In and around the Twin Cites you can still buy a Home with little or No money down. Many communities offer free money to be used as down payment assistance. There are government home loans available with no down payment. Plus the State of Minnesota as a government program where they will give you a grant for the down payment, help pay monthly payments maybe even get you other money for repairs and other closing costs.
Many communities like Minneapolis, St. Paul, Brooklyn Center, Ramsey County, and Woodbury, to name a few, have Money available to use as down payment, closing costs, or repairs. In Minneapolis if you buy a home in certain areas you can qualify for over $30,000 in government grants and 0% interest loans, some which you may never have to pay back. In Ramsey County they have a program, if you live and work in Ramsey County, outside of the City of St. Paul you can qualify for up $20,000 in interest free money. You only need to repay this money when you sell your home. In Woodbury you can qualify for up $25000 in community funds. These are some of the best programs available but there are many more.
There are government home loans available like VA loans and USDA loans that you can qualify for without having to put a cent down. You can also possibly combine these programs with other programs to lower your monthly payments. VA loans right now are a great choice for veterans. You can use your certificate to buy a personal residence and maybe even a 2nd home. USDA loans are only available outside of the metro area but the areas available come very close to the Twin Cities. USDA home loans are some of the very best financing available, there is no mortgage insurance some repairs can be financed up appraised value and they have low interest rates.
The State of Minnesota and the MHFA have program available to give grants of up to $3000 for down payment assistance through the Home ownership Assistance Fund (HAF). Monthly payment assistance is offered through the Community Set-Aside Program (CASA). Another great program through the state is is the Home Help program it provides interest free money to first time home buyers and non-first time homebuyers who purchase a foreclosed home in the Twin Cities.
Let’s sum it up, right now in the Twin Cities and surrounding areas there are many programs to help first time home buyers and non-first time home buyers purchase a home for very little or no money down. If you would like more information on how you or someone you know qualify for these programs please call me at 612-267-7093 or email me at rick@rdsoldme.com
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