Minnesota First Time Homebuyers Programs

Dated: 02/23/2018

Views: 4230

Did you know that the State of Minnesota makes it possible to buy a home with only $1,000 cash?  

I know that sounds like a scam, but I'm talking about legitimate State and County programs and legitimate, big-name lenders, not a promise from an ex-Prince who just needs your help.

The big deal is the State's Minnesota Housing program.  With this program, you can buy a home up to $306,000 in the Metro area, and the State will pay up to 3% towards your down payment.  That is enough to get an FHA loan!  This money is in the form of a 0% down payment loan, and it can be paid off when you sell your home in the future, so it doesn't affect your monthly payments.

Qualification requirements are that your credit score must be over 640 (currently), and there are limits on your total family income.  You must put $1,000 down with this program. 

So, after your down payment is covered by the State, there are still the loan origination fees, deed taxes, county taxes, etc., which must be paid at closing, called the "closing costs".  It is quite common for sellers to pay those costs these days.

This means that for $1,000, you can be a home owner!

Also as an example, a $265,000 home mortgage, all-in, including taxes, interest and insurance (PITI) is under $2,000/month!  If you're renting now, how does that compare?

If you're interested, here is a live, searchable list of affordable homes in Shakopee.

Contact me at 952-221-3141 if you would like to chat about this option or to see some homes!

-Debbie


Latest Blog Posts

Trifecta Open House Weekend

THREE AMAZING HOME, THREE PRICES, THREE OPEN HOUSES!Come visit any of these incredible #Savage / #Priorlake homes on Sunday, 3/8/20, from 12-1:30 pm!Click on the pictures above for listing

Read More

JUST LISTED IN PROVIDENCE PONDS SAVAGE

#JUSTLISTED in #SAVAGE!    This 2016 Lennar built "springfield" home shows like a model!  Enjoy the gourmet kitchen with double wall ovens, 4 bedrooms upstairs, a spacious

Read More

Prior Lake Events

Hi and welcome to my Blog! This is Tess Andrews with Edina Realty and Live South of the River! I thought I would start by sharing some events to look forward to in and around some of the South of

Read More

North Shore Getaway For Rent

Looking for a year round getaway to the north shore?  Check out this beautiful condo for rent - it sleeps six, has a fully appointed kitchen, and just steps from all the beautiful landscape of

Read More