Most programs for down payment assistance today are designed for the first time home buyer. Each of these programs will have its own guidelines to qualify. Programs might include parameters for income, remaining assets, debt versus income ratios and more. You need to research this with a mortgage professional who understands all of the ins and outs of the down payment assistance programs.
One of the best programs for down payment assistance is available in St. Paul as well as throughout the state of Minnesota. The Minnesota Housing Finance Agency offers a great program called HAF which can help with up to $4,500 of assistance toward your down payment. This program offers a 2nd mortgage with 0 per cent interest and no monthly payments necessary. The other great thing about HAF is that it can usually be layered in combination with other local community down payment assistance programs if they are available.
One of the better assistance programs is currently available in St. Paul as well as all other communites Minnesota. The Minnesota Housing Finance Agency offers entry cost assistance in their HAF program which can offer $4,500 to you as help towards your down payment and closing costs. The HAF down payment assistance program is a second mortgage on your home but has zero interest and requires no monthly mortgage payments. The other great thing about HAF is that it can usually be layered in combination with many other local city or county down payment assistance programs if they are available.
Most down payment assistance programs will require that you attend a first time home buyers class. This class is an all-day session and is offered through several community agencies Times and dates for the classes vary by location but are available evenings and weekends. If you are using a local community down payment assistance program be sure to register for a class that satisfies both the state and local community program guidelines. You can register for your Home Stretch Workshop online.
As both the Ramsey County Seat and State Capitol of Minnesota living in the city of Saint Paul is filled with things to do. Popular attractions such as the Xcel Energy Center, the Science Museum of Minnesota, and Ordway Center for the Performing Arts make St. Paul a popular destination for both its residents as well as those living in surrounding suburbs. Employment opportunities abound in St. Paul with major employers such as Ecolab, Lawson Software, Gander Mountain, and nearby 3M. St. Paul housing can be especially affordable for first time home buyers through the Ramsey County's First Home program. Residents enjoy popular regional events such as the Minnesota State Fair and the St. Paul Winter Carnival. If you thinking of buying or selling a home in St. Paul please send me and email or give me a call as I'd love to help you accomplish your goal.
For many MN first time home buyers the big question is where do I start? Your very 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.
Sales Executive, Licensed Realtor in Minnesota
14451 Founders Lane
Apple Valley, MN 55124
With a focus on Apple Valley real estate and surrounding communities.