One of the biggest issues with buying your 1st home is a down payment. A lot of potential buyers over look this and think they have no options to buy a home. Today is your lucky day I am going to show you where you can find down payment assistance and mortgage programs that may suite you.
Down payment assistance in Minnesota and Wisconsin
The Minnesota Housing Finance Agency (MHFA) and the Wisconsin Housing and Economic Development Authority (WHEDA) have several programs that can help first time homebuyers with down payments and other home buying costs.
Minnesota down payment assistance programs
In Minnesota, the MHFA offers first-time buyer loans for up to $10,000, which can be used for a down payment or closing costs. Borrowers receiving this assistance loan must not have owned in the last three years, have a credit score higher than 640 and meet the income limits. Within the 11-county metro, the home cost is limited to $307,900 and across the state, the home cost limit is $255,500. Homebuyers must also attend homebuyer education classes.
If you’ve owned a home in the last three years or currently own a home, you may still qualify for down payment assistance or closing cost assistance. Details on these loans for Minnesota residents can be found here.
Wisconsin down payment assistance programs
Wisconsin, both first-time buyers and repeat buyers can apply for a WHEDA Easy Close Advantage loan to get funds that can be used for down payment assistance, closing costs or homeowner expenses. Homebuyers who exercise this option must take out a WHEDA Advantage home loan for their mortgage, and meet income and credit standards.
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Here are some Mortgage programs Minnesota and Wisconsin residents may find.
- FHA loans
- First-time homebuyer programs
- Fixed-rate mortgages
- Minnesota housing and other community bond mortgages
- Reverse mortgages
- Second-home mortgages (lake homes and recreational properties)
- Home refinancing
- Investment property mortgages
- VA loans
- Adjustable rate mortgages (ARMs)
- Mortgages for people with less-than-perfect credit
- USDA home loan
Many questions arise during the process of purchasing your first home Boardwalk Premier Realty is here guide you thru the process.
- We will set up the listings for you to view
2. Draft the purchase a agreement for you.
3. Coordinate a home inspection for you
4. Coordinate the closing with the title company for you.
5. Work with your lender to provide them the documents they need to complete the transaction for you and much more.
6 VERY IMPORTANT HOW MUCH DOES IT COST TO USE A BUYERS AGENT?
The sellers pay the buyers broker the real estate commission so you don’t have to.
Steve Vennemann
Broker
651-334-8312
Years in business since 1996
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