Down Payment Assistance Programs for North Saint Paul
Most programs for down payment assistance today are created to aide the first time home buyer. Each of these programs will have its own unique 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 Count First Time Buyers Assistance
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 North Saint Paul is that the Dakota County First Time Home Buyer Program is available to you.
North Saint Paul Down Payment Assistance Programs
One of the most common down payment assistance program is now available in North Saint Paul as well as everywhere else in MN. The Minnesota Housing Finance Agency offers the HAF program which can be used for either $3,000 or $4,500 worth of assistance. The HAF down payment assistance program is a second mortgage on your home but has zero interest and no required monthly payments. One great thing about the HAF program is that it can be used along with other local community down payment assistance programs if they are available.
Most down payment assistance programs in Minnesota have a requirement that must attend a class designed for first time home buyers. You will need to plan for a one-day classroom training and it is is offered through several community agencies Dates and times for the classes vary but are available evenings and weekends. If you are using a local community down payment assistance program 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.
North Saint Paul Home Buyer Programs
These North Saint Paul down payment assistance programs can be used with many types of mortgage financing. Most commonly they would be used in conjunction with MN FHA loans to help with the minimum down payment. On the other had, if you already have a significant down payment but need some help getting to 20% down to eliminate the need for mortgage insurance, these programs can be helpful as well. Most down payment assistance programs will work with USDA and VA loans in Minnesota.
North Saint Paul: Community Info
The city of North Saint Paul is one of the more mature suburbs in the Twin Cities area with friendly neighborhoods lined with mature trees. Conveniently located in the eastern metro, North Saint Paul is conveniently located in Ramsey County. With a population of about 11,000 residents living here get a friendly feeling of a small town. With an ample supply of affordable housing, the city of North Saint Paul can be a great location for the MN first time home buyer. If you are planning to buy or sell North St. Paul real estate please give me a call to discuss the opportunities.
First Step: Get Preapproved
The first part in the process of buying a house 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 Minnesota first time buyer programs you might be qualified for. This first step can usually be done right over the telephone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.
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
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