HFA Advantage Start Up

First Time Home Buyers and Buyer’s who have not owned a home in three or more years.

  • 30 Year Fixed First Mortgage
  • 640 Minimum Credit Score for Conventional First Mortgages
  • Purchase price and income limits apply(See Below)
  • 1-2 unit properties permitted
    • Manufactured homes allowed (not permitted on FHLMC product)
  • Government Programs available
    • FHA, VA, USDA
  • Conventional Programs available
    • FHLMC HFA Advantage(This is a Freddie Mac Product)
    • First-time homebuyer requirement
    • Household income considered(Borrowers plus spouses that will live in the home)
    • Minimum borrower contribution is the lesser of $1,000 or 1% of the purchase price if using a MN Housing DPA
    • MN Housing follows Fannie Mae, Freddie Mac and FHA for reserve requirements, interested party contributions and maximum LTV/CLTV
    • Co-signors are permitted
    • Two different types of Down Payment Assistance based on Income and Amount  Needed
      • Deferred Payment(First Time Home Buyers up to 8,000 or 10,000)
      • Monthly Payment Loan(First Time or Previous Home Owners up to 15,000)
    • Start Up = Deferred Payment Loan and Deferred Payment Loan Plus
      • 0% interest rate, loan term = 1st mortgage term
      • Loan amounts up to $11,000  in $100 increments (Deferred)
      • Loan amounts up to $13,000 in $100 increments (Deferred Payment Plus)
      • Homebuyer education is required for at least one borrower
      • Loan is never forgiven
      • Asset limit applies
    • Start Up/Step Up = Monthly Payment loan
      • Interest rate equals 1st mortgage rate
      • Loan amounts up to $17,000 in $100 increments
      • 10-year term

MHFA Income Limits and Purchase Price Limits

If your income is below the following you can get upto 8,000 or 10,000 with no payments or interest until final repayment

Deferred Payment Loan and Deferred Payment Loan Plus

You have to be a 1st time home buyer or have not owned a home for 3 or more years to use deferred payment option.

Household Size11-County Twin Cities Metro Area*Dodge and Olmsted CountiesAll Other Counties
1- 2 Person$72,000$72,000$64,000
3 Person$81,000$81,000$72,000
4 Person$90,000$90,000$80,000
5 Person$97,000$97,000$86,000
6 Person$104,000$104,000$92,000
7+ Person$112,000$107,800$99,000
The 11-county Twin Cities Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.

If you income is greater than the above limits, you can get upto 15,000 in down payment assistance as a 10 year repayable 2nd mortgage if you income is at or below the following:

Step Up With or Without Monthly Payment Loan

If you need over 8,000 dollars or have owned a home in the last 3 years, you must use a montly payment loan.

11-County Twin Cities Metro Area*

Dodge and Olmsted Counties

All Other Counties




Current Purchase Price Limits

You can not buy a home that is even 1 dollar higher than the following price limits:

  • 11-County Metro: $330,100
  • Balance of State: $283,300

Example Programs by Credit Score

(click program name for details)


FHA 100 Down

Good Neighbor Next Door


DPA Edge


Rate Advantage

HR 97

Standard 97

HFA Preferred Startup

HFA Preferred Stepup

HFA Advantage Startup

HFA Advantage Stepup


FHA Startup 650

FHA Stepup 650


Springboard FMHR

Springboard FM over95-97

Springboard FM under-95 LTV


FAHE FM over95-97

FAHE FM under-95 LTV

DPA Edge DTI-over-50-percent

FHA Startup 660

FHA Stepup 660



HFA Preferred Risk Sharing


This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice
and may not be available in all states. All products are subject to credit & property approval. DownPayment.cool and DownPayment.mobi is not affiliated with any government agency.