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Oakdale Homes And FHA Loans
One of the common ways of financing a purchase of Oakdale real estate is through a loan program known as FHA (the Federal Housing Administration). This federal program started back in the Great Depression to help with a situation like we have today when foreclosures were on the rise and 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 homeowner who is renting out their current home to buy another.
While the days of the no down payment loan are largely gone, Oakdale 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 you to get in for a much more reasonable entry cost. This is also a great advantage for Minnesotans who are selling their home with little or no equity and need a program featuring a small down payment to buy their next home.
Oakdale buyers will also find that FHA loans offer more expansive credit guidelines than other types of home financing. Home buyers who have experienced troubles with credit ... more

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