While zero down payments have most gone away, Rosemount 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 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 home with a smaller down payment than usual.
FHA mortgages offer more expansive credit guidelines as well. Rosemount home buyers who have some credit challenges may qualify for FHA whereas not a conventional loan. Additionally, unlike conventional loans which have significant pricing adjusters based on the home buyers credit scores, rates and points on FHA loans vary only slightly based upon the home buyers credit score.
Rosemount FHA mortgages also allow buyers to qualify through the use of a family co-signer. Unlike almost loan programs, this means that if you do not qualify for the loan, 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 home buyers have been challenged with spotty work histories in the recession.
Rosemount first time buyers also may benefit through reduced interest rates and down payment assistance programs through the Minnesota Housing Finance Agency. This state agency buys FHA loans and makes use of special program features which allow for second mortgages on the property to be used as a method of reducing the first time home buyers required down payment. While maximum income limits apply for this program, a traditional FHA loan does not have maximum income limits.
The first part in the process of buying a house s to get preapproved for your home loan. This means that you meet with a local mortgage lender who analyzes your credit, income, assets, and debts. In doing so they can tell you what types of MN first time buyer programs you might be qualified for. This critical first part can be done over the phone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.
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 want to learn more about buying a Rosemount home using FHA financing, please email me 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!
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.