This information provided is outlining the minimum down payment requirements as allowed by specific loan program and product guidelines. Loan program and terms of repayment are based on a 30 year fixed term. Interest Rate and Annual Percentage Rate as well as any / and all credit offered would be subject to pricing and underwriting of the individual applicant. Luminate Home Loans, Inc. NMLS#150953. Corporate Headquarters 2523 S. Wayzata Blvd. Suite 200, Minneapolis, MN 55405. This advertisement does not constitute a loan approval or loan commitment. Loan approval and / or loan commitment is subject to final underwriting review and approval. For licensing information, go to: www.nmlsconsumeraccess.org.
Welcome Home Loan Program: Affordable Mortgages for First-Time Homebuyers
Helping first-time buyers make Blaine their home with reduced mortgage interest rates.
How does the Welcome Home Loan Program work?
The City of Blaine’s Welcome Home Loan Program offers qualified First-Time Homebuyers an opportunity to purchase a home with lower than market rate.
Who qualifies for the Welcome Home Loan Program?
You may qualify for the Welcome Home Loan Program if you meet the following:
- You are a First-Time Homebuyer
- Defined as someone who “has not had ownership interest in a principal residence in the last three years.” If you’ve never owned a home, or it’s been more than three years since you’ve been a homeowner, you may be considered a first-time homebuyer.
- Incomes must be at or below 80% of Area Median Income
- Minimum FICO score of 620
- Must complete a certified Homebuyer Education course.
Blaine Population & Demographics
The 2020 U.S. Census reported Blaine’s population at 70,222. Blaine currently is the 10th largest city in Minnesota. Over the last 20 years Blaine has added about 1,000 residents per year. Current projections show Blaine continuing to grow until the City reaches a population between 85,000 and 90,000 residents.
Blaine also continues to grow in diversity. According to the 2020 Census 77 percent of Blaine residents are white. Just 10 years prior that number was at 84 percent.
As Blaine continues to grow you can track current population numbers from the Metropolitan Council.
Blaine, Minnesota, offers an exceptional blend of natural beauty, recreational opportunities, and economic prosperity. With 65 diverse parks, including the serene Blaine Wetland Sanctuary and family-friendly Lakeside Commons Beach and Splash Pad, outdoor enthusiasts find paradise here. Sports lovers flock to the Blaine Baseball Complex, featuring seven fields, an accessible miracle field, and an inclusive playground. Beyond recreation, Blaine boasts a robust job market, attracting professionals with high-paying positions in manufacturing, technology, and engineering. Home to corporate giants like Aveda and Infinite Campus, Blaine stands as a prime destination for career growth. Whether you’re seeking natural wonders, family fun, or professional opportunities, Blaine, MN, delivers an unparalleled quality of life in the Twin Cities metro area.
Why live in Blaine, Minnesota?
Looking for a vibrant city with world-class events? Blaine, MN is the place to be! Known for hosting major national and international sporting events, Blaine is home to the renowned 3M Open, the National Sports Center, and the Target USA Cup. Plus, with strong business connections through the Metro North Chamber, Twin Cities Gateway, and Twin Cities North Chamber, Blaine offers an unbeatable mix of sports, business, and community life. Make Blaine, Minnesota your home and experience the excitement year-round!
Can this be combined or layered with other DPA programs?
Yes, this program can be combined with other Down Payment Assistance (DPA) options. Specifically, it can be layered with the Blaine Down Payment Assistance Program, which you can learn more about at MNCEE.org/Blaine. Additionally, eligible applicants can combine this with the First Generation Down Payment Assistance offered by Midwest Minnesota Community Development Corporation in partnership with Minnesota Housing. For details on this program, visit FirstGenDPA.org. It’s important to note that at this time, no other DPA programs can be combined with these options. This combination of programs provides a significant opportunity for prospective homebuyers in Blaine to maximize their down payment assistance.
The City of Blaine’s Welcome Home Loan Program is limited funds dispersed on a first come first serve basis. This program is funded using Local Affordable Housing Aid distributed by the Minnesota Department of Revenue to the City of Blaine to be used to address local affordable housing needs. No local funds are being used for this program.
Check out what your monthly payment could be by using our Conventional MortgageCalculator…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
Principal & Interest (P&I)
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$Taxes & HOA
$Homeowners Insurance
$Purchase PriceHome Value$
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Current Mortgage Balance$
Cash Out$
Total Loan AmountNew Loan Amount$
Home Equity After Cash Out$
Estimated Taxes & InsuranceProperty taxes are generally estimated to be 1.2% of the home's value, but may vary based on your location. Annual homeowners insurance is roughly 0.35% of the home's value but can change based on insurer. Your loan specialist can help you determine property tax and insurance rates in your area.
PMIThe PMI (Private Mortgage Insurance) is a mortgage lenders' protection in the event of a default. PMI is paid monthly as part of your mortgage payment to the lender. Once a borrower has paid the equivalent of the 20% down payment, PMI can be removed from the monthly mortgage payment.
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Cash Out
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Taxes & insurance included?
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Amortization Schedule Breakdown
Our detailed amortization schedule breaks down your mortgage payments, showing how they are split between interest and principal over the life of your loan.Note: The actual monthly payment may be higher than what is shown here, as this schedule does not account for variable costs such as property taxes and home insurance, which are often included in your total mortgage payment.
- Principal payments: $$240,000 (the amount borrowed)
- Interest payments: $$297,554 (the cost of borrowing)
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