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.
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.
