Maplewood FHA Mortgages
One of the common ways of financing a purchase of Maplewood real estate is through FHA(the Federal Housing Administration). This federal program started back in the Great Depression to help with a situation like we have today when home foreclosures were rising and home buyers struggled to come up with a large down payment. FHA loans have many advantageous guidelines for both the MN first time home buyer as well as the move up buyer.
Maplewood FHA Mortgages: For Home Buyers and Home Sellers
While the years of the zero down payment loans have gone away for most of us, Maplewood FHA mortgages offer the smallest down payments available in Minnesota. With a smaller down payment along with the seller paying much of the buyer's closing costs today allows for a much more achievable entry cost. This is also helpful for current home owners who are selling their home with little or no equity and need to buy their next one with a small down payment.
FHA loans offer more expansive credit guidelines than other types of home financing. Maplewood home buyers who have some credit challenges may often find that homeownership is a possibility due to this excellent federal program. Unlike conventional loans which have big pricing adjusters based on the home buyers credit scores, rates and points on FHA loans vary only slightly based upon the home buyers credit score.
FHA and Non-Occupant Co-signers
Maplewood FHA mortgages also allow buyers to qualify through the use of a non-occupant co-signer Unlike almost every other financing program, this means that if you don’t quite qualify for the home that you want to buy you can have a family member co-sign on the loan to strengthen your application. This feature of the FHA loan has been used more frequently as many borrowers have struggled through reduced incomes and job losses in recent years.
MN FHA and Down Payment Assistance
Maplewood first time home buyers also may benefit through beneficial interest rates and down payment assistance programs through the Minnesota Housing Finance Agency. This state program buys FHA loans and makes use of FHA’s special program features which allow for second mortgages on the home to be used for reducing the down payment. While maximum income limits apply for this program, many MN first time home buyers are making use of these programs today.
First Step: Get Preapproved
One of the most important factors in buying a home is to get preapproved. Many buyers leave this part to the last minute because it is the least fun part of the entire home buying process. But it’s very important, especially for the MN first time home buyer to get preapproved for financing before buying a home. Please email me and I will help you with getting started in the process with a MN loan originator.
Just a ten minute commute from St. Paul, the City of Maplewood is an excellent place to look for homes for both first time home buyers and move-up buyers. The City of Maplewood, MN is certainly proud to be home to the world headquarter's of 3M corp. Being so close to the city, Maplewood residents find them their neighborhoods amidst a unique blend of lakes, ponds and wooded areas. The city makes good use of its natural areas and residents have no shortage of recreational opportunities. If you are currently looking for a great place to relocate conveniently near St. Paul you will definitely want to look for homes in Maplewood.
If you want to learn more about buying a Maplewood home using FHA financing, please don't hesitate to give me a call. With housing affordability at the best it has been in years it is a great time to be a home buyer!
Sales Executive, Licensed Realtor in Minnesota
Woodbury, MN 55125
With a focus on Woodbury homes for sale and surrounding communities