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Minnesota
First Time Home Buyer
Special
Programs
 The My Community
Minnesota First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward
closing costs. Also, you can have use part-time or overtime income from last 12 months to qualify.
Minnesota First Time HomeBuyer FHA Program
FHA Single Family Mortgage Limits are generally $271,050 for most non-high cost counties in
Minnesota and Minneapolis-St. Paul has the highest loan limit at $467,250. Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
|
Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
|
St. Cloud |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Duluth |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
|
Minneapolis-St. Paul |
$365,000 |
$467,250 |
$564,800 |
$701,900 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Minnesota USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
all non-high cost counties is $75,750. Minneapolis-St. Paul has $92,000 limit.
List of INELIGIBLE COUNTIES: Anoka, Benton, Blue Earth, Carver,
Chisago, Clay, Dakota, Hennepin, Houston, Le Sueur, Mower, Nicollet, Olmsted,
Polk, Ramsey, St. Louis, Scott, Sherburne, Stearns, Washington, Winona, and
Wright.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
Real Estate Pulse
Minnesota has one of the better unemployment rates in
the nation but the state is not out of the housing crisis yet. Prices are
falling and home sales have been rising in the Minneapolis and St. Paul but 50%
of these sales represent short sales and foreclosures. Also, Minnesota first
time homebuyers have been utilizing the $8,000 tax credit which has boosted
sales in the Twin Cities. Foreclosures are expected to increase and deflation is
forecast to hit 15.1% in 2009 for Minneapolis-St. Paul area, 6.7% for Duluth,
and 6.3% for Rochester.
Minnesota First Time Home Buyer Stats
| Average Home Listing Price |
$295,069 |
| Foreclosure Rate |
1 in 90 homes-up 59.6% from 2008 |
| Best Places to Live |
Chanhassen, Chaska, Lino Lakes, Owatonna |
|
Fastest Growing Job Markets |
Healthcare and Social Assistance |
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