Special offer

Down Payment Assistance: Help for South Saint Paul First Time Buyers

By
Real Estate Agent with IBR Realty

How much money do I need to save in order to buy a home of my own in South Saint Paul as a first time buyer? Now you can find Minnesota down payment assistance programs that are available that can help you!

Down Payment Assistance in South Saint Paul

Many of the down payment assistance programs today are designed around the needs of the first time buyer. Every program for the first time buyer has its own guidelines. Some of the guidelines we have notice include assets, maximum income, housing payment ratios, or sometimes minimum FICO scores. You should research this with a mortgage banker who can help review your eligibility requirements.

South Saint Paul Down Payment Assistance Programs

One of the programs for down payment assistance is funded and available in South Saint Paul as well as everywhere else in MN. The Minnesota Housing Finance Agency offers entry cost assistance which can offer $4,500 to you as help towards your down payment and closing costs. This program offers a 2nd mortgage with 0 per cent interest and no monthly payments to make. One benefit to HAF is that it can be used along with down payment assistance programs made available through local cities and counties.

Dakota County First Time Buyers Assistance Program

If you are a Minnesota first time home buyer, you might want to consider buying a home in Dakota County. This county has one of the better entry cost assistance for mortgage programs available, which brings the entry cost needed down to as little as $750. One reason you want to look for homes in South Saint Paul is that the this great program in Dakota County may be available to you.

These entry cost assistance programs can be used with many varieties of mortgages. Most typically they would be used with MN FHA loans to help with the minimum down payment. n the other had, if you already have a larger down payment available but need some additional help getting to 20% down to get rid of private mortgage insurance, using a program like this might be right for you. They can also be used with USDA and VA loans in Minnesota.

Community Info For South Saint Paul

Just south of downtown Saint Paul, MN you will find a city with 20,000 residents called South Saint Paul. Rich in Minnesota history, South Saint Paul is one of the historic major meat packing districts of the United States. Located in Dakota County, first time home buyers can possibly benefit from the Dakota County first time home buyer program. With a highly active Park and Rec program in South Saint Paul there are plenty of recreational activities for anyone. With plenty of affordable housing available this is an ideal location for the MN first time home buyer. Are you ready to search for homes in South Saint Paul? Let's take some time to discuss the possibilities!

Get Preapproved Today

The first step in the home buying process is to get prequalified for financing. This means that you meet with a local mortgage lender who will review your credit, income, etc. In doing so they can tell you what types of Minnesota 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.

 

Casey Anderson
Sales Executive, Licensed Realtor in Minnesota
IBR Realty
caseyanderson@ibrrealty.com
Cell 651-245-1820
Woodbury, MN 55125
With a focus on Woodbury real estate and surrounding communities.

Comments (2)

Christine Cumming SeaRealEstate.com
Real Estate Portfolio Acquisition - Santa Cruz, CA
California Real Estate and Business 831.588.7767

Hi Casey, Boy your blog on down payment assistance sure is inspiring.  I've looked into the updated programs Santa Cruz CA is offering and will be doing a blog on it also.  It's such beneficial information.  - Thanks for the motivation.  I wish you continued success in 2012. - Christine

Nov 30, 2011 07:29 AM
Casey J. Anderson
IBR Realty - Woodbury, MN

Thanks, Christine - I think there are a lot of programs out there that are underutilized and I'm hoping that by paying some attention to them it will help me find an extra client or two and help those I'm already working with.e

Dec 06, 2011 02:18 AM