Wednesday, January 9, 2013

First Time HomeBuyer Tips on Down Payment Assistance in Ramsey County MN

First time home buyers in Ramsey County have an amazing, often overlooked opportunity. If you qualify under the specific qualifying guidelines you could take advantage of down payment assistance and access to newly remodeled homes in Ramsey County. Find a loan officer or mortgage broker that is well versed in the details to take advantage of this unique opportunity.

Minnesota Down Payment Assistance

There is an excellent program for down payment assistance available in the Ramsey County area. Ramsey County includes the communities of St. Paul, Maplewood, Roseville, Shoreview, New Brighton, Little Canada, North St Paul, Vadnais Heights and White Bear Lake. The Minnesota Housing Finance Agency offers a program called StartUP which can be used for either up to 3% or $3,000 worth of assistance. This StartUP down payment assistance is a second mortgage on your home but has no interest and requires no payments until you pay off the home. One of the unique features of the funds in this program is that it can often be used in addition with other assistance programs.

Down Payment Assistance through Ramsey County

Ramsey County offers another great down payment assistance option for Minnesota first time home buyers up to $10,000. The FirstHome assistance program can be used with many loan programs such as VA, FHA, and conventional loans. The program can also be used with the StartUP assistance from Minnesota Housing if you qualify. Like all other programs Ramsey County has certain qualifications that the Ramsey County first time home buyer must meet. Meeting with an loan officer familiar with the program for your pre-approval is essential as they can help you determine if you are eligible for the Ramsey County FirstHome program.

Neighborhood Stabilization Program in Ramsey County Qualified homebuyers also have an opportunity to purchase newly remodeled and rehabilitated Ramsey County homes. These homes are amazingly updated and give the first time homebuyer a perfect start to home ownership. They are reserved only for first time buyers that meet the income guidelines outlined by the Ramsey County program. Several of these homes come on the market every year in communities throughout the county.

Homebuyer Classes are Required in Ramsey County

Most of these programs for down payment assistance will require that you attend a class for first time home buyers called the Home Stretch Workshop. Don’t worry…these are not like high school classes. There is no test at the end. They are fun and very informative.
You will need to plan for a full day of classroom training. There are many dates available to accommodate home buyers schedules including evenings and weekend options. Verify that the workshop you register for will satisfies both the state and local community program guidelines if you are using more than one program. 

Ramsey County down payment assistance programs can be used with a variety of mortgage loans. Most typically they would be used with an FHA loans to help with the 3.5% down payment. However, if you already have a sizable down payment but need some help getting to 20% down to eliminate the need for mortgage insurance, it is possible these programs could help if you meet the income restrictions.  If you are a veteran, these programs can also work with a VA loan if you meet the qualifications.
Information about Ramsey County
Ramsey County is one of the eleven counties in the Minneapolis/ St Paul metropolitan area. It is the home to the state capital of Minnesota, St. Paul. With a population of over 500,000 it is one of the most densely populated counties in the state if not the entire U.S. First time home buyers  in Minnesota can benefit from the Ramsey County First Home program with down payment assistance up to $10,000.
First Step In Buying a Home: Get Preapproved!
For most Minnesota first time buyers the next question is, where do I start? Your very first step towards buying your first home is to get pre-approved for a first time buyer's mortgage. Contact me and I can direct you to a local loan officer that understands and is approved to work with these special programs. The loan officer will counsel you through the pre-approval process and help determine which programs you will qualify for. Once you know exactly how much you qualify for, we can start a home search in a price range with payments well within your budget.

Copyright 2013