The Step up program helps move-up and repeat homebuyers
Get Money for Your Downpayment (Even if You Already Own a Home)
Have your needs outgrown your current home? Maybe it’s too big now that you have an empty nest, or too small after a new arrival. Maybe it was never a great fit. Whether was your starter home or the home you raised your family in, it no longer fits your needs. It’s time for a new home.
The trouble is, you’re having trouble saving enough for a downpayment on a new home. You’re not alone. Saving money for a downpayment can be hard—especially if you already own a home. You’re already paying a mortgage, insurance, and monthly utility bills. It all adds up.
There is help available through Minnesota Housing’s Step Up program.
Downpayment Assistance isn't Just for First-time Homebuyers
Many people think downpayment assistance programs are limited to just first-time home buyers, but the Step Up program is designed to help repeat and move-up homebuyers with downpayment and closing costs. Qualified buyers can borrow up to $18,000 and repay the loan monthly, much like a second mortgage.
Buyers need to meet income guidelines. Household income limits are up to $175,400 annually if you live in the Twin Cities metro area. Other eligibility guidelines include a minimum credit score, owner-occupancy requirement, and purchase price limit. You may also need to take a homebuyer education class.
You can find out more about the Step Up program through a qualified lender. Minnesota Housing has a list of qualified lenders throughout Minnesota on their website.
I also discuss this and other downpayment assistance programs on my blog. If you have questions, or if you’re ready to start shopping for a new home, call, text or email me, I’m here to help.
J Trout Lowen is a Minneapolis REALTOR® and an expert at helping homebuyers and sellers navigate the Twin Cities real estate market.
Check out this video to learn more downpayment assistance and other homebuyer programs
