Some things aren’t too good to be true. There are actually real, stable, first time home buyer programs available in Minnesota that can help first time home buyers bridge the gap between their own savings and the down payment and closing costs they need to purchase their first home. You can own a home today with as little as $1,000 of your own money out of pocket when using one of these first time home buyer programs.
In Minnesota, there are a host of different first time home buyer programs that offer a variety of benefits to the first time home buyer based on a variety of factors including income, assets and where you’re looking to buy your first home. We work with you to assess your current financial situation, discuss options specific to you, and select a home loan program that best meets your individual needs.
I regularly get the question, “Why didn’t the other lender I talk to mention these programs to me?”. The answer is simple. Not all lenders work with these special first time home buyer programs. Most of them require some level of financial commitment, some require writing annual grants and working with community partners and others simply require a level of expertise in the area of first time home buyer programs.
Some basics you should know:
- Minnesota Housing Finance Agency Programs offer down payment assistance and closing cost assistance up to $8500 and reduced 30-year fixed interest rate programs.
- Dakota County Bond Program offers down payment assistance and closing cost assistance up to $10,000 and reduced 30-year fixed interest rates for those purchasing homes in Dakota County.
- City Living Program offers down payment assistance and closing cost assistance for those purchasing in the cities of Minneapolis or St. Paul.
In addition to the above programs, there are a number of different counties and cities throughout the state of Minnesota that offer additional down payment assistance or closing cost assistance programs that can be combined with the above first time home buyer programs or used independently to allow you to purchase more home or enjoy a lower payment as a result of a higher level of down payment.
Oftentimes, down payment is the largest barrier for first time home buyers. These programs allow first time home buyers to purchase a home for about the same down payment as a rental deposit.
If you’re a first time home buyer; don’t let down payment, or lack thereof hold you back from the dream of owning your own home. Contact Me today to start the pre-approval process or pre-qualify now online.
We have a long-time commitment to serving First Time Home Buyers throughout Minnesota and working with these special first time home buyer programs. Our main office is located in Dakota County, in Burnsville, MN.
We also host a monthly First Time Home Buyer Class in Burnsville each month. This Free First Time Home Buyer Class is designed to meet the need of all first time home buyers in Minnesota to become educated about the current real estate market, trends, the home buying process, credit, pre-qualification and pre-approval standards and various first time home buyer programs available to them.
First Time Home Buyer Class Details
Next Session: January 20, 2012
Location: 436 Gateway Blvd, Burnsville, Dakota County, MN
Time: 6:30-8PM
Cost: Free
Registration: Online First Time Home Buyer Class Registration or by phone 952-808-0042
Popularity: 4% [?]
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