Lets face it. In 2003- 2007 houses were just not affordable for a lot of people. Sure there were crazy loans that got people into doable payments that made them seem affordable. However, the numbers did not add up with peoples incomes and total blow up when the home prices started to go down.
That's not the case now. When I look at the prices of homes for first time buyers they are very affordable. In counties like Sherburne, Isanti, Anoka, Wright and other Twin Cities metro area counties you can find homes around the $1000 mark that are move in ready or close to it.
Combine that with rates around 5% and a tax credit to come for the first time buyer after purchase a payment on something in that range is about what it is to rent.
Meaning if your credit is good enough and you feel you will be in the area for a while then there should be motivation for you to own a home instead of renting. Many of these areas have ZERO down payment available through the USDA Rural Housing Program. Some of this areas additional funds available to assist you in getting into a house.
For more information contact:
Chuck Carstensen - RE/MAX Associates Plus Inc - 612-290-3809
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