New program to assist first-time homebuyers
News | Published on April 26, 2022 at 2:16pm EDT | Author: Chad Koenen
0Otter Tail County receives $704,840 as part of state funding plan
Minnesota Housing announced over $64 million is available to provide affordable mortgages to first-time homebuyers through a collaboration with lenders and Minnesota cities and counties, including $704,840 for Otter Tail County.
Homebuyers can take advantage of these resources through the Minnesota Housing Start Up loan program, which offers fixed interest rates and down payment and closing cost loans up to $17,000 for eligible first-time homebuyers. Buyers can purchase homes in Otter Tail County that cost up to $311,900. Income limits vary by location and household size, going up to $107,000. This program is offered through local lenders who are familiar with the county marketplace.
“Buying a home is an important step in people’s lives. Families can take advantage of the financial tax and equity benefits, and at the same time, create the social connections to schools, faith communities, and their neighbors,” said Otter Tail County Housing and Redevelopment Authority (HRA) Executive Director Barbara Dacy.
The Otter Tail County HRA’s mission is to promote the creation, preservation, and access to a range of safe, decent, and affordable housing options and to provide opportunities for community investment, greater housing stability and economic self-reliance. The HRA works with local lenders to administer the Minnesota Housing Start Up loan program and other housing programs for Otter Tail County residents to live their best lives here.
“Community partnerships between Minnesota Housing, organizations like Otter Tail County and local lenders help over 2,000 households a year purchase their first homes,” said Minnesota Housing Commissioner Jennifer Leimaile Ho. “These affordable loans make homeownership more accessible for more Minnesotans.”
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.
First-time buyers can get started by contacting participating lenders in the Otter Tail County area. Visit www.mnhousing.gov for a full list of approved lenders, current interest rates, and program eligibility.