Lake Elmo First Time Home Buyers: Is It Time To Stop Renting?

By
Real Estate Agent with IBR Realty

Did you know that this is simply one of the best markets ever for the Minnesota first time buyer, with house payments quite often lower than comparable rent payments? Well, if you have not yet heard this please take a moment to read on.

With just over eight-thousand residents living amidst private neighborhoods and farmland, Lake Elmo has a small town feel despite its proximity to St. Paul. Located within Washington County, residents in Lake Elmo have a brief commute to most of the major employers of Saint Paul, MN. Much of Lake Elmo is part of the Stillwater school district. If you're looking for homes for sale in Lake Elmo, please don't hesitate to give me a call.

There are plenty of excellent resources in the great state of Minnesota for our first time home buyers. Did you know that Minnesota offers financing programs designed especially first time buyers through the Minnesota Housing Finance Agency? Commonly known as MHFA, this state agency provides home mortgage financing through Minnesota mortage brokers at special interest rates along with possible down payment assistance programs for those who qualify. Expanded credit parameters in the program are also helpful to many first time home buyers. Minnesota Housing Finance Agency works with traditional mortgages such as FHA mortgages, VA loans, and conventional mortgage financing.

Community Down Payment Assistance Programs

In addition to State of Minnesota down payment assistance funds many local communities offer programs of their own as well. Each of these programs vary in terms of qualifications required to access the funds. Depending upon when you are reading this these programs may or may not be funded so we can check on it when you call me.

First Step: Get Preapproved

The first step in the process of buying a home is to get preapproved for mortgage financing. This simply means that you talk with a local lender who will review your credit, income, etc. In the prequalification application they can tell you what types of MN first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.

Today's housing affordability index is so low it makes it a great time to look into buying Lake Elmo homes for sale. If you are tired of the steady increase of rent payments take this opportunity to learn more about the benefits of buying your first home. I've worked with many first time home buyers before and am always eager to answer all of your questions. Simply shoot me an email or give me a call and let's see what might be possible!

 

 

 

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 homes for sale and surrounding communities

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