In our local & surrounding areas, through the help of several local organizations and the Minnesota Housing Finance Agency (MHFA), there are many types of financing options available for First Time Home Buyers. Technically, a first time home buyer is someone who has not owned a home in the past three years. The wonderful aspects of these programs are the availability for those with low to moderate income, with these income levels being somewhat generous, and low fixed rates for the life of the loan up to a 30 year terms. Generally speaking the interest rats are below market rates making these options even more appealing.
You may ask; what about down payment and closing costs and how much does that entail? Or, how do I possibly save for the down payment and closing costs? There are various interest free loans available to qualified buyers through MHFA and there is down payment and closing costs assistance programs through local organizations such as Neighborhood Housing Service (NHS), Northern Communities Land Trust (NCLT), and Spirit Valley Citizens Neighborhood Development.
As a buyer, you can get pre-approved through local lenders to utilize these programs such as North Shore Mortgage, U.S. Bank, and Wells Fargo.
On my next blog, I will continue with more in depth information on these programs.