The Minnesota Department of Housing is providing funding of more than $2 million in Wright County to assist first-time home buyers as part of the Minnesota Cities Participation Program (MCPP).
The MCPP has been around for more than 20 years and offers assistance for first-time home buyers with its Start-Up Loan Program, which offers fixed interest rates and down payment and closing cost loans of up to $17,000 for eligible first-time home buyers, who have a family income of less than $118,900.
This year, more than $55 million has been allocated in the state with Wright County receiving $2 million of that funding through participating lending institutions.
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 affordable rental housing throughout the state.
First-time home buyers can get started by contacting participating lenders in their local area. Visit www.mnhousing.gov to get a full list of approved lenders, current interest rates and program eligibility.