Down Payment Assistance Programs for Dakota County
Most programs for down payment assistance today are created to aide the first time home buyer. Each has its own set of guidelines to qualify. 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 Home 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 Dakota County is that the Dakota County First Time Home Buyer Program is available to you.One of the most common down payment assistance program is now available in Dakota County as well as all other communites 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 HAF down payment assistance is a second mortgage on your home but has no interest and no monthly payments necessary. One benefit to HAF is that it can be used along with other local community down payment assistance programs if they are available.
Dakota County Home Stretch Workshops
Most down payment assistance programs in Minnesota have a requirement that must get a certification through a class for first time buyers. This class is an all-day session and is offered through several community agencies Times and dates for the classes vary by location but are available evenings and weekends. If you are using a local community down payment assistance program be sure to find a class that satisfies both the state and local community program guidelines. The nice thing is that you can register for your Home Stretch Workshop on their website.Dakota County Home Buyer Programs
These down payment assistance programs in Dakota County 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. 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 programs for down payment assistance will work with other programs like VA and USDA loans in Minnesota.Dakota County Information
Dakota County, situated in the southeastern portion of the larger Twin Cities area, is the 3rd largest county in Minnesota. Some of the largest cities of the county include Burnsville, Apple Valley, and Eagan. The county seat of Dakota County is in Hastings,MN. As one of the fastest growing areas in the Twin Cities real estate market, the population has more than doubled since the 1980 census. MN first time home buyers benefit from affordable home prices in the area as well as the down payment assistance from the Dakota County First Time Buyers Program.First Step: Get Preapproved
The first part in the process of buying a house is to get prequalified for financing. This simply means that you talk with a local lender who analyzes your credit, income, assets, and debts. In doing so they can tell you what types of MN first time buyer programs you might be qualified for. This important first step can be done right over the phone 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
www.facebook.com/robphylerealestate
Visit my website to find Minnesota homes for sale
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