(My Original Blog Post: http://www.minnesotainvestors.com/blog/down-payment-assistance-for-a-house/)
These programs are for a limited time.
Here is what we have, please keep in mind you may email at anytime
and we can provide more information and follow up with you and if
you like what you hear than we can talk by phone later.
You can email me
ron@minnesotainvestors.com
or you can fill out your info at minnesotainvestors.com
The programs will all come down to two things:
Credit Score and the money you currently have
We have found ALL the money for you, and have a program for ALL credit scores.
If you have a foreclosure/short sale/bankruptcy from the last 2-3 years, or
If your CREDIT SCORE is 300-579:
First off we can help get your credit score to increase realistically:
30 points in 60 days and 50 points in 4-6 months
Anyone with a 530+ credit score should contact us immediately as you could probably buy a home soon.
Rent to Own Programs are available. These are typically 12-36 month terms to live in the house and wait for a loan
and under 580 credit score should be ok. We’d prefer you have $5000-$7500 for money down as we have an agent
to help with the paperwork, and showing, negotiating and finding you houses. The agent does a lot of work and
gets paid by the seller.
Contract for Deed programs are available. These are typically 24-60 month terms to live in the house until
you get a refinance loan at some point. We’d prefer you have between $7500-$25,000 for money down as we have an agent
to help with the paperwork, and showing, negotiating and finding you houses. The agent does a lot of work and
gets paid by the seller.
Remember even if your credit score is under 580 like above all of the above programs are available to you RIGHT NOW.
If you have about a 530+ credit score within as little as 60-180+ days we may be able to get you a home with
proper credit repair work if you work with us.
if your CREDIT SCORE is 580-619
We have credit repair help for you also
and 1 loan program that is starting around 580+ credit score right now, so you may be able to buy a house.
if your CREDIT SCORE is 620+
You’ll be able to apply for a few different loan programs:
100% loan programs
96.5% FHA loan programs
VA loans
If you don’t have much money for a down payment and want to still get a home loan, we have money available
through the stimulus plan which is $8000 plus many different counties are providing down payment assistance:
Dakota County- Up to $15,000 + Tax Credits
Hennepin County- Up to $15,000 + Mpls City Grant Assistance + Subsidized Interest Rates
Ramsey County- Up to $20,000 + St Paul City Grant Assistance + Subsidized Interest Rates
Scott County- Up to $7,500
Plymouth-Up to $25,000-to be used for Down Payment,Closing Costs and Principle Reduction.
This is a Zero Percent, Deferred Loan. Payment is due when the Property is sold or
ceases to be Owner Occupied. Loan Payment in full is due in 30 years. re broker
***Please note that the stimulus money is said to expire as soon as the end of November, also many of these
counties are running out of monies soon, so there is a very limited time left to get all of this money assistance.
If you contact us today, talk to us this week, view properties by email through the next week, and look at homes
in person as early as late next week, and put in an offer, with the idea you’ll often negotiate with the seller,
and you may even need to have offers in on a few different places, then you could be getting an accepted offer
in 2 1/2 to 3 weeks from now if you are really moving fast. If you consider that the loan process can take 3-5 weeks
part of that process overlaps in timelines, but that means you would have to contact us right away in order to take
advantage of this down payment money before it runs out, especially the $8000 stimulus which ends in November, as reported
on the radio, so that means you would contact us now and start seeing homes within a week, there is a sense of urgency
only if you want to use county and government money, otherwise if you wait another week or more, you may need to use
your own $5000-$20,000 hard earned money, and in this economy I know that can take years to save, so I am just looking out
for you and trying to get you to take advantage of this limited time availability of monies, so you can save your money
for a rainy day emergency fund.
Let’s go over the most popular loan programs right now:
Fannie Mae HOMEPATH Loan
- Minimum 660 minimum middle FICO score required
- Appraisals are NOT required
- Great for first time homeowners AND Investors
- 97% LTV Primary Residence – 90% LTV Investor
- No monthly Mortgage Insurance payments
- Owner Occupied AND Investment Property
- Down payment can be 100% gifted
- Property must be listed for sale with the Fannie Mae HOMEPATH program
- NO declining market restrictions
Federal Housing Administration Loans – OK to 580 scores
- Minimum 580 minimum middle FICO score required
- Great for first time homeowners
- 30 Year Fixed Rates Only
- Low, government sponsored, monthly Mortgage Insurance payments
- Owner Occupied Only
- 12 months verified rent history required
- Down payment MUST come from borrowers own funds
- Gifts allowed for all closing costs
- Compensating factors required for 580 scores
- NO declining market restrictions
Federal Housing Administration Loans – 100% Gifts Allowed for Down Payment
- Minimum 620 FICO score required
- Great for first time homeowners
- 3.5% Down Payment can be a gift from relatives, employer, city grant
- VERY LOW 30 Year Fixed Rates
- Low, government sponsored, monthly Mortgage Insurance payments
- 1 Day out of Chapter 13 OK with re-establish credit (2 years with Chapter 7)
- Owner Occupied 1-4 unit only
- NO declining market restrictions
USDA Loans – 100% No Money Down for Qualified Properties
- Minimum 620 FICO Score – buyer(s) must have “reasonable” credit history
- Great for low to moderate income and first time homeowners
- Household Area Median Income Limits Apply
- LOW 30 Year Fixed Rates
- No monthly Mortgage Insurance payments
- Owner Occupied Only
- Property must be located in a USDA defined market
Veterans Administration Loans – 100% No Money Down for Active and Veteran Military
- Minimum 620 FICO score required – buyer must demonstrate ability to pay
- True No Money Down Financing for qualified buyers
- Low 30 Year Fixed Rates
- NO Monthly Mortgage Insurance payments
- No Income Limitations
- Loan Amounts from $75,000 to over $417,000
- Owner Occupied Only
- No declining market restrictions
Conventional Loans (Fannie Mae and Freddie Mac) – 100% Gifts Allowed for Down Payment
- Minimum 680 FICO Required
- Great for the established buyer looking to leverage through financing
- 3% Down Payment can be a gift from relatives, employer or city grant
- LOW 30 Year Fixed Rates
- Median income limits apply (only income from borrower on loan used to qualify)
- Loan amounts up to $417,000
- Owner Occupied Only
- Monthly Mortgage Insurance payments required
- Declining market restrictions apply
real estate broker
You can email me
ron@minnesotainvestors.com
or you can fill out your info at minnesotainvestors.com
