Whether you’re looking to buy your first or your 101st home in Minnesota, it’s always exciting to find the perfect new home for you and your family. If financing is the only thing standing in your way to becoming a new homeowner, consider applying for an FHA Home Loan that will help you start a new chapter in your life with your dream home.
An FHA Home Loan is an especially popular mortgage among first-time homebuyers, as it makes owning a new home in Minnesota accessible to almost anyone.
The mortgage is insured by the Federal Housing Administration and can only be approved through an FHA-approved lender. While you’ll need to pay insurance premiums, you can qualify for the loan with as little as 3.5% and lower than average credit.
Created for low- and moderate-income homebuyers with limited savings, FHA Home Loans in Minnesota make owning a new home affordable and easy.
While conventional and FHA Home Loans work on the same principle, there are significant differences between them. Conventional loans have more stringent requirements, and to qualify for them, you’ll need to make a larger down payment and have a higher credit score.
Being insured by the federal government, FHA Home Loans become more accessible. Since the risk to the lender is minimized, you’ll get more favorable terms – you can be approved for the loan with lower credit score, lower down payment, and in some instances, your monthly mortgage payments will be lower as well.
Additionally, FHA Home Loans in Minnesota have more lenient rules for the down payment; it can come from your savings, your employer, and can be a financial gift from your family or even a charitable donation.
There are a few criteria you must meet to qualify for an FHA Home Loan in Minnesota:
Maximum loan limits with FHA Home Loans in Minnesota vary by county, but regardless of the limit, these criteria must be met to get approval.
GO Mortgage experts are here every step of the way to guide you through FHA Home Loans to help you get your dream home. With our services, you’ll get to enjoy your new home in no time. Contact us for more information.