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.

The Basics:
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