Maple Grove FHA
One of the common ways of financing a purchase of Maple
Grove real estate is through the use of FHA
. This federal program originated back in the 1930’s to help with a
similar situation we have today when home foreclosures were rising and home
buyers struggled to come up with a large down payment. Minnesota
have underwriting rules that benefit both the first time buyer as
well as the homeowner who is selling one home to buy another.
Maple Grove FHA Mortgages: For Home Buyers and Home Sellers
While the years of the zero down payment loans have gone away for most of us,
Maple Grove FHA mortgages offer down payments as low as 3 and one half per cent
of the sales price. This fact along with the fact that most negotiated offers
today involves “seller paid closing costs” 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.
Maple Grove FHA
Loans and Credit Scores
FHA mortgages offer more expansive credit guidelines than other types of home
financing. Maple Grove home buyers who have some credit challenges may more
frequently qualify for a loan with FHA. Unlike conventional loans which have big
pricing adjusters based on the home buyers credit scores, rates and discount
points with FHA loans vary only slightly based upon the borrower's credit score.
FHA and Non-Occupant
Maple Grove FHA loans also allow a home buyer to qualify through the use of a
non-occupant co-signer Unlike almost every other mortgage program, this means
that if you do not quite qualify for the house in Maple Grove that you want to
buy you might be able to qualify if you add a co-signer to the loan, even if
they are not going to live there with you. This feature of the FHA loan has been
used much more often as many borrowers have struggled through reduced incomes
and job losses in recent years.
FHA and Down Payment Assistance
Maple Grove first time buyers also may benefit through reduced interest rates
and down payment assistance through Minnesota's MHFA program. This state program
buys FHA loans and makes use of FHA’s special program features which allow for
second mortgages on the home to be used for reducing the down payment. While
maximum income limits apply for this program, many Minnesota first time home
buyers are making use of these loans today.
Find Out What You
Are Qualfied For
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 doing so they can tell you what types of
time buyer programs you might be qualified for. This first step can usually
be done right over the telephone and most lenders will even do this with you
when you are off from work.
Community Info for Maple
The City of Maple Grove is a
booming suburb of the Twin Cities and has more than tripled its size since the
1980 2008 census to now over 60,000. Situated squarely in north-central Hennepin County Maple Grove, MN
residents have a quick commute to employers in Minneapolis, as well as those
located in western and eastern burbs. One of the bigger shopping centers in the
Twin Cities area is located here known as The Shoppes at Arbor Lakes. A
beautiful area, Maple Grove has over 1000 acres of parks and 35 miles of trails.
If you're interested in buying or selling Maple Grove real estate please feel
free to give me a call or send me an email.
If you want to learn more about buying a Maple Grove home using FHA
financing, please email me or give me a call. With great rates and low prices
today, it is a great time to be a home buyer!
Broker Associate, Realtor
7741 147th St W.
Apple Valley, MN
Visit my website to find Minnesota homes for sale