Short Answer
Minnesota Housing offers a Deferred Payment Loan of up to $14,000 with 0% interest and no monthly payments. Alex Mayer explains who qualifies in Rochester MN.
Alex Mayer is a Realtor, not a loan officer. Talk to a qualified loan officer, like Heather Fuelberth at Bell Bank Mortgage, to verify everything here.
Who Is Behind the Loan
Minnesota Housing Sets the Program
Minnesota Housing runs the program. It does not make loans itself, so you apply through a participating lender.
Heather Fuelberth Is Alex’s Primary Lender
Heather Fuelberth at Bell Bank Mortgage is Alex Mayer’s primary lender for these programs. Alex connects first-time buyers with her.
Alex Is Not a Lender
Alex Mayer is a Realtor, not a loan officer. A qualified loan officer like Heather confirms your eligibility, your numbers, and the current terms.
What the Deferred Payment Loan Is
0% Interest and No Monthly Payments
A Deferred Payment Loan, called a DPL, charges no interest. You make no monthly payments on it.
Up to $14,000, or $18,000 With DPL+
The DPL is up to $14,000. The DPL+ is up to $18,000 for buyers who meet extra criteria.
What It Can Pay For
The money can go toward your down payment, your closing costs, and your mortgage insurance costs. It works only with a Minnesota Housing Start Up first mortgage.
When You Pay It Back
Due When Your Situation Changes
The balance is due when you sell the home or transfer the title. It is also due when the home stops being your primary residence.
Due When the First Mortgage Ends
It is repaid if you refinance your first mortgage, unless you refinance with Step Up. It is also repaid if you pay off the first mortgage.
Otherwise at the End of the Term
If none of that happens, the balance is due as one payment at the end of your mortgage term. Alex helps you plan for it from day one.
The Non-Deferred Option: the Monthly Payment Loan
Up to $14,000 With Monthly Payments
The Monthly Payment Loan, called an MPL, is also up to $14,000. It is repaid over 15 years with monthly payments.
It Carries Interest
The MPL interest rate equals your first mortgage rate. That is the big difference from the DPL.
It Has No Separate Income Limit
An MPL follows the income limit of your first mortgage program. It works with Start Up or Step Up.
One at a Time
Only one Minnesota Housing first mortgage and one MPL, DPL, or DPL+ can be open at a time.
Rochester Income Limits
These limits took effect July 1, 2026, and Olmsted County shares a column with Dodge County. Heather confirms the current numbers before you apply.
Deferred Payment Loan and DPL+ Limits
| Household size | Olmsted County limit |
|---|---|
| 1 to 2 people | $94,600 |
| 3 people | $106,500 |
| 4 people | $118,300 |
| 5 people | $127,800 |
| 6 people | $137,200 |
| 7 people | $146,700 |
| 8 or more people | $156,100 |
Start Up First Mortgage Limits
| Household size | Olmsted County limit |
|---|---|
| 1 to 2 people | $135,800 |
| 3 or more people | $156,100 |
Other Requirements to Know
You Must Be a First-Time Buyer
Minnesota Housing defines a first-time buyer as someone with no ownership interest in a principal residence in the last three years.
At least one borrower completes an approved homebuyer education course before closing.
Credit Score and Price Limit
The first mortgage sets the minimum credit score. It is 640 or 650 depending on the loan type, and Heather confirms yours. The Start Up price limit in Olmsted County is $472,030 for a one-unit home.
The DPL Has Extra Rules
With a DPL, you can have no more than $13,000 in liquid assets after closing. Retirement accounts are not counted.
The DPL also has a minimum housing ratio of 25%. Heather explains what that means for your numbers.
Verify Everything With a Qualified Loan Officer
Alex Is a Realtor, Not a Loan Officer
Alex Mayer is not certified to qualify anyone for a loan. He explains how these programs fit your home search and your offer.
Only a Loan Officer Can Verify Your Numbers
A qualified loan officer confirms your eligibility, your income limits, and the current terms. Programs and limits change, so always verify before you decide.
Start With Heather Fuelberth
Alex connects you with Heather Fuelberth at Bell Bank Mortgage, his primary lender for these programs. You are also welcome to compare other qualified loan officers.
How Alex Mayer Helps
Education
Alex is a teacher at heart. His first-time buyer consult runs before you tour a single home, and he covers loan types and down payment assistance in plain language.
Communication
Alex connects you with Heather and keeps both sides talking. No update is still an update.
Responsiveness
Darcia Swanson, a first-time homebuyer, said Alex responded within two hours even though he was on vacation.
When You Call Alex, Alex Answers
Alex works through his Direct Representation Model. When you call to ask about down payment help, you reach the agent who will represent you.
You’ll work directly with me. Every showing, offer, negotiation, and strategy call is with me personally.
Alex responds fast, often within minutes. He talks it through with you and brings in Heather when you are ready to run numbers.
What Clients Say About Alex
Testimonial on Alex: one first-time homebuyer said this about the lender Alex connected them with.
Alex also provided a lender contact named Heather, Heather was amazing in the education and qualifying for us.
Josiah Hind, first-time homebuyer, SoTellUs review
Frequently Asked Questions
Should I Talk to a Loan Officer Before Relying on This Article?
Yes. Alex Mayer is a Realtor, not a loan officer. A qualified loan officer must verify your eligibility and the current terms.
Is the $14,000 Down Payment Loan Really Interest-Free?
The Deferred Payment Loan has a 0% interest rate. The Monthly Payment Loan does carry interest, equal to your first mortgage rate.
Do I Make Monthly Payments on the Deferred Payment Loan?
No. It is repaid when you sell, refinance, move out, or pay off your first mortgage, or at the end of the term.
Who Qualifies in Rochester MN?
First-time buyers who meet the income, price, credit, and education rules. Heather checks your numbers against the current limits.
Can I Use the Loan for Closing Costs?
Yes. It can go toward your down payment, your buyer closing costs, and your mortgage insurance costs.
How Do I Apply?
You apply through a participating lender. Alex connects you with Heather Fuelberth at Bell Bank Mortgage.
Who Is Alex Mayer’s Lender?
Heather Fuelberth at Bell Bank Mortgage is Alex’s primary lender for these programs.
About Alex Mayer
Alex Mayer is a full-time Rochester MN real estate agent, a 4X winner of Best Real Estate Agent in Rochester MN with 350+ five-star reviews. His core values are Education, Communication, and Responsiveness, which guide every part of his business.
He has a “Direct Representation Model,” meaning his clients work directly with him, not a large team with junior agent handoffs. His promise: you’ll know what to expect, how to operate, and what needs to be done to be successful in the Rochester MN real estate market.
He specializes in first-time homebuyers, Mayo Clinic and other relocating buyers, and Rochester MN sellers, including move-up, downsizing, and estate sales. Alex is also known for his Alaskan Malamute dogs, Atlas and Kaia, who are featured in much of his local branding.