City of Winona Working with Minnesota Housing to Provide Affordable First-Time Homebuyer Loans

Photo: City of Winona

(KWNO)- The City of Winona announced it is working with Minnesota Housing to provide affordable mortgages to first-time homebuyers.

Minnesota Housing announced over $70.3 million is available for the state to divvy out between cities and counties in Minnesota.

The City of Winona will be allocated $453,317.00.

A press release from the City of Winona indicates that homebuyers can take advantage of these resources through the Minnesota Housing Start Up loan program, which offers fixed interest rates and downpayment and closing cost loans up to $18,000 for eligible first-time homebuyers.

Buyers can purchase homes in Winona that cost up to $349,500 and income limits vary by household size but are capped at $119,00.

“The Start Up loan program is a wonderful way for residents of Winona to obtain homeownership, as it can relieve the burden of paying the downpayment and closing costs upfront,” said Development Coordinator Nick Larson.

Minnesota Housing Commissioner Jennifer Leimaile Ho added, “Community partnerships between Minnesota Housing, organizations like the Cty of Winona and local lenders help over 2,000 households a year purchase their first homes. These affordable loans make homeownership more accessible for more Minnesotans.”

First-time buyers can get started by contacting participating lenders in the Winona area. A full list of approved lenders, current interest rates, and program eligibility are available at www.mnhousing.gov.