Looking for just the first time homebuyers home loan programs in Cottage Grove, MN that fit your unique situation? Start your free personalized mortgage review by clicking here.
Popular First Time Homebuyers Loan Programs
Check out the most popular first time homebuyers loan programs in Cottage Grove, MN
FHA Purchase Loan
Most PopularBest For: First Time Homebuyers, Low Credit Scores, Lowest Rates, Easy Qualification
Low down payment requirements, easier qualification guidelines, lower rates, and flexible terms for first time homebuyers and beyond.
Min. Credit Score
580
Min. Down Payment
3.5%
Max. Loan Amount
$524,225 - $806,500
HomeReady® Purchase Loan
Most PopularBest For: First Time Homebuyers, Low Down Payments
Competitive pricing, affordable mortgage insurance and flexible qualification for buying a home with limited income and funds.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$806,500
First Time Homebuyers Options for Purchasing a Home
We searched our national mortgage program database to find all of the purchase home loan options specific to Cottage Grove, MN:
FHA Purchase Loan
Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates, Easy Qualification
Low down payment requirements, easier qualification guidelines, lower rates, and flexible terms for first time homebuyers and beyond.
Min. Credit Score
580
Min. Down Payment
3.5%
Max. Loan Amount
$524,225 - $806,500
HomeReady® Purchase Loan
Best For: First Time Homebuyers, Low Down Payments
Competitive pricing, affordable mortgage insurance and flexible qualification for buying a home with limited income and funds.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$806,500
HomeOne® Purchase Loan
Best For: First Time Homebuyers, Easy Process
A low down payment solution to help first time homebuyers with limited savings take advantage of the benefits of a conventional loan program.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$806,500
97% LTV Conventional Purchase
Best For: First Time Homebuyers, Low Down Payments
The popular 97% LTV Purchase Program from Fannie Mae helps first time homebuyers by allowing for down payments as low as 3%.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$806,500
Home Possible® Purchase Loan
Best For: First Time Homebuyers, Low Down Payments
Low down payment financing from Freddie Mac with discounted fees for creditworthy low and moderate income borrowers across the US.
Min. Credit Score
620
Min. Down Payment
3%
Max. Loan Amount
$806,500
Special Programs for First Time Homebuyers
These additional loan programs available in Cottage Grove, MN may provide help for down payment and closing costs, qualification for borrowers who don't fit the traditional mold, and unique portfolio programs for special situations.
FHA 203(k) Standard Renovation Loan
Best For: First Time Homebuyers, Low Down Payments, Home Renovations
The FHA 203(k) Standard allows borrowers to purchase a home and include for the cost of renovations in the loan, with as little as 3.5% down payment.
Min. Credit Score
620
Min. Down Payment
3.5%
Max. Loan Amount
$524,225 - $1,209,750
Up to 50% of Price or ValueYour Estimated Renovation Fund
FHA 203(k) Limited Renovation Loan
Best For: First Time Homebuyers, Low Down Payments, Home Renovations
A government-insured loan program that provides up to $35,000 for minor remodeling and non-structural repairs when buying a home.
Min. Credit Score
620
Min. Down Payment
3.5%
Max. Loan Amount
$524,225 - $1,209,750
Up to $35,000 for RenovationsYour Estimated Renovation Fund
Chenoa Fund FHA Purchase Loan
Best For: First Time Homebuyers, Low Credit Scores, Lowest Rates, Easy Qualification
Low down payment requirements, easier qualification guidelines, lower rates, and flexible terms for first time homebuyers and beyond.
Min. Credit Score
600
Min. Down Payment
3.5%
Max. Loan Amount
$498,257 - $776,550
Chenoa 3.5% Forgivable DPA
Best For: First Time Homebuyers, Zero Down
Chenoa Fund DPA: 3.5% assistance for FHA loans, min credit score 600.
Min. Credit Score
N/A
Min. Down Payment
0%
Max. Loan Amount
No Limits
Up to 3.00% of 1st Loan Amount Program Benefit Amount
Chenoa 3.5% Repayable DPA
Best For: First Time Homebuyers, Zero Down
Chenoa Fund DPA: 3.5% assistance for FHA loans, min credit score 600.
Min. Credit Score
N/A
Min. Down Payment
0%
Max. Loan Amount
No Limits
Up to 3.00% of 1st Loan Amount Program Benefit Amount
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers.
How It Works
What loans do I qualify for?
By answering a few simple questions, you'll receive a personalized review of mortgage options specific to your area.
Related Resources
Better information to make better home financing decisions.
By ReviewMyMortgage Admin
Do I Qualify for a Mortgage in Texas? Your 2026 Home Loan Guide
If you're asking, “Do I qualify for a mortgage?” or “Can I get approved for a home loan in Texas?” — you're not alone. These are some of the most searched questions by future homeowners in San Antonio and across Texas.
Read More
By ReviewMyMortgage Admin
Understanding Loan-Level Price Adjustments (LLPAs) and Their Impact on Mortgage Rates
Loan-Level Price Adjustments (LLPAs) play a crucial role in determining the interest rate and fees associated with your mortgage. Whether you’re a first-time homebuyer or refinancing, understanding LLPAs can help you make informed decisions and potentially save thousands. This guide breaks down how LLPAs work, who they affect, and how you can reduce their impact on your mortgage rate.
Read MoreAre you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch