One of the common ways of financing a purchase of Como real estate is through a loan program known as FHA (the Federal Housing Administration). This program through the federal government started back in the 1930′s to help with a similar situation we have today when foreclosures were on the rise and buyers struggled to come up with a large down payment. MN FHA loanshave several advantageous underwriting rules for both the first time home buyer as well as the homeowner who is selling one home to buy another.
Como FHA Loans: Not Just for First Time Buyers
While the years of the zero down payment loans have gone away for most of us, Como FHA mortgages offer down payments as low as 3 and one half per cent of the sales price. With a smaller down payment along with the seller paying much of the buyer’s closing costs today allows for a much more achievable entry cost. This is also helpful for current home owners who are selling their home with little or no equity and need to buy their next one with a small down payment.
Como FHA Loans and Credit Scores
Como buyers will also find that FHA loans offer more expansive credit guidelines than other types of home financing. Home buyers who have experienced troubles with credit may often find that homeownership is a possibility due to this excellent federal program. 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.
One interesting fact about FHA loans is called assumability. This means that in the future when you are ready to sell, the buyer of your home may find the rate attractive on your home and offer to take over your mortgage payments. This could be an attractive selling feature to your home if interest rates are higher when you go to sell your home than they are today When the buyer of your home assumes your FHA loan they will make up the difference between the sales price and your loan amount through a down payment.
Como FHA and Down Payment Assistance
Como first time buyers also may benefit through reduced interest rates and down payment assistance programs through the Minnesota Housing Finance Agency. This state agency makes use of FHA’s special features which allow for second mortgages on the property to be used as a method of reducing the first time home buyers required down payment. While maximum income limits may apply for this program, many MN first time home buyers are making use of these programs today.
First Step: Get Preapproved for a Mortgage
One of the more important factors in buying a home these days is to get preapproved for a loan. Most buyers leave it to the last minute because it is the least fun part of the entire home buying process. It is very important, especially for the MN first time home buyer to get preapproved for a mortgage before beginning the search for a home. Please call me and I will help you get started in the process with a Minnesota mortgage banker.
The Community of Como Park
The Como Park neighborhood is situated in the northwestern part of Saint Paul along the city limits in the north. It is bounded by the communities of Falcon Heights and Roseville on the north and west. Nearly 2 million visitors are attracted to the Como Zoo and Conservatory every year. With a variety of affordable Como Park homes for sale, this is a great place for MN first time home buyers.
If you would like to learn more about buying a Como home using an FHA loan, please don’t hesitate to give me a call. With housing affordability at the best it has been in years it is a great time to be a home buyer!
Shawn Hartmann
Licensed Realtor in Minnesota
Keller Williams Realty
shawn@hartmannteam.com
Direct 651-468-9099
2680 E Snelling Drive North
Roseville, MN 55113
With a focus on Saint Paul Homes for Sale
Showing properties
1 - 50 of 500+.
See more City of St. Paul | Houses | Condos | Townhomes .
(all data current as of
5/22/2013)
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$10,000,000 : 200 7th Street W, St. Paul0 beds, 0 baths
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$3,250,000 : 34 Kenwood Parkway, St. Paul4 beds, 2 full, 3 part baths
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$2,400,000 : 305 Saint Peter Street, St. Paul0 beds, 0 baths
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$2,275,000 : 340 Summit Avenue, St. Paul9 beds, 4 full, 3 part baths
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$2,100,000 : 350 St Peter Street ,Unit 1300, St. Paul2 beds, 2 full, 2 part baths
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$2,098,000 : 404 Mississippi River Boulevard S, St. Paul4 beds, 1 full, 3 part baths
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$1,950,000 : 1017 Summit Avenue, St. Paul7 beds, 2 full, 3 part baths
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$1,925,000 : 1388 Prior Avenue S, St. Paul0 beds, 0 baths
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$1,600,000 : 701 Lexington Parkway N, St. Paul0 beds, 0 baths
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$1,500,000 : 9 7th Street E, St. Paul0 beds, 0 baths
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$1,498,000 : 441 University Avenue W, St. Paul0 beds, 0 baths
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$1,450,000 : 46 Crocus Place, St. Paul5 beds, 2 full, 2 part baths
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$1,439,000 : 322 Mississippi River Boulevard N, St. Paul4 beds, 1 full, 3 part baths
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$1,395,000 : 266 Summit Avenue, St. Paul8 beds, 8 full, 4 part baths
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$1,325,000 : 2165 Lower Saint Dennis Road, St. Paul4 beds, 2 full, 6 part baths
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$1,300,000 : 141 W Lafayette Frontage Road, St. Paul0 beds, 0 baths
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$1,275,000 : 2139 Lower Saint Dennis Road, St. Paul4 beds, 2 full, 2 part baths
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$1,250,000 : 965 Summit Avenue, St. Paul6 beds, 5 full, 2 part baths
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$1,225,000 : 533 Summit Avenue, St. Paul0 beds, 0 baths
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$1,200,000 : 1524 Mississippi River Boulevard S, St. Paul4 beds, 1 full, 2 part baths
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$1,195,000 : 1530 Edgcumbe Road, St. Paul6 beds, 2 full, 3 part baths
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$1,190,000 : 406 Wacouta Street ,Unit 411, St. Paul3 beds, 1 full, 2 part baths
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$1,190,000 : 418 Maryland Avenue W, St. Paul0 beds, 0 baths
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$1,185,000 : 370 Marshall Avenue ,Unit 605, St. Paul2 beds, 1 full, 2 part baths
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$1,175,000 : 502 Grand Hill, St. Paul5 beds, 2 full, 4 part baths
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$1,150,000 : 2 Edgcumbe Place, St. Paul5 beds, 3 full baths
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$1,125,000 : 488 Holly Avenue, St. Paul0 beds, 0 baths
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$1,100,000 : 97 Cambridge Street, St. Paul4 beds, 1 full, 3 part baths
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$879,000 : 2108 Lower Saint Dennis Road, St. Paul5 beds, 3 full baths
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$875,000 : 1441 Rice Street, St. Paul0 beds, 0 baths
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$839,900 : 495 Portland Avenue, St. Paul5 beds, 4 full, 1 part baths
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$829,000 : 152 Avon Street S, St. Paul5 beds, 2 full, 3 part baths
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$799,900 : 1574 Mississippi River Boulevard S, St. Paul4 beds, 2 full, 2 part baths
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$795,000 : 19 Summit Court ,Unit 201, St. Paul3 beds, 3 full baths
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$795,000 : 2153 Iglehart Avenue, St. Paul5 beds, 2 full, 3 part baths
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$795,000 : 2412 Valentine Avenue, St. Paul2 beds, 1 full, 3 part baths
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$750,000 : 1804 Mississippi River Boulevard S, St. Paul4 beds, 2 full, 2 part baths
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$739,000 : 641 Lincoln Avenue, St. Paul5 beds, 2 full, 3 part baths
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$729,900 : 790 Summit Avenue, St. Paul7 beds, 2 full, 3 part baths
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$729,000 : 130 Otis Avenue, St. Paul5 beds, 3 full, 2 part baths
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$724,900 : 771 Fairmount Avenue, St. Paul6 beds, 2 full, 1 part baths
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$724,000 : 489 Grand Hill, St. Paul11 beds, 6 full, 1 part baths
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$709,000 : 2219 Saint Clair Avenue, St. Paul5 beds, 2 full, 2 part baths
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$699,000 : 477 Holly Avenue, St. Paul6 beds, 3 full, 2 part baths
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$695,000 : 2098 Upper Saint Dennis Road, St. Paul3 beds, 2 full, 2 part baths
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$695,000 : 1211 Summit Avenue, St. Paul5 beds, 3 full, 1 part baths
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$689,000 : 302 Summit Avenue ,Unit 3, St. Paul2 beds, 2 full, 1 part baths
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$679,000 : 1756 Iowa Avenue E, St. Paul0 beds, 0 baths
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$679,000 : 376 Summit Avenue ,Unit B, St. Paul3 beds, 2 full, 3 part baths
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$675,000 : 201 Otis Avenue ,Unit 2, St. Paul3 beds, 2 full baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.
