OTTER TAIL COUNTY — Affordable mortgages for first-time home buyers are available through Minnesota Housing, including $704,840 for Otter Tail County.
The program is offered by local lenders familiar with the county market.
Minnesota’s Housing Startup Loan Program offers fixed interest rates and down payment and closing cost loans of up to $17,000 for eligible first-time home buyers, according to a County County press release. ‘Otter Tail. 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 financial tax and equity benefits, and at the same time, create social connections with schools, faith communities and neighbors,” said Barbara Dacy, Executive Director of the Otter Tail. County Housing and Redevelopment Authority.
The mission of the HRA 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 press release states. The HRA also offers other housing programs for residents of Otter Tail County.
“Community partnerships between Minnesota Housing, organizations like Otter Tail County and local lenders help more than 2,000 households a year buy their first home,” said Minnesota Housing Commissioner Jennifer Leimail Ho. “These affordable loans make home ownership more accessible for more Minnesotans.”
Minnesota Housing is a state agency that provides access to safe, affordable housing and builds stronger communities across the state. Minnesota Housing offers loans for home purchases, refinances and improvements, as well as affordable rental housing financing statewide, 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 complete list of approved lenders, current interest rates, and program eligibility.