Contrary to popular belief, it is still possible to purchase a home in Minnesota with no down payment. There are two great programs for Minnesota home buyers and most people can qualify for one or the other of these programs. While the 100% sub-prime loan is currently very hard to find if not completely gone, the FHA program still makes purchasing a home possible, even for people who don't quite fit into the conforming or "A" credit" box. If you're a Minnesota First Time Home Buyer or buying your next home, check out these great Minnesota mortgage options
Below are some of the features of these two great Minnesota home buyer programs, feel free to call me if you have any questions about either one in Minnesota.
MY Community Program
- Allows up to 100% financing
- Low credit scores allowed
- Higher qualifying ratios
- 40 Year Amortization available
- Up to 6% seller contribution
- No MI options available
- 2-1 buy downs allowed
- Loan size up to $417,000
- Standard appraisal requirements
- Purchase or refinance (cash-out not allowed)
- No Pre-payment penalties
FHA Program
- No credit score requirements
- No income limit
- Fixed rate and ARMs available
- 97% financing with 3% gift funds
- Up to 6% seller contribution allowed
- 2-1 rate buy down available
- $263,150 loan limit on single family
- Co-signed loans allowed (must be relative)
- Higher qualifying ratios
- Manufactured homes allowed
- Controlled closing costs
- Purchase or refinance
- No Pre-payment penalties
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