100% Financing Alive and Well in Minnesota!

Contrary to popular belief, it is still possible to purchase a home in Minnesota with no down payment. There are two great programs for Minnesota home buyers and most people can qualify for one or the other of these programs. While the 100% sub-prime loan is currently very hard to find if not completely gone, the FHA program still makes purchasing a home possible, even for people who don’t quite fit into the conforming or “A” credit” box. If you’re a Minnesota First Time Home Buyer or buying your next home, check out these great Minnesota mortgage options.

Below are some of the features of these two great Minnesota home buyer programs, feel free to call me if you have any questions about either one in Minnesota.

MY Community Program
Allows up to 100% financing
Low credit scores allowed
Higher qualifying ratios
40 Year Amortization available
Up to 6% seller contribution
No MI options available
2-1 buy downs allowed
Loan size up to $417,000
Standard appraisal requirements
Purchase or refinance (cash-out not allowed)
No Pre-payment penalties

FHA Program
No credit score requirements
No income limit
Fixed rate and ARMs available
97% financing with 3% gift funds
Up to 6% seller contribution allowed
2-1 rate buy down available
$263,150 loan limit on single family
Co-signed loans allowed (must be relative)
Higher qualifying ratios
Manufactured homes allowed
Controlled closing costs
Purchase or refinance
No Pre-payment penalties

If you need a real estate agent to help you buy or sell your home, use our real estate agent directory