Down Payment Assistance Programs for Apple Valley
Most programs for down payment assistance today are designed for the first time home buyer. Each has its own set of qualifying guidelines. Programs might include parameters for income, remaining assets, income-to-debt ratios and credit score. You will want to check with a mortgage professional who specializes in MN down payment assistance to determine your eligibility.Dakota County First Time Buyers Program
If you are a MN first time home buyer and searching for homes, you might want to consider buying a home in Dakota County. This county has one of the best MN down payment assistance programs available today, which brings the entry cost needed down to less than what you would need for a rental deposit! One of the benefits of searching for homes in Apple Valley is that the Dakota County First Time Home Buyer Program is available to you.One of the best programs for down payment assistance is available in Apple Valley as well as the rest of the state of Minnesota. The Minnesota Housing Finance Agency offers a great program called HAF which can be used for either $3,000 or $4,500 worth of assistance. This assistance comes in the form of a second mortgage with no interest and no monthly payments necessary. The other great thing about HAF is that it can usually be layered in combination with other local community down payment assistance programs if they are available.
Most down payment assistance programs will require that you attend a class for first time home buyers. This class is an all-day session and is offered through several community agencies Schedules for the classes vary and are available through the Twin Cities metro. If you are using a county or city program for down payment assistance be sure to register for a class that satisfies both the state and local community program guidelines. Registation is simple and can be done 24 hours a day because you can register for the Home Stretch Workshop online.
These down payment assistance programs in Apple Valley can be used with many types of mortgage financing. They would normally be used with MN FHA loans to help with the minimum down payment. However, if you already have a sizeable down payment but need some help getting to 20% down to eliminate the need for mortgage insurance, these programs can be helpful as well. They can also be used with VA and USDA loans in Minnesota.
Apple Valley Information
The city of Apple Valley, MN was named in 2010 as as one of the top 20 best places to live in America.in the top twenty of best places to live in America. With over 49,000 occupants, the city has more than doubled in size over the last 30 years. Situated entirely in Dakota County, Apple Valley first time home buyers should learn more about the Dakota County first time buyer program With an extensive Park and Rec department in the city you'll never lack for something to do here. If you're going to be buying or selling Apple Valley real estate please do not hesitate to give me a call!Get Preapproved Today
The first step in the home buying process s to get preapproved for your home loan. This means that you meet with a local mortgage lender who will review your financial situation. In the prequalification application they can tell you what types of MN first time buyer programs you might be qualified for. This critical first part can be done over the phone and most lenders will even do this with you when you are off from work.Robert Phyle,CSP,GRI,RSA
Broker Associate, Realtor
Coldwell Banker Burnet
rlphyle@cbburnet.com
Cell 612-801-4657
Direct 952-997-1955
Fax 952-432-8372
7741 147th St W.
Apple Valley, MN 55124
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale
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