First time homebuyers in Dakota County may be able to get some help with their down payment. Individuals with incomes as high as $84,000 could qualify for down payment help. The help will be in the form of an interest-free, no payment loan, due only when you pay off your mortgage or no longer occupy the home as your principal residence.
First time buyers, depending on their annual income can be eligible for anywhere from 2.5% to 10% of the mortgage amount to help with the down payment and/or closing costs. In addition to first time homebuyers, anyone who has not owned their primary residence for the last three years is also eligible.
There are many financial considerations that anyone thinking of buying a home must take into account. Likewise, there are additional considerations, like the nature of the market, tax saving opportunities, risks and rewards of buying a foreclosed home or short sale, and the affects of homebuying on your lifestyle. Call me to reserve a time for a home buying orientation and strategy session. It takes about an hour, and there is no cost or obligation.
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