Current First Time Buyer Programs
FHA:
This is a traditional first time buyer program. The main feature is a 3% down payment and reduced monthly mortgage insurance. Does not have an income limit, however, maximum loan limit restrictions apply.
City Living:
3% Grant Money for down payment to qualified buyers
purchasing within the city limits of Minneapolis or Saint Paul, Minnesota. The buyers and property MUST qualify for traditional FHA financing. Rates are determined by the rate on the released “pool” of money. Income and Purchase Price restrictions apply.
MHFA:
This loan offers below market interest rates, down payment assistance, monthly payment assistance, and up to a 40 year term for qualified buyers. Income and Purchase Price restrictions apply.
Home Possible:
Zero down financing with reduced mortgage insurance rates available to qualified buyers. This program allows “less than perfect” credit borrowers purchase a home. It requires a MINIMUM investment of $500 from the borrower
(usually the earnest money) Income and purchase price limits apply.
My Community:
Same as above. Zero down financing with reduced mortgage insurance rates available to qualified buyers. This program allows “less than perfect” credit borrowers purchase a home. It requires a MINIMUM investment of
$500 from the borrower (usually the earnest money)
Income and purchase price limits apply.
*Both Home Possible and My Community allow for “community 2nds”
which is typically some form of down payment assistance from a local
government or non-profit agency.
For more information, call Jason Stelter @ 612-636-6380
