I'm wondering what home buying incentives & current mortgage deals are out there. I sold my home in May,

Asked by Gretchen, Roseville, MN Mon Aug 18, 2008

renting, and wanting to purchase now. Excellent credit but short on 5% down payment. Any advice or news to share?

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Jason Sandquist’s answer
Jason Sandqu…, , Minneapolis, MN
Fri Sep 26, 2008
Down Payment Assitance programs are gone by Oct 1(Ameridream, Nehemiah, etc), however there is legislation going through congress to rehash DPA programs.

If you qualified you could get 3% down through FHA but that is being raised to 3.5%.

Talk to a reputable loan officer to see what they have to say
1 vote
Kim Eisen, Agent, Twin Cities, MN
Fri Sep 26, 2008
Hi Gretchen,

Most of the down payment assistance programs are only for 1st time buyers (who haven't owned in the last 3 years) so those probably would not be available to you since you only sold your home in May. It appears that FHA may be one of your best options.

As stated before, at least you can receive some dollars back for using a specific program. Let me know if you want more details.

Kim Eisen
RE/MAX Realty 100
"Helping people make smart real estate decisions for over 28 years" - "Experience Counts!"
(651) 457-HOME (4663)
0 votes
Chad Piepho, Agent, Brainerd, MN
Mon Aug 18, 2008
Being you have good credit is a big plus, with FHA you can get in with 3% down and you still could jump on the 0 down by using Neamia witch will be gone real soon. Their our alot of different programs for different areas, the best thing is to sit down with a Mortgage Consultant and go over your options. I would be happy to help you, now is a great time to buy.
Thanks and good luck,
Chad Piepho
Counselor Realty
cell 612-670-5041
Web Reference:  http://homesearchvip.com
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