Ready to purchase your first home in Lake Elmo? Work with Ryan Marks to explore affordable home loan options tailored to first-time buyers.
Lake Elmo offers a peaceful lifestyle and great community amenities — the perfect place to buy your first home. Ryan Marks at Everyday Lending Group will guide you every step of the way with first-time buyer loan options designed to fit your needs and budget.
First-Time Homebuyer and Down Payment Assistance (DPA) Loans help make homeownership more accessible by offering financial aid for down payments and closing costs. These programs are designed for new buyers who need extra support in affording a home and often come in the form of grants, second mortgages, or forgivable loans.
These programs are ideal for first-time buyers, individuals who haven’t owned a home in the past three years, and those with limited savings. Many DPA programs also cater to teachers, healthcare workers, and public service employees. If you’re struggling to afford a down payment but have steady income and credit, a DPA loan may be a great option.
DPA programs provide financial assistance through grants or low-interest second mortgages that cover down payments and closing costs. Some programs require repayment, while others are forgivable after a set number of years. Eligibility typically depends on income, credit score, and property location.
DPA funds can often be used with popular mortgage loan programs. FHA loans allow down payments as low as 3.5 percent, making them a great option for first-time buyers. VA loans provide zero down payment options for eligible veterans and active-duty military members. USDA loans offer 100 percent financing for homes in designated rural areas. Conventional loans, such as Fannie Mae’s HomeReady and Freddie Mac’s Home Possible programs, allow as little as 3 percent down.
These programs reduce upfront costs, making homeownership more accessible. Some offer forgivable assistance, meaning you won’t have to repay the funds if you meet residency requirements. Others provide flexible credit requirements and lower interest rates than traditional loans. By lowering the financial barriers to homeownership, DPA loans help buyers purchase a home sooner.
If saving for a down payment is the biggest obstacle to buying a home, a DPA loan can provide the financial help you need. These programs are designed to assist qualified buyers with securing a home loan while keeping upfront costs low. If you’re unsure whether you qualify, speaking with a mortgage expert can help determine the best solution for your situation.
Many first-time buyers give up too soon, not realizing that grants, forgivable loans, and flexible assistance programs are available in their area. At Everyday Lending Group, Ryan Marks helps you uncover funding options that could make homeownership easier—and more affordable—than you think. Let’s explore what’s possible.
Everyday Lending Group offers access to a wide range of Down Payment Assistance (DPA) programs designed to help reduce or eliminate your upfront costs when buying a home. These programs are especially helpful for first-time homebuyers and those with limited funds.
DPA provides financial help toward your down payment or closing costs, making it easier to qualify for a mortgage. Assistance comes in the form of grants, forgivable loans, deferred loans, or low-interest second mortgages.
Some DPA programs offer grants that you don’t need to repay ever. These are typically reserved for buyers who meet specific income and property eligibility requirements.
Forgivable DPA loans are erased after a set number of years if you stay in the home. This can be a powerful tool for buyers looking to build equity without added debt.
Deferred payment loans don’t require any monthly payments or interest until you sell, refinance, or pay off your primary mortgage. These help keep your monthly costs low at the start.
Some programs offer low-interest second mortgages that help cover the down payment. These allow you to spread the cost over time and build toward full ownership.
Qualification is based on income, home location, and whether you’re a first-time homebuyer. Some programs also require homebuyer education courses. Even if you’ve owned a home before, you may still qualify.
Ryan Marks and the Everyday Lending Group team specialize in matching clients with the best down payment assistance options available in all 50 states. Reach out today and let us help make your move more affordable.
FHA 101.5% Down Payment Assistance Home Loan
This powerful FHA 101.5% financing option is designed for first-time homebuyers — but it’s also open to non-first-time buyers, making it a flexible solution for many. With as little as a 600 credit score and DTI ratios up to 56.99%, this program is ideal for buyers who need a low barrier to entry and want to preserve their savings.
It covers 100% of the home’s price plus an extra 1.5% toward closing costs, with no second lien and no repayment required — it’s a forgivable grant, not a loan. Buyers can use this program to finance single-family homes, duplexes, townhomes, condos, manufactured homes (double or triple wide only), and PUDs.
The program allows for 2-1 temporary buydowns, and when paired with 3–6% in seller concessions, it becomes an unbeatable opportunity — especially when working with the right real estate agents. These loans are excellent for social media promotion: no money down, just a 600 score, and up to FHA max loan limits.
Unlike other products like Turbo (which includes a second lien), this solution leaves no additional liens, making potential refinancing much easier down the line — whether it’s a streamline, full credit-qual refinance, or cash-out.
If you’re looking for an accessible path to homeownership with real equity from day one — this is it.
Down Payment Assistance Programs
One of the biggest challenges for many homebuyers is coming up with the down payment and covering closing costs. That’s where Down Payment Assistance (DPA) programs can make all the difference. These programs are designed to help eligible buyers get into a home sooner by reducing or even eliminating the upfront cash needed at closing.
At Everyday Lending Group, we work with a wide range of down payment assistance options, including state and local grant programs, to help you unlock funds that can be used toward your down payment, closing costs, or both.
What Is Down Payment Assistance?
Down payment assistance refers to financial help that makes it easier to afford a home purchase. These programs may come in the form of:
DPA programs are often available at the state, county, or city level, and they’re usually aimed at helping first-time buyers, low-to-moderate income households, or people purchasing homes in certain areas.
Grant Programs May Be Available in Your Area
Each state—and in many cases, each local community—offers different forms of assistance. In Minnesota and surrounding areas, there are a variety of down payment grants available for qualified buyers. These funds may cover a portion or all of your down payment and closing costs, depending on the program and your eligibility.
Because there are so many different programs out there, it’s important to work with a lender who knows how to locate and match you with the ones that fit your situation best.
How to Know If You Qualify
Qualification depends on a few key factors:
Even if you’ve owned a home in the past, you might still qualify. In many cases, you’re considered a first-time buyer if you haven’t owned a home in the last three years.
Let Us Help You Find the Right Assistance Program
At Everyday Lending Group, we’re here to take the guesswork out of the process. We’ll help you explore all of the down payment assistance and grant programs available in your state, walk you through the eligibility steps, and show you how to stack these benefits with your mortgage for maximum savings.
Contact us today and let us help you locate every dollar available to you. Whether you’re buying your first home or getting back into the market, we’ll help make your move more affordable
| Program Name | Assistance Amount | City or County | State | Program Synopsis |
|---|---|---|---|---|
| Multi-Counties Build Wealth Minnesota, Inc. No... | Up to $20,000 | Multi-Counties | MN | Build Wealth Minnesota Down Payment Assistance |
| City of Bloomington Homebuyer Mortgage Assistance | 10500 | Bloomington | MN | Momen iver Mariodpe Accistante |
| Brooklyn Economic Development Down Payment and... | 10000 | Brooklyn Park | MN | Down Payment and Closing Cost Assistance Program |
| City of Plymouth First Time Homebuyer Program | Up to $90,000 | Edina | MN | Come Home 2 Edina Homebuyer DPA Program |
| Midwest Minnesota Community Development Corpor... | 10% of the purchase price, up to $32,000 | Statewide | MN | First Generation Homebuyers community Down Payment |
| City of Duluth Down Payment Assistance Program | Up to $5,000 | Duluth | MN | City of Duluth Homebuyer Assistance Program |
| City of Saint Paul Down Payment Assistance | Up to $40,000 | Saint Paul | MN | Saint Paul DPA Program for First-Time Buyers |
| Ramsey County FirstHOME Program | Up to $20,000 | Ramsey County | MN | Ramsey County FirstHOME Buyer Assistance |
| City of Minneapolis Homeownership Opportunity | Up to $10,000 | Minneapolis | MN | Minneapolis DPA Program |
| Washington County CDA Homeownership Program | Up to $15,000 | Washington County | MN | Washington County CDA Homebuyer Assistance |
We specialize in helping first-time buyers navigate the home loan process and secure the best down payment assistance programs available. Our team works with a variety of lenders and housing agencies to match buyers with financing options that fit their needs.
From pre-qualification to closing, we guide you every step of the way. Our goal is to make homeownership possible by providing expert advice, personalized loan solutions, and seamless application support.
With access to a wide range of down payment assistance programs, competitive mortgage rates, and flexible financing options, we make buying your first home easier than ever. Contact us today to get started!
From first-time homebuyers to seasoned investors, we offer a wide range of Home Loan and Mortgage solutions designed to meet your unique needs. Discover competitive rates, flexible terms, and expert support to help you achieve your homeownership goals.
A First-Time Homebuyer / DPA Loan is a mortgage assistance program designed to help buyers afford a home by covering down payment and closing costs. These programs are often offered by state and local governments, housing agencies, and nonprofit organizations to support first-time buyers in becoming homeowners.
DPA programs provide financial assistance in different forms. Grants do not need to be repaid, making them an attractive option for buyers who qualify. Forgivable loans are structured so that repayment is waived if the buyer stays in the home for a specified period. Low-interest second mortgages provide additional financing to cover upfront costs, with repayment terms that are usually more flexible than traditional loans.
Many first-time buyers qualify for DPA programs, even if they have owned a home before. If you haven’t owned a home in the past three years, you may still be eligible for first-time buyer assistance. Certain programs also cater to specific groups, including public service workers, healthcare professionals, and military personnel.
Most DPA programs have income limits based on household size and location. These limits ensure that assistance reaches buyers who need it most. However, income guidelines vary by program, and some allow higher-income households to qualify if they meet other criteria.
Down payment assistance can also help with closing costs, which can add up quickly. Many programs offer aid that covers both expenses, reducing the amount of cash needed upfront to secure a mortgage.
The amount of down payment assistance you can receive depends on the program and your location. Some programs offer fixed amounts, such as $5,000 or $10,000, while others cover a percentage of the home’s purchase price. In some cases, assistance may be large enough to eliminate the need for a down payment entirely.
DPA funds may be structured as a grant, forgivable loan, or low-interest second mortgage. Grants do not require repayment, while forgivable loans are waived after the buyer meets residency requirements. Some programs provide deferred-payment loans that don’t require repayment until the home is sold or refinanced.
First-time buyers can combine DPA funds with FHA, VA, USDA, or conventional loans to maximize affordability. Many programs are designed to work alongside these loan options, reducing upfront costs and making homeownership more accessible.
Applying for a DPA loan involves working with an approved lender or housing agency that offers assistance programs. Buyers must meet eligibility requirements, complete a homebuyer education course, and provide necessary documentation to verify income, employment, and creditworthiness.
Credit score requirements vary by program. Many DPA programs accept credit scores as low as 580, while others require a minimum score of 620. In some cases, buyers with lower credit scores may still qualify if they demonstrate financial stability and the ability to repay the loan.
Certain DPA loans include forgivable terms, meaning the funds provided do not need to be repaid if the buyer meets specific conditions. If the home is sold before the required residency period ends, the buyer may be responsible for repaying part or all of the assistance received.
A First-Time Homebuyer Loan is a mortgage program designed to help individuals who have never owned a home or have not owned one in the past three years. These loans often come with lower down payment requirements, reduced interest rates, and special assistance programs to make homeownership more accessible. Many programs offer Down Payment Assistance (DPA) to help cover upfront costs.
Down Payment Assistance (DPA) programs provide grants, low-interest loans, or forgivable loans to help homebuyers cover their down payment and sometimes closing costs. Qualification depends on factors such as income level, location, and being a first-time homebuyer. Many DPA programs are available through state, local, and nonprofit organizations.
Some DPA programs are restricted to specific geographic areas, such as urban renewal zones or rural communities. Buyers should check with local housing agencies to determine eligibility for location-based assistance.
Not all mortgage lenders offer DPA programs, so it’s important to work with a lender who partners with housing agencies and government-backed assistance programs.
Buyers who do not qualify for a DPA program may still be able to secure financing through low down payment loan options. FHA, VA, and USDA loans offer alternative pathways to homeownership with reduced upfront costs.
First-time homebuyers can access several loan options, including FHA loans, VA loans for eligible military members, USDA loans for rural homebuyers, and conventional loans with low down payment requirements. Many of these programs offer flexible credit score requirements and competitive interest rates.
The required down payment depends on the loan program. FHA loans require as little as 3.5% down, while conventional loans may require 3% for first-time buyers. VA and USDA loans offer 100% financing, meaning no down payment is required for eligible borrowers. DPA programs can help cover some or all of the required down payment.
Yes! Many first-time homebuyer loan programs allow for lower credit scores. FHA loans accept borrowers with credit scores as low as 580, while some conventional loan programs allow scores as low as 620. DPA programs may have additional credit score requirements, but alternative credit verification methods may be available.
Some first-time homebuyer and DPA programs have income limits, particularly those designed for low- to moderate-income buyers. The limits vary by location and program. Borrowers should check with local housing authorities or lenders to see if they qualify.
First-time homebuyer loans often come with benefits such as lower down payment requirements, reduced interest rates, lower mortgage insurance costs, and access to DPA programs. Some programs also offer tax credits and assistance with closing costs to make buying a home more affordable.
Yes! Many DPA programs allow funds to be used for both down payments and closing costs. Some programs provide grants or forgivable loans that help cover additional expenses, reducing out-of-pocket costs for first-time buyers.
No. First-time homebuyer loans can often be used to purchase condos, townhouses, and even multi-unit properties (up to four units) as long as the borrower occupies one of the units as their primary residence. Some loan programs have specific property eligibility requirements.
To apply, homebuyers should first check their eligibility for loan programs and DPA options. Working with a mortgage lender or local housing agency can help identify available programs and guide buyers through the application process, which typically includes providing proof of income, credit history, and homebuyer education completion (if required).
Yes! Many buyers can combine first-time homebuyer loans with DPA programs, grants, or tax credit programs to maximize affordability. Some programs also allow buyers to stack multiple assistance options to cover more of their upfront costs.
Some DPA and loan programs extend benefits to repeat homebuyers who meet certain income and location requirements. Other programs allow buyers who have not owned a home in the past three years to qualify as first-time homebuyers again. Checking eligibility with a mortgage lender or housing agency is the best way to determine qualification.
If you don’t qualify for a first-time homebuyer loan, other loan programs may be available, including conventional loans with low down payment options, FHA loans with flexible credit requirements, or alternative home financing programs. A mortgage specialist can help explore options that best fit your financial situation.
If you’re buying your first home in Lake Elmo, you may qualify for FHA, 3% down Conventional loans, or Minnesota-specific Down Payment Assistance (DPA). Ryan Marks will help you understand which programs you qualify for and how to secure the best mortgage for your financial situation.
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