Minnesota law does not set a limit for the amount a landlord may require for a security deposit. How much down payment is required?No down payment is typically required. Pays room and board in a place where a provider is authorized to accept Housing Support. Payment goes to the provider not to the person. As of December 19, 2024, these one-time funds have been exhausted. We are unable to accept any more First-Generation Homebuyer Loan Commitments. By borrowing money for the down payment, home buyers do not need as much upfront money to purchase the home, but can instead spread out the cost. 3) What if the house needs a little work at time of purchase? In connection with Single Family Division loan programs, Minnesota Housing does not make or arrange loans.