Minnesota mortgage programs
Loans are insured by FHA, a government agency, lenders are more likely to approve buyers with less than stellar credit scores and those who can’t afford a large down payment. Buyers can get FHA loans with as little as 3.5 percent down.
Who they’re for: Federal Housing Administration mortgages have flexible lending standards to benefit:
- People whose house payments will be a big chunk of take-home pay.
- Borrowers with low credit scores.
- Homebuyers with small down payments and refinancers with little equity.
Our veterans deserve no money down when buying a home and we have lenders who offer this.
Who they’re for:
Most active-duty military and veterans qualify for Veterans Affairs mortgages. Many reservists and National Guard members are eligible. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.
Conventional loans with as low as 3% down.
Conventional mortgages are ideal for borrowers with good or excellent credit.
Mortgages with $1000 down..
1st step too buying a home is getting pre-approved . In todays real estate market you will want to be pre approved before you look at a home. There is no time to waste. Most homes in Minnesota are selling with multiple offers. Sellers will not even look at an offer no matter what the offer is if the buyer hasn’t been pre approved with a lender.
2. While every rule has its exception, generally, first-time homebuyers should not try to deal directly with the listing agent. Why you say they represent the seller. The buyer should have their own realtor representing their interests.
3. Avoid Getting new loans before the deal is closed. This will most likely put the buyers ratio’s out of wack and the deal will most likely not go thru. It is very import that the buyer waits till after closing before buying anything on credit.
4. Using up savings on the down payment
Spending all or most of their savings on the down payment and closing costs is one of the biggest mistakes first-time homebuyers can make. In most situations we can get the seller to help pay for some of the buyers closing costs. Its nice to have reserves especially when buying a new house.
How much money, time and talent do you have for maintenance?
5. If you have limited time to do outside maintenance you may want to purchase a condo or town house. Some people like to travel or work alot and out side work is not at the top of their list if this is the case lets look at a condo or town house.
Using a 401(k) loan for a home down payment
6. Some of our clients dont have a down payment. Using their 401k or other retirement money is a good way to have money for a down payment.
What is a listing agent?
A listing agent represents the seller in a real estate sale. Their job is to set the price for the home and then bring in potential buyers to see it
What is a selling agent
A selling agent represents the buyer in a home sale.
Finally Financing for buyers who have been turned down by lenders.
If you are seeking to buy a home buy don’t have a down payment and credit issues or turned down by a Mortgage company. You will want to look into Rent to own homes-Also lease options or just a home rental. We have sellers who will offer a carry back Mortgage-Lease to own. Remember none of these are owning a home. If you put a down payment down and don’t buy the home the renter will usually loose their downpayment.
Buying a home on a contract for deed is by far the best way to purchase a house.
Why you say ?
1. Credit usually isn’t an issue.
2. Its like a no quality loan. The Seller will want around 10% down of the sale price of the property to do a cd. Sometimes they may want more 20% it depends on each owner.
3. Closing can happen very fast as quick as a week . We would want to make sure it has a clean title and if the buyer chooses a home inspection that we have that completed to satisfactory to the buyer.
4. No appraisal fees.
5. No lender fees
6. No Mortgage insurance
Cons of a contract for deed.
The rates will be higher than a mortgage.
Term of the contract for deed is usually 3-5 years sometimes longer if the seller is willing to do that.
Contact Steve Vennemann
BoardWalk Premier Realty INC
I have been in Real Estate for over 20 years. I work with contract for deeds daily.
There are less contract for deeds available right now but we still have access to 100s of properties for sale in Minnesota and Western Wisconsin.
Find lake homes for sale cd.