FIRST TIME HOME BUYER PROGRAMS in MN, WI, SD
Let us help you pick the best mortgage loan from
our many options
Our first time home buyer programs are designed to assist those buying a home for the first time. Our loan specialist will walk you through the entire home buying process to insure that you never feel without an experienced helping hand.
Mortgage loan programs like FHA Loans, VA Loans, FHA 203k Loans, USDA Rural Housing, and down payment assistance loans of all kinds are designed to make it a little easier for first time home buyers to achieve the dream of home ownership.
We are a top lender in Minneapolis and St Paul area for all these Minnesota mortgage loan programs.
Picking a Mortgage Program:
Many first time buyers are told by their Realtor, friends, family members, or read online about a program they think is good for them, or they may qualify for. They may be right... But we think it is prudent to let our highly trained, and licensed Loan Officer review your full information, then professionally zero in on the best programs for your individual situation.
The very popular FHA Loan in Minnesota only requires 3.50% of the purchase price for down payment. This money can be your own, a gift from a family member, or combined with down payment assistance loans. FHA loans are federally insured loans that allow buyers who have weaker credit history, coupled with limited funds available for down payment, to obtain a mortgage with a great interest rate and low monthly payments.
VA loans are awesome. They offer zero down payment, and closing costs can be rolled into the loan, making for 100% financing. Of course VA Loans are only for active and former military personal. You need your VA Certificate of Eligibility, but in most cases, we can get that for you. In addition to no down payment, VA home loans have the added benefit of not requiring PMI (private mortgage insurance), which amounts to a HUGE savings over other loans.
Rural Development home loans are optimal for first time homeowners looking to buy a home in a rural area of Minnesota.
You don't have to be a farmer, or live in a cornfield to get a USDA Loan in MN.
USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment. The purpose of this loan program is to enable eligible low and moderate income (up to 115 percent of the Area Median Family Income) rural residents to acquire modestly priced housing for their own use as a primary residence.
The Rural Development Housing Loans also have flexible credit standards, expanded qualifying ratios, no maximum purchase price limits and generous income limits. Closing costs can be rolled into the loan too.
If you qualify, programs like Start Up and Step Up will provide you with down payment assistance in MN. Many people qualify for $3000 - $7500 worth of down payment assistance. Some people, even more! Call today to see if you qualify for assistance.
Which Down Payment Assistant Program is Right for You?
Lack of a down payment is the biggest item keeping many people from buying a home. Many people qualify for downpayment assistance loans and grants that can be combined with standard loans. Most programs still require you to pay something, usually just $1,000.
Click here for a small list of down payment assistance programs in MN.
Your plain vanilla everyday loan. Available in fixed, adjustable, and any loan term from 8-years to 30-years, with the 30-year fixed being the most popular mortgage loan. Conventional loans typically need at least 5% down payment, but just 3% down payment options are available for well qualified home buyers. This down payment can be a gift from family members.
Reduced mortgage insurance options also available if you take a first time home buyer class. This is a BIG savings, and something that should seriously be considered.
Also available for buying second homes and investment properties.
Purchase or Refinance:
All of these loans are available for buying a home, or refinancing your existing home. FHA and VA both offer a streamline refinance with reduced documentation, and the possibility of no appraisal.
No Down Payment Loans: - Zero Down Payment
No down payment home loans enable those who have not been able to save for a down payment to realize the dream of home ownership. We offer two true no money down 100% financing loans (VA Loans and USDA Rural Development Loans), and another program like FHA loans that can be combined with down payment assistance programs.
USDA, VA and FHA Approved Lender:
We are an FHA, VA, and USDA Approved Mortgage Company. While we are an approved lender, we are not part of HUD, FHA, The United States Government, the Department of Veteran Affairs, or the United States Department of Agriculture. We are not acting on behalf of, or under the direction of HUD/FHA or the Federal Government. FHA and VA do not lend directly to the public, only through approved lending institutions like Mortgages Unlimited.