How much money will I need for a down payment to buy a home of my own in South Saint Paul as a first time buyer? Today there are Minnesota down payment assistance programs
available that can help you!
Down Payment Assistance in South Saint Paul
Most of the programs for down payment assistance are especially made exclusively for the first time buyer in certain Minnesota locations. Each of the programs has its own set of unique qualifying guidelines. Programs might include parameters for income, remaining assets, total amount of debt, or sometimes minimum credit score. You need to research this with a mortgage professional who is well qualified and understands how down payment assistance works.
South Saint Paul Down Payment Assistance Programs
Perhaps, nne of the best of these programs is available in South Saint Paul as well as all cities and counties in MN. The Minnesota Housing Finance Agency offers a great program called HAF which currently includes all the way up to $4,500 of assistance. This down payment assistance program offers a 2nd mortgage with 0 interest and requires no monthly payments. One benefit to HAF is that it can be used along with many other local city or county down payment assistance programs if they are available.
Dakota County First Time Buyers Program
If you are a Minnesota first time buyer and are now searching for homes, you might want to consider buying a home in Dakota County. This county has one of the best MN down payment assistance programs available today, which reduces the entry cost for some buyers to under $1,000. One of the benefits of searching for homes in South Saint Paul is that the Dakota County first time home buyer program may help you into your new home.
South Saint Paul Home Stretch Workshops
Most down payment assistance programs in Minnesota have a requirement that must attend a first time home buyers class. The Home Stretch Workshop classes are usually an all-day session and is offered through several community agencies Schedules for the classes vary and are available through the Twin Cities metro. If you are using a county or city program for down payment assistance be sure to register for a class that satisfies both the state and local community program guidelines. The nice thing is that you can register for your Home Stretch Workshop on the internet.
Using Down Payment Assistance with MN Mortgage Programs
These programs for down payment assistance in South Saint Paul with many varieties of mortgages. Most typically they would be used with MN FHA loans to help with the 3.5% down payment. However, if you already have a sizeable down payment but need some help getting to 20% down to eliminate the need for mortgage insurance, these programs can be helpful as well. Most programs for down payment assistance will work with other programs like USDA and VA loans in Minnesota.
The Community of South Saint Paul
Just south of downtown St. Paul, MN you will find the great city of South Saint Paul. Rich in Minnesota history, South Saint Paul is one of the historic major meat packing districts of the United States. Due to its location within Dakota County first time home buyers can possibly benefit from the Dakota County first time home buyer program. With a well developed program for Park and Rec in South Saint Paul there are plenty of recreational activities for anyone. Due to an ample supply of affordable housing now available South Saint Paul is an ideal place for the Minnesota first time home buyer. Are you ready to search for homes in South Saint Paul? Please take a moment to give me a call or send me an email!
The first step in the process of buying a home is to get prequalified for financing. This means that you meet with a local mortgage lender who will review your credit, income, etc. In the prequalification application they can tell you what types of MN first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will even do this with you when you are off from work.
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125