The North Mankato City Council recently allocated funding to provide matching grants up to $2,500 per household for income-qualified first-time homebuyers in North Mankato. These funds are designated for down payment assistance and must be matched by homebuyers. For example, if an income-qualified homebuyer contributes $2,500 for their down payment, the City provides a grant in the amount of $2,500. The grant funds will be available on a first-come first-serve basis.
As the grant program is designated for income-qualified first-time homebuyers, the following are
the income guidelines and purchase price limits for the program:
Household Size Income Limit
- 1-4 person $56,200
- 5 person $60,700
- 6 person $65,200
- 7 person $69,700
- 8 person $74,200
- 9 person $78,700
- 10 person $83,200
- Purchase Price Limit – $237,031
Additionally, the City has received $25,000 from the Grater Minnesota Housing Fund (GMHF) to provide additional down payment assistance grants for first-time homebuyers in North Mankato. GMHF will contribute up to $2,500 to income qualified first-time homebuyers who buy an existing home or build a home in North Mankato. However, to qualify for GMHF funds, the first-time homebuyer must have at least one dependent child.
Should you have interest in these grant programs, please contact your mortgage lender to begin the application process.
Minnesota First Time Home Buyer Down Payment Assistance Programs