head of household, household of color, households containing a member with a disability, or purchase in a low-income census tract.
1–4 persons
$63,000
5 persons
$68,500
6 persons
$73,500
7 persons
$78,500
8 persons
$83,500

The Minnesota Housing Finance Agency (MHFA) offers downpayment and closing cost assistance to qualifying first-time homebuyers who participate in a MHFA first-time homebuyer loan program to purchase a home.

The Home Ownership Assistance Fund (HAF) offers a zero-percent deferred loan for help with:

  • Entry cost assistance up to $3,000 (such as downpayment or closing cost expenses)
  • Monthly payment assistance up to $75 per month (help paying part of the monthly mortgage)

HAF loans are repaid when one of the following occurs:

  • Property is sold
  • Refinance
  • Transfer property
  • Property is no longer owner-occupied
  • First mortgage is paid off

To qualify for a HAF loan:

  • Must participate in a MHFA first-time homebuyer loan program (MCPP or MMP)
  • Purchase either a single-family home or a duplex within the maximum purchase price limits for the MCPP or MMP programs.
  • Meet income requirements.

Additional information on the HAF Program is available by contacting Barb Collins of the Minnesota Housing Finance Agency at 651.296.8215 barb.collins@state.mn.us or visit the MHFA’s information page on the HAF program.