Minnesota FHA Loan
If you're looking for property in Minnesota, you'll be one of the very lucky people who aren't trying to sell their home. Minnesota has become a hot spot for single families -- more and more people are finding lucrative job positions in the state. If you're a home buyer trying to buy a home in Minnesota, you'll want to give serious consideration to a Minnesota FHA mortgage. It may not only help save you money, but it might even help you get into the home you want even quicker.
Although the demand for housing in Minnesota is currently decreasing, the demand for single family homes will always exist. If you're lucky enough to find a posh pad for a good price, you'll be the envy of every new neighbor in the suburbs! Most likely though, you'll find homes ranging right around the average market price. The fact is, an FHA loan can really help most home buyers to become home owners.
Qualifying for a Minnesota FHA home loan is a fairly simple process:
- If buying a home, you must have the capability of meeting the 3.5% Minnesota FHA Loan down payment requirements, along with the closing cost requirements that come with any mortgage. The beauty is, the seller can typically pay up to 6% of your closing costs. Additionally, you can use down payment assistance to meet the down payment requirements.
- There are minimal credit requirements for FHA mortgages in Minnesota that most eligible homeowners doing a streamline refinance, as well as home buyers looking to purchase, should be able to meet.
- Any bankruptcy must have occurred more than two years prior to your loan application, although some exceptions can be made under our FHA credit flex program.
- Any foreclosures on your property must have occurred more than three years prior to your loan application.
- You must not have outstanding tax liens with the IRS. If you do, you must have arrangements already in place for a payment plan to pay back these debts.
- Other considerations apply, including having sufficient income to meet the proposed Minnesota mortgage payments.
You'll find that the benefits of having an FHA home loan in MN far outweigh the costs and the little bit of extra paperwork that you're going to have to fill out. Some of the benefits of obtaining an FHA loan include:
- Up to 29% of your gross income can be used towards monthly FHA loans in Minnesota when qualifying for monthly housing payments. For very well qualified borrowers, this amount can even be higher!
- A very low down payment, usually less than 3.5% -- that's way better than conventional financing!
- The choice between variable or fixed rate financing options. However, we recommend buying a home in which you can qualify and close using a safe, secure fixed rate loan!
- Down payment assistance programs are absolutely allowed if you presently do not have sufficient funds to meet both your down payment and closing costs.
- Monthly payments typically cost less than those of traditional loans with comparable terms.
Once you have determined whether you can afford the costs of buying a home in MN, you should consider the factors that will come into play when choosing your FHA mortgage lender in Minnesota. We have the following qualities:
- We offer you the most competitive Minnesota FHA mortgage rates in the market.
- We have some of the most flexible FHA Loan underwriting available.
- We are a HUD approved FHA mortgage lender.
- We have options available to you as far as FHA rehabilitation loans, such as the 203k that allows you to make improvements to your home and add the costs to your mortgage.
- We are a full service company providing reverse mortgage options!
- We offer full service conventional mortgage programs beyond our Minnesota FHA mortgage opportunities.
We believe we are the lender that sets the standards you want when securing the future financing of your home. Learn more by giving us a call today! |