First-time buyers flock to Minnesota for its friendly residents and a high quality of life.  Boasting more miles of shoreline than California, a healthy lifestyle, good schools and a solid economy, the state is attracting the attention of all kinds of home owners, from those looking to buy their first home to renters, across the U.S.

Why People Want To Move To Minnesota

Known as the ‘Land of 10,000 Lakes’, Minnesota has much more to offer than water-based activities.  Whether you’re into theater, sports, craft beer or festivals (or a craft beer festival), Minnesotans can always find a way to keep busy.  These endless opportunities for entertainment, along with the high standard of living, general affordability and opportunity for employment, are just a few reasons why first-time home buyers are interested in moving to one of the best states in America.

2017 First Time Buyer Programs & Loan Pre-Approval In Minnesota

Looking for a buyer program specific to MN? If, you’re confused about your options give us a call at 800-348-1160.

Loan Program Name
Loan Program Requirements
Downpayment Requirements
Program Limiations
Loan Program Benefits
USDAProperty must be located in an eligible area. Check property eligibility.100% financing and 0% down paymentIncome restrictions do apply. These are determined by county.100% financing and 0% down payment
HomeReady Program - Purchase or Limited cash-out rate and term refinance.1.) Home Ownership education is required and certificate must be retained in the mortgage file.
2.) Occupancy is 1-4 units Principal Residence.
1.) Standard debt to income is 45%, in certain cases up to 50%.
2.) Occupant may not have an ownership interest in any other property at the time of closing.
1.) Non -Occupant borrowers are permitted at max 95% LTV,income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower.
2.) Loan to Value up to 97%.
1.) NO First Time home-buyer requirement.
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
100% GIFT FOR DOWN PAYMENTCan be Conventional or FHA LoanGift can come from a family member, church, employer, etc..
FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.3.5% down payment required
Check single family, condo, and 2-4 unit property loan limits1.) Flexible underwriting guidelines
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed

Are you a first time buyer? It doesn’t matter if you’re in Minnesota, Colorado or Utah we can help you get pre-approved!