Ramsey County has new funds for there FirstHOME Program Funding. As of July 1st, 2011 $350,000 new funds are available for this new program. The program has changed a little though, the new limit is $10,000 but that’s not a bad down payment. Eligible buyers may qualify for the loan with 0% interest to help bring their monthly housing costs down to 30% of income. The principle-only subordinate mortgage must be repaid when the property is sold.
The property must be purchased in Ramsey County, St. Paul is excluded. Certain requirements must be met by the home buyer including income, 3 years of work history, the home must be owner occupied and the sales price must be less than $200,000.
Home buyers must qualify for a VA, FHA or Fannie Mae conventional mortgage as determined by a private lender. Plus the buyer must contribute $2000 of their own funds to the transaction.
Home buyer training is also required for these funds, but in today’s lending environment I think all new home buyers should required to take that class. Funds are limited and commitments are given on a first come first served basis. Don’t delay apply today if you are interested in this program.
For more information you can contact me 612-267-7093 or by email at rick@rdsoldme.com
Tags: 3 Years, Commitments, Conventional Mortgage, Eligible Buyers, Email, Fannie Mae, Fha, First Come First Served Basis, Home Buyer, Housing Costs, New Home Buyers, Payment Assistance, Principle, Private Lender, Ramsey County, Work History