Finance
Which Minnesota program provides down payment and closing cost assistance to first-time homebuyers through Start Up loans?
AMinnesota Department of Commerce
BMinnesota Housing Finance Agency (MHFA)✓ Correct
CMetropolitan Council Housing Program
DMinnesota Rural Development Program
Explanation
The Minnesota Housing Finance Agency (MHFA) offers Start Up loans to first-time homebuyers, providing below-market interest rates and down payment assistance. MHFA programs help Minnesotans achieve homeownership by reducing the upfront costs that often prevent first-time buyers from entering the market.
Related Minnesota Finance Questions
- In Minnesota, which type of property tax exemption benefits nonprofit organizations such as churches and schools?
- A Minnesota homebuyer's monthly gross income is $6,500. Standard conventional mortgage guidelines suggest a maximum housing expense ratio of 28%. What is the maximum monthly PITI payment allowed?
- A Minnesota homeowner has a reverse mortgage. Which statement about this loan type is correct?
- The Dodd-Frank Act's Ability-to-Repay (ATR) rule requires mortgage lenders to:
- When a Minnesota lender forecloses using the power of sale method, the homeowner has a statutory right of redemption for how long after the foreclosure sale?
- A Minnesota buyer obtains a $280,000 FHA loan. The FHA upfront mortgage insurance premium (UFMIP) rate is 1.75%. What is the UFMIP amount?
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in lending based on:
- Private Mortgage Insurance (PMI) is typically required when a buyer's down payment is less than:
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →