Minnesota Home Buying Guide
Midwest Region · Non-Judicial Foreclosure State
Key Facts at a Glance
What Makes Minnesota Unique
Start Up Loan offers DPA up to $17,000 for first-timers
Twin Cities market is competitive with low inventory
Homestead reduces property taxes for primary residence
First-Time Buyer Programs in Minnesota
MHFA Start Up Loan
Contact your state housing finance agency for current eligibility and rates
MHFA Step Up Loan
Contact your state housing finance agency for current eligibility and rates
MHFA Monthly Payment Loan
Contact your state housing finance agency for current eligibility and rates
Program availability, income limits, and interest rates change frequently. Verify current terms with your lender or state housing finance agency.
Closing Costs in Minnesota
Attorney at Closing
Attorney Not Required
Minnesota does not require an attorney at closing. A title company typically handles the transaction. Consider hiring one anyway for complex deals.
Local Tips for Minnesota Buyers
MHFA DPA is structured as a second mortgage with competitive rates.
Minneapolis/St. Paul market is very competitive in spring.
Minnesota has 6-month redemption period post-foreclosure.
Estimated Annual Ownership Cost in Minnesota
Based on the median home price of $330,000 with a 10% down payment and 7% mortgage rate.
Ready to Calculate Your Numbers?
Use our free calculators to estimate your monthly payment, affordability, and closing costs in Minnesota.