Finance
A Minnesota buyer is purchasing a home under the MHFA (Minnesota Housing Finance Agency) Start Up program. This program typically provides:
A100% financing with no down payment required
BBelow-market interest rate financing and down payment assistance✓ Correct
CGovernment guarantee of the full mortgage amount
DInterest-free loans for the first 5 years
Explanation
MHFA's Start Up program provides first-time homebuyers with below-market interest rate mortgages and may include down payment assistance through companion loans. The program has income and purchase price limits to target assistance to households who need it most. Many Minnesota first-time buyers use MHFA programs to reduce the financial barriers to homeownership.
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