Info For Prior Lake First Time Home Buyers

Are you starting to think about buying your first house in Prior Lake? Many MN renters today are beginning to realizing that the recent rise in rent payments is making Prior Lake more reasonable than ever before. With today's historic low interest rates and lower property values the monthly payments on your first home in Prior Lake may be even lower than what you are paying for rent! If you are a MN first time buyer I would love the opportunity to talk with you about the possibilities.

Known as the sister city of Shakopee, Prior Lake is located about 20 miles southwest of downtown Minneapolis. With plenty of affordable housing for MN first time home buyers and move up buyers alike, the city has doubled in size over the past 20 years. The combination of Upper and Lower Prior Lakes make up the largest lake in the lower Twin Cities area. With 54 city parks and a well established Park and Rec, it seems like there is always something to do in Prior Lake. If you are looking to buy or sell a home here, please give me a call.

First Time Buyer Financing Programs

There are a variety of mortgage financing options that can may benefit you as a MN first time buyer. The most common today are FHA loans which has flexible credit and qualifying guidelines with a small down payment. A program designed for American's veterans are known VA loans, a program with as little as zero down payment. If you find a home with Fannie Mae's Home Path logo, you might qualify for their 3% down Home Path loan which does not require mortgage insurance. Your mortgage lender will help find the best program based upon your loan qualifications.

In addition to State of MN down payment assistance funds many local communities offer programs of their own as well. Each of these programs vary in terms of qualifications required to access the funds. Depending upon when you are reading this these programs may or may not be funded so we can check on it when you call me.

Get Preapproved for Mortgage Financing

The first step in the home buying process is to get preapproved for mortgage 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 first step can usually be done right over the telephone and most lenders will even do this with you when you are off from work.

There may never be a better time to look into buying Prior Lake homes for sale. If you are tired of the steady increase of rent payments take this opportunity now to learn more about the benefits of becoming a first time home buyer. I've worked with many first time home buyers before and am glad to answer any and all of your questions. Simply shoot me an email or give me a call and let's see what might be possible!






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