While the days of the no down payment loan are largely gone, Inver Grove Heights 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 ï¿½seller paid closing costsï¿½ allows for a much more achievable entry cost. This is also helpful for current home owners who are selling their home with little or no equity and need a program featuring a small down payment to buy their next home.
FHA loans offer more expansive credit guidelines than other types of home financing. Home buyers who have struggled through some credit challenges may often find that homeownership is a possibility due to this excellent federal program. Additionally, unlike conventional loans which have significant pricing adjusters based on the home buyers credit scores, interest rates and discount points on FHA loans vary only slightly based on credit scores.
One compelling fact about FHA mortgages is that they are assumable. When you are ready to sell your home, the buyer of your home may find the rate attractive on your home and offer to take over your mortgage payments. This would be a great selling feature to your home if market interest rates are higher when you put your house up on the market for sale. When the buyer of your home assumes your FHA loan they will make up the difference between the sales price and your loan amount through a down payment.
Inver Grove Heights first time home buyers also may benefit through beneficial interest rates and down payment assistance through Minnesota's MHFA program. This state agency buys FHA loans and makes use of special program 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.
One of the most important factors in buying a home is to get preapproved. Some buyers leave this detail it to the very last minute because it just isn't that much fun to do. It is always important however, especially for the MN first time home buyer to get preapproved for a mortgage before beginning the search for a home. Please call or email me and I will help you get started in the process with a Minnesota mortgage banker.
If you are looking for a home with a short commute to downtown St. Paul, take a moment to consider finding it in Inver Grove Heights, MN. Located in northern Dakota County is just a 10-15 minute commute to St. Paul. Schools in Inver Grove Heights include Simley High, Inver Grove Heights Middle School, Salem Elementary, Hilltop Elementary, and Pine Bend Elementary. Minnesota first time home buyers may find Inver Grove Heights particularly affordable if they qualify for the Dakota County First Time Buyers program. Whether or youï¿½re an experienced home buyer or buying for the first time Inver Grove Heights has a lot to offer.
If you want to learn more about buying a Inver Grove Heights home using FHA financing, please don't hesitate to give me a call. With great rates and low prices today, it is a great time to buy in Inver Grove Heights!
Sales Executive, Licensed Realtor in Minnesota
14451 Founders Lane
Apple Valley, MN 55124
With a focus on Apple Valley real estate and surrounding communities.