Perhaps the most popular method of financing today in Arden Hills is through the use of FHA loans. This federal program originated back in the 1930’s to help with a similar situation we have today when home foreclosures were growing rapidly. FHA loans have many advantageous guidelines for both the MN first time home buyer as well as the homeowner who is selling one home to buy another.

While the years of the zero down payment loans have gone away for most of us, Arden Hills 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. The small down payments required by FHA is perhaps the biggest reason why so many Arden Hills buyers use it today.

FHA loans offer more expansive credit guidelines as well. Arden Hills home buyers who have some credit challenges may more frequently qualify for a loan with FHA. In addition, unlike conventional loans which have significant pricing adjustments ters based on credit scores, rates and points on FHA loans vary only slightly based upon the home buyers credit score.

Arden Hills FHA mortgages also allow buyers to qualify through the use of a non-occupant family co-signer. Unlike almost every other mortgage program, this means that if you do not quite qualify for the house in Arden Hills 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.

FHA Down Payment Assistance Through Minnesota Housing Finance Agency

Arden Hills first time home buyers also may benefit through beneficial interest rates and down payment assistance through Minnesota's MHFA program. This state agency makes use of FHA's special 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 For Mortgage Financing

One of the more important factors in searching for a home is to get preapproved for mortgage financing. Some buyers leave this detail it to the very last minute because it just isn't that much fun to do. It is always important however, especially for the MN first time home buyer to get preapproved for a hoome loan before searching for a home. Please call me and I will help you get started with a Minnesota mortgage lender.

City of Arden Hills Information

Located in Ramsey County, the City of Anoka is a short commute for those residents working in either of the Twin Cities. Home to employers such as Bethel University and the headquarters of Land O' Lakes there are good opportunities for employment in Arden Hills. With a population of about 9,500 according to the 2010 census Arden Hills offers a small town flavor with access to the Twin Cities. For qualifying Minnesota first time home buyers the Ramsey County First Home program for down payment assistance. If you are looking for a great suburb in which to buy your next home please don't hestitate to give me a call.

If you want to learn more about buying a Arden Hills home using FHA financing, just send me an email or give me a call. With low prices and historically low interest rates on FHA loans it is a great time to buy in Arden Hills!

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.