FIRST TIME HOME BUYERS OR IF YOU’VE OWNED MANY HOMES
Here are some great home loan options. There are many ways to finance your new home and the preferred lenders I can recommend will help in finding the best loan and downpayment programs for you.
CALL, TEXT or EMAIL John Link for more info 612-202-2240 email@example.com
This is the most lenient in regards to credit with a score all the way down to 580 but will require a 3.5% down payment. This is going to be the way to go for anyone who can’t do MHFA and has a credit score between 580 and 679.
Conventional – Fannie Mae Home Ready
This conventional loan will be a good option for the higher credit scores (680+) and offers a 3% down payment for first time homebuyers or anyone who has not owned a home in the last three years.
With both FHA and Fannie Mae Home Ready the down payment can be 100% gift funds from a relative by blood, marriage, adoption or legal guardianship. They would also accept a down payment grant from an employer, city or county agency. Some of our local cities even have some downpayment options available.
Minnesota Housing Finance Agency – http://www.mnhousing.gov/wcs/Satellite?c=Page&pagename=External%2FPage%2FEXTHomeLayout&cid=1358904711497
This is going to offer to lowest possible down payment option for anyone. Technically it says you can get into a home for $1000 or 1% of the purchase price whichever is lower however a few of my co-workers have mentioned to me that it is better to plan on about $1500 by the time the appraisal and earnest money are paid for. This program will require a credit score above 640 and annual household income below $86,600 in the Twin Cities. If the income is below $60,000 annually the down payment assistance part of the loan will not require any payments or charge any interest but will need to be paid back when the borrower sells or refinances. When the income is between $60,000 and $86,600 the down payment assistance will be at the same interest rate as the first mortgage and will require a monthly payment. One important note is that this is the only option I’m listing in which the down payment cannot be a gift from a relative. The funds need to be the borrowers.
CALL, TEXT or EMAIL me for more 612-202-2240 firstname.lastname@example.org