Little Canada rental homes will usually have the advantage that you can get out of a lease arrangement within 12 to 24 months. I want you to remember that this advantage comes at a cost, however, , in that the amount of your rental payments will often times exceed those of a typical house payment these days. Additionally the rental deposit may well be in excess of the entry cost required for buying a home when considering all of the down payment assistance programs available for MN first time home buyers. Finally, perhaps the highest cost in renting a homes is the fact that you are helping someone else buy their home with your rent payments helping to make the payments of your landlord.
Still, the advantages of renting may be worth it to rent if you have plans on moving again at the end of your lease. I tend to think that if you buy a home today you should plan on staying in it for a few years while the market develops.
With all of the great benefits available to the MN first time home buyer today, it is hard to know where to start in terms of listing the benefits. The State of Minnesota now offers special loan programs through its Minnesota Housing Finance Agency to offer reduced interest rates as well as down payment assistance. Additionally many communities today offer additional down payment assistance loans or grants that both reduce what you need for cash to close as well as reducing your monthly payment.
The first part in the process of buying a house is to get prequalified for financing. This simply means that you talk with a local lender who analyzes your credit, income, assets, and debts. In the prequalification application they can tell you what types of Minnesota first time buyer programs you might be qualified for. This first step can usually be done right over the telephone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.
Little Canada, MN is an inner ring suburb conveniently located just north of downtown St. Paul. With an easy commute of about 15 minutes, residents here benefit from all of the employment and entertainment opportunities of St. Paul. With plenty of affordable housing, MN first time home buyers may benefit from the Ramsey County First Home program. If you are interested in buying or selling a home in Vadnais Heights please give me a call.
If you have not yet considered buying a homes I would like the opportunity to talk with you about the benefits of both renting versus buying. My consultation is free and am eager to help.
Sales Executive, Licensed Realtor in MinnesotaÂ
Century 21 Premier GroupÂ
1660 S. Highway 100, Suite #578
St. Louis Park, MNÂ 55416
With a focus on Twin Cities real estate and surrounding communities.