MN Start Up questions

[Danielle Lindblom]

Looking to purchase my first home and intending to house hack (single family - rent out rooms). I've been the renter in this situation for two years, and now it's time for me to switch roles and become the landlord.

My main question is regarding a down payment. I'm just beginning my saving for a down payment, but I did notice the options available for first time home buyers in Minnesota and wonder if this is worth pursuing. Namely there are loans available to cover down payment and closing costs. Since I'll be having others pay my mortgage, I wonder if this is a viable option for my first house. Thoughts?

I'll certainly be piling up cash regardless, but it would affect the timing of my purchase. 

Has anyone done this or had experience with these types of MN first time home buyer loans? Worthwhile or continue saving for a typical 3% down payment?

Thanks in advance!

[Tim Swierczek]

@Danielle Lindblom I’m experienced in the loans your asking about and can cover the pros and cons when we meet.