While zero down payments have most gone away, Rosemount FHA loans offer down payments as low as three and a half per cent of the purchase price. This along with the fact that most negotiated purchase agreements today involve â€œseller paid closing costsâ€ allows you to get in for a much more reasonable entry cost. This is also helpful for current home owners who are selling their home with little or no equity and need to buy their next one with a small down payment.
FHA mortgages offer more expansive credit guidelines as well. Home buyers who have experienced troubles with credit may qualify for FHA whereas not a conventional loan. In addition, unlike conventional loans which have significant pricing adjustments ters based on credit scores, interest rates and discount points on FHA loans vary only slightly based on credit scores.
Rosemount FHA loans also allow a borrower to qualify through the use of a non-occupant family co-signer. Unlike almost every other financing program, this means that if you donâ€™t quite qualify for the home that you want to buy you can strengthen your loan application by using a co-signer. This feature of the FHA loan has been used more frequently as many borrowers have struggled through reduced incomes and job losses in recent years.
First time home buyers in Rosemount may benefit through beneficial interest rates and down payment assistance through Minnesota's MHFA program. This state agency makes use of FHA's special features which allow for second mortgages on the home to be used for reducing the down payment. While maximum income limits may apply for this program, many MN first time home buyers are making use of these programs today.
For many MN first time buyers the big question is where do I start? Your first step to home ownership is to get prequalified for a home loan. By doing so you find out how much of a loan you are qualified for so that we can search for homes in the right price range.
The City of Rosemount continues to build on its small town character through neighborhood, school, and community activities. The Rosemount Park and Rec offers a wide variety of fun and leisure activities for any age. This is a peaceful community to raise a family in with a variety of high quality schools.
If you are interested in buying a Rosemount home using FHA financing, just send me an email or give me a call. With low prices and historically low interest rates on FHA loans it is a great time to be a home buyer in Minnesota!Kevin SuttonÂ