Thinking about buying or building a home? Prospective homeowners may be eligible for help in buying or building a home in Marshall County if that home will be their primary residence. Read more about the Marshall County Loan Pool.
Assistance available for those buying or building a NEW home:
- Up to $5,000 – 30 year deferred interest free loan (state funded)
- $5,000 loan at 4% interest for 10 years (local funding)
- Assistance available for those buying a PRE-OWNED home:
- $5,000 loan at 4% interest for 10 years
- Deferred loan and low interest loan funds are 10% of the purchase price not to exceed $10,000
Whether New or Pre-Owned….
- The home must be in Marshall County
- It must be your primary residence and own the land
- It must be on a permanent foundation
- The home must meet local building codes
How can I qualify?
Grant applications must complete a Minnesota Housing Finance Agency (MHFA) certified “Home Stretch” seminar
Total household income from all sources and before taxes at or under 115% of state median income (currently $78,430.)
This program is not limited to first-time homebuyers. Home mortgages may be made through a lending institution or mortgage broker.
Local participating lenders include: If you’re not using the above lenders, have your lender contact Tina Gramer @ 218-637-2435. A 3% down payment is required.
What do I have to do?
It’s not difficult. Just follow these steps:
- Contact your lender to determine if you meet the income requirements of the program
- Pre-qualify with a lending institution to determine the amount of financing available
- Complete a “Home Stretch” seminar
- Negotiate construction or purchase of a home
- Arrange construction or purchase and permanent financing with a lending institution
- Receive loan assistance
- Move into your new home