One of the most common methods of financing Roseville real estate is through a loan program known as FHA (the Federal Housing Administration). This federal program originated back in the 1930′s to help with a similar situation we have today when home foreclosures were rising and home buyers struggled to come up with a large down payment. Minnesota FHA loanshave underwriting rules that benefit both the first time buyer as well as the move up buyer.
While the years of the zero down payment loans have gone away for most of us, Roseville FHA mortgages offer the smallest down payments available in Minnesota. With a smaller down payment along with the seller paying much of the buyer’s closing costs today allows you to get in for a much more reasonable entry cost. This can also an advatage for current home owners who want to sell their home but have little or no equity and need a program featuring a small down payment to buy their next home.
FHA Offers More Expansive Credit Guidelines
Roseville buyers will also find that FHA loans offer more expansive credit guidelines than conventional loans. Roseville home buyers who have some credit challenges may qualify for FHA whereas not a conventional loan. In addition, unlike conventional loans which have significant pricing adjustments ters based on credit scores, rates and points on FHA loans vary only slightly based upon the home buyers credit score.
FHA and Non-Occupant Co-signers
Roseville FHA mortgages also allow buyers to qualify through the use of a non-occupant family co-signer. Unlike almost every other mortgage program, this means that if you do not quite qualify for the house in Roseville that you want to buy you might be able to qualify if you add a co-signer to the loan, even if they are not going to live there with you. This feature of the FHA loan has been used much more often as home buyers have struggled through job losses or reduced incomes.
Roseville first time buyers also may benefit through reduced interest rates and programs for down payment assistance through Minnesota Housing. This state agency buys FHA loans and makes use of special program features which allow for second mortgages on the home to be used for reducing the buyer’s entry costs. While maximum income limits may apply for this program, many Minnesota first time home buyers are making use of these loans today.
Get Preapproved Today
The first step in the home buying process is to get prequalified for financing. This means that you meet with a local mortgage lender who will review your credit, income, etc. In doing so they can tell you what types of Minnesota first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will even do this with you when you are off from work.
Overview of Roseville, MN
There are many great reasons to consider living in the City of Roseville. Located in Ramsey County, and with borders touch both St. Paul and Minneapolis, residents have a convenient commute to a wide variety of employers. Homeowner’s in Roseville also enjoy some of the lowest property taxes in the area partly due to its commerically-zoned land. Home to the original Target and Best Buy stores, Roseville is a major shopping district and has more restaurants per capita than anywhere else in the Twin Cities. Students in the area attend one of the schools in the Roseville Area Schools system, District 623. If you are thinking of buying or selling Roseville real estate please give me a call or send me an email.
If you would like to learn more about buying a Roseville home using an FHA loan, please email me or give me a call. With great rates and low prices today, it is a great time to buy in Roseville!
Licensed Realtor in Minnesota
Keller Williams Realty
2680 E Snelling Drive North
Roseville, MN 55113
With a focus on Saint Paul Homes for Sale