That is a good question. There are programs out there but the one that seems most popular now for down payment assistance is the Silver Lining Loan program. No payments, no interest for qualified buyers. Feel free to contact me for more information to get started. Please visit our website for my contact information.
Local city or county programs may or may not exist where you're buying, I'd check those links that Benito sent, but if they're funded by the sale of municipal bonds, even if they DO exist, they have not have any funds avaialble at the moment.
Your best best if you're not veterans, is to get the minimum FHA investment of 3.5% from a relative and get your closing costs paid for by the seller.
I don't know about Minnesota, but Illinois also has programs where we can monetize up to 6000 of the credit, but with only a few weeks before the deadline, I think we're running out of time to process the extra paperwork and still get the loan closed by the Monday after Thanksgiving.
Home StretchÂ® Homebuyer Education Program
Home Stretch teaches potential homebuyers about the entire homebuying process and the responsibilities of homeownership. Topics covered include: Budgeting and Credit Issues, Financing and Qualifying for a Home, Shopping for a Home, The Purchase Process, Closing on a Home and Life as a Homeowner.
Home Stretch is taught by professionals in the homebuying field. Participants must attend all nine hours of Home Stretch to receive a completion certificate.
The Dakota County CDA provides monthly Home Stretch classes and is a HUD approved housing counseling agency.
2009 Dakota County CDA
Home Stretch Schedule
November 12, 16 & 19 6 - 9 p.m.
The cost to attend the class is $15 per household for Dakota County residents and $25 per household for non-residents.
Pre-registration is required either by phone or online.
Online Home Stretch Registration
To register by phone, contact Rachel Smith at (651) 675-4471
I hope these links are helpful.