YOU CAN buy a Home with NO DOWN
PAYMENT and seller paid closing Costs!!!
First Home Guide's realtor and mortgage referral network can
help you buy a home with no down payment and with the seller of
the home paying all your closing costs for you. Our Mortgage
and real estate professionals are experts at helping First time
home buyers get the best loan for their situation and structure
your home purchase to include closing costs paid by the seller.
Call now to find out which programs you qualify for and how much
home you can comfortably afford. For more information, call Ron Welbaum at Metropolitan Financial Mortgage at 612-869-9966.
You can
use our
mortgage calculators ( how much
house can I afford ) to get
an idea of how big of a loan you qualify for using your income
and expenses. In addition to a traditional 30 year fixed rate
mortgage, there are many other
types of mortgage
available to first time home buyers.
Other Minnesota First Time Home Buyer Programs include;
MHFA Mortgage Loan Programs > Minnesota
Mortgage Program (MMP)
The Minnesota Mortgage Program (MMP) is a first time homebuyer*
loan program that helps low to moderate income Minnesotans to buy
a home. The interest rates are below market rates and available to
Minnesotans based on their income. Call Metropolitan Financial Mortgage at 612-869-9966 to find out if you qualify based on Income and Home
Price. You may be surprised to find out you qualify for a number
of different programs even if you have less than perfect credit.
Click here to use our free credit
score estimator. Also, if you do not qualify for
one of the Minnesota first time home buyer programs, you may
qualify for a "no down payment" mortgage anyway.
Program Guidelines
To be eligible for a Minnesota Mortgage Program loan you must:
- Be a first-time homebuyer*.
- Have federal income tax return copies for the last 3 years.
- Have acceptable credit.
- Have an income at or below prescribed MHFA limits and want
to buy a qualifying home. Limits are linked below.
*For MHFA loan purposes, first time homebuyer is defined as
anyone who has not owned a home or an interest in a home in the
past three years.
Income Limits
To qualify for The Minnesota Mortgage Program your MHFA
Eligibility Income must not exceed:
|
Size of Household
|
11-County Twin Cities
Metro Area*
|
Olmsted County
|
Balance of State
|
| 1-4
Persons |
$63,000 |
$57,000 |
$55,000 |
| 5
Person |
$68,500 |
$62,000 |
$59,500 |
| 6
Person |
$73,500 |
$66,500 |
$64,000 |
| 7
Person |
$78,500 |
$71,000 |
$68,500 |
| 8
Person** |
$83,500 |
$75,500 |
$73,000 |
| 9
Person** |
$88,500 |
$80,000 |
$77,000 |
| 10
Person** |
$93,500 |
$84,500 |
$81,500 |
*For the purpose of this section, the 11 county Twin Cities
Area is defined as: Anoka, Carver, Chisago, Dakota, Hennepin,
Isanti, Ramsey, Scott, Sherburne, Washington and Wright Counties.
Home Cost Limits
The home you purchase must fall within the following cost
limits:
|
11-County Twin Cities
Metro Area*
|
Balance of State
|
|
$298,125 |
$237,031 |
To see all homes available for sale in
Minnesota visit our free
Minnesota mls at:
www.mnonlinemls.com
For more information about these or other Minnesota first
time home buyer programs, Call Ron Welbaum at Metropolitan Financial Mortgage at
612-869-9966.
|
