Minnesota Home
Buyers Mortgage Discounts & Specials
As a Minnesota home buyer you may be
entitled to special mortgage rates and/or closing costs discounts. In
some cases Minnesota homebuyers can qualify for a discount
on both their interest rate and closing costs. Some of the
programs you may qualify for include:
|
Credit Score Plus |
This program offers
discounts to home buyers who have a combination of high
credit scores (680 or higher) low debt to income ratios (45% or
below) and verifiable assets amounting to at least three months of
reserves. |
|
Income Advantage |
This
program offers discounts to Minnesota home buyers whose income falls
below the median family income for Minnesota, $63,998*. In addition to
meeting the income requirement for this program, home buyers must also
have good job history, 2 years or longer in same line of work, and a
good credit score, 680 or higher and verifiable assets or savings equal
to at least two house payments. |
|
Equity Plus |
This program offers
discounts to Minnesota home buyers who are using proceeds from the sale
of their previous home to make a down payment on their new home of 20%
or more. You may also qualify for this program if you are making at
least a 10% down payment from personal assets other than proceeds from
the sale of a home. |
|
Jumbo Advantage |
Any loan that
qualifies for any of the other discount programs and is over the Fannie
Mae/Freddie Mac jumbo loan amount is eligible for a total discount of up
to a full 1% of the loan amount. (i.e. 1% of $700,000 = $7,000
discount). |
First Home
Assistance Program |
This
program offers discounts to Minnesota first time home buyers
who also have a good job history, 2 years or longer in same line
of work, a good credit score (680 or higher), and verifiable assets or savings equal
to at least two house payments. |
Call Ken Horst @ 612-251-8237 for
more info.
For more information or to schedule
a 20 minute appointment to review your options and determine whether you
qualify for these Minnesota mortgage discounts and special programs,
please fill out our short form below.
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