Minneapolis, MN – July 2025 – Did you know what the biggest challenge is for many aspiring homeowners? The biggest hurdle for buying a home is the down payment. But there are many programs that can help th this. These initiatives, known as down payment assistance programs, are designed to help buyers – particularly first-time buyers – cover some or all of their upfront costs when purchasing a home.
What is Down Payment Assistance?
Down payment assistance (DPA) refers to financial aid programs that provide funds to help cover the down payment and, in some cases, closing costs associated with buying a home. These programs can come in the form of grants, forgivable loans, or low-interest loans.
“Down payment assistance can be a game-changer for many families who can afford a mortgage but struggle with the upfront cash needed to purchase a home,” says Kal Mansour, a top Minnesota real estate broker and owner of Real Estate Corners.
Who Qualifies for Down Payment Assistance?
Eligibility often depends on factors like:
• First-time buyer status (though some programs are open to repeat buyers)
• Income level (typically geared toward low-to-moderate-income households)
• Credit history
• The purchase price and location of the home
Some programs are local, offered by city or county governments, while others are state or nonprofit initiatives. In Minnesota, for example, programs like Minnesota Housing’s Start Up and Step Up programs help qualifying buyers bridge the financial gap.
How Do You Get It?
1. Research available programs: Check state, city, and nonprofit resources.
2. Work with a qualified lender or real estate professional: They can guide you through the application process.
3. Meet the program requirements: Provide documentation on income, credit, and homebuyer education.
4. Complete a homebuyer education course: Many programs require a class to prepare buyers for homeownership.
“Knowing about these programs can save buyers thousands of dollars and make the dream of owning a home far more attainable,” adds Mansour, emphasizing the value of working with a flat-rate realtor.
About Real Estate Corners
Real Estate Corners is a top 10% ranked Minnesota real estate brokerage with over 24 years of experience in helping buyers and sellers navigate the market. Led by Kal Mansour, the team specializes in guiding clients through every step of the homebuying process, including connecting them with valuable resources like down payment assistance programs.
Contact:
Kal Mansour at (612) 483-1230 or visit our website www.Realestatecorners.com