Otter Tail County working to provide affordable first-time homebuyer loans
The Minnesota Housing Start Up loan program offers fixed interest rates and down payment and closing cost loans up to $17,000 for eligible first-time homebuyers.
OTTER TAIL COUNTY — Affordable mortgages for first-time homebuyers are available through Minnesota Housing, including $704,840 for Otter Tail County.
The program is offered through local lenders who are familiar with the county marketplace.
The Minnesota Housing Start Up loan program offers fixed interest rates and down payment and closing cost loans up to $17,000 for eligible first-time homebuyers, according to an Otter Tail County news release. Buyers can purchase homes in Otter Tail County that cost up to $311,900. Income limits vary by location and household size.
“Buying a home is an important step in people’s lives. Families can take advantage of the financial tax and equity benefits, and at the same time, create the social connections to schools, faith communities, and their neighbors,” said Barbara Dacy, Otter Tail County Housing and Redevelopment Authority executive director.
The HRA’s mission is to promote the creation, preservation and access to a range of safe, decent and affordable housing options and to provide opportunities for community investment, greater housing stability, and economic self-reliance, as the release stated. The HRA also offers other housing programs for Otter Tail County residents.
“Community partnerships between Minnesota Housing, organizations like Otter Tail County and local lenders help over 2,000 households a year purchase their first homes,” said Jennifer Leimaile Ho, Minnesota Housing Commissioner. “These affordable loans make homeownership more accessible for more Minnesotans.”
Minnesota Housing is a state agency that provides access to safe and affordable housing and builds stronger communities across the state. Minnesota Housing offers purchase, refinance and home improvement loans, as well as financing for affordable rental housing throughout the state, according to the release.
First-time buyers can start the program process by contacting participating lenders in the Otter Tail County area. The mnhousing.gov website has a full list of approved lenders, current interest rates and program eligibility.