Minneapolis and St Paul Zero Down Payment Loans
No Down Payment Saved? NO Problem!
The Affordable Advantage program has arrived to Minneapolis - St Paul! We have been eagerly awaiting this zero down payment loan program for a few months. If you’re like many Minnesota first time home buyers, saving down payment is tough with everything else you have to pay for. We get it! This couldn’t come at a better time – lower rates, super low home prices and it being a “buyer’s market.” Who could ask for more?
So what about the issues some people have when using FHA financing? Will this still be a problem? All loans can have their issues, but this is NOT an FHA loan. It is conventional financing so you have a better opportunity getting an offer accepted on a home that DOESN’T allow FHA financing – whatever that reason may be.
Here are the stats on the program:
• No monthly mortgage insurance
• No down payment
• One unit single family, townhome or condo
• Minimum credit score of 680
• You need $1000 of YOUR money, not a gift
• Must attend the Homestretch class
• Must be a first time buyer
• Maximum income for a household up to 4 is $83900
• Seller can pay up to 3% of the sale price toward your closing costs
Let’s hope this great program can be the one that makes you a homeowner in 2010!