Minnesota First Time Homebuyers Programs

Dated: February 23 2018

Views: 4274

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!


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