Home Buying in Burnsville>Question Details

Hashmi.ashfaq, Home Buyer in Burnsville, MN

As 1st time Home Buyer can I get downpayment assistance?

Asked by Hashmi.ashfaq, Burnsville, MN Sat Feb 25, 2012

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4
Michael Emery’s answer
Depending on your income limits, you might be eligible for down payment assistance. There tends to me more programs within Minneapolis and Saint Paul, but there are programs for suburban areas too. See link below.
0 votes Thank Flag Link Sat Feb 25, 2012
Short answer: YES!! But, let me qualify that with, IF you qualify. Most of the assistance programs have conditions that you must meet in order to be rendered eligible for such benefits.

First thing you need to do is talk to a good lender who works with these programs ALL the time. For many programs, the lender needs to attend courses and receive affirmation from the program that the lender is permitted to process such programs. So, it's important to talk to more than one lender.

Many buyers just go to their bank. But, many banks don't do these programs, so they might encourage buyers to steer clear of them. That's not in the buyer's best interests.

Let me know if you need some recommendations for lenders who are qualified to work these different programs.

Good luck!
0 votes Thank Flag Link Thu Mar 15, 2012
Maybe...is the best answer. Find yourself a good loan source - your realtor is a good resource - and get prepared to buy. Your lender will help you organize your income and pay off debt. improving your credit score in the process. Even as you pay off debt, you can save and be ready for step 2 - becoming a home owner!
I know if you find a trusted realtor, you will do very well and be well-advised as to how much you can afford, the process, and the ttransaction. Liz, 612-986-4105
0 votes Thank Flag Link Sun Feb 26, 2012
Hi Hashmi,

The short answer is maybe. There are numerous DPA (down payment assistance) programs available. There are other programs that may work for you as well such as NSP, CASA, City Living. These vary by area and usually have upper and lower income limits. You must have a FICO score of 640 or higher for most of these. Some can be grants, some are no interest second mortgages. There are programs like NSP where, if you are eligible, you may purchase a home for as little as $1000 down.

Your best bet may to be speak with a Realtor or Mortgage professional who specializes in what you are looking for.
0 votes Thank Flag Link Sun Feb 26, 2012
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