MN Real Estate

Down Payment Assistance

Down Payment Assistance Programs

Whether you’re looking to buy your first home, or your looking to purchase a new home that is going to be right for you, one of the most important features to have for your own benefit is a downpayment. Unfortunately, for a series of different reasons, sometimes it might not be possible to always put together the right amount, which is where a downpayment assistance program can come into play.

This is exactly as it sounds. You can apply to this program and, assuming you meet the requirements for the specific branch of the program, you’ll be able to get support for your downpayment so that you can make your dream a reality much faster. As you can imagine, there are certain factors that will go into play to determining whether you can qualify for this aid. These factors are:

  • Family finances: Your finances are going to be playing a big role in whether or not you quality, and even if you are the one applying for the assistance program, the finances of your entire household will come into play. This includes credit scores and incomes as well as other financial details. This is to make sure that the right people get the right amount of assistance. If you are living in a household of four and make a significant amount of money, you’ll be receiving less support than a household of one who makes a smaller amount of money. This is to ensure the program functions properly as it is intended.

  • Your status in terms of real estate: If you’ve been a home buyer before, your application will be processed differently than a first-time home buyer. That’s not to say that you won’t get the support that you need, it just means that you won’t be getting as much as a first time buyer. The program is intended to benefit those who need the support the most after all, and that, often, will mean that first-time home buyers will need the most support.

  • Your profession and social status: There are certain programs that are catered towards certain professions and statuses within your community such as teachers, veterans, health care professionals, etc. This is something to consider if you fall into any of these criteria, as it may entitle you to the support that you need to get that downpayment into place.

  • The price of the home and neighborhood: The house that you are looking at buying will, of course, determine the amount that you get, and the neighborhood will also go in as a factor as well. This is why you should know roughly what you’re looking for before you request this support to help you out.

Buying a home doesn’t have to be something that you do entirely on your own. You may quality for the downpayment assistance programs offered so that you can get that home that you’ve always wanted and know that you’ve got the support to make it happen safely, just the way that buying a home should be.

The down payment assistance criteria can greatly vary so do your due diligence and investigate the options for your personal situation.

Contact Tom Schwartz at 612-802-0989  or

Vicki Schwartz at 612-801-2355 for more details.