Minnesota Housing announced that 56.6 million dollars is available to provide affordable mortgages to first-time homebuyers through a collaboration with Minnesota cities and counties, including over $433,000 for the City of Winona.
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 $10,000 for eligible first-time homebuyers. Buyers can purchase homes in Winona that cost up to $255,500. Program eligibility is determined by household size and income.
Winona Community Development Specialist Nick Larson says the Start Up loan program is a wonderful way for residents of Winona to obtain homeownership, as it can relieve the burden of having down payment and closing costs upfront
First-time buyers can get started by contacting participating lenders in the Winona area. Visit www.mnhousing.gov for a full list of approved lenders, current interest rates, and program eligibility.