First time home buyer loans allow buyers to get into a house more easily. However, just because you’re a first time home buyer doesn’t mean you qualify for a first time home buyer loan. These programs have income limits and strict underwriting guidelines. While they are a perfect fit for some, first time home buyer loans are not the choice for others.
The rate is usually lower than market rates and offer down payment assistance up to $4500. The minimum credit score is currently 620.
The chart below shows the income limits for the Minnesota Housing Finance Program.
|
Household Size
|
Minnesota Housing Area Median Income Limits |
||
| 11-County Twin Cities Metro Area* | |||
|
Level 1 |
Level 2 |
Level 3 |
|
| 1 Person |
$83,900 |
$67,100 |
$35,250 |
| 2 Person |
$40,300 |
||
| 3 Person |
$45,300 |
||
| 4 Person |
$50,350 |
||
| 5 Person |
$90,600 |
$72,450 |
$54,400 |
| 6 Person |
$96,485 |
$77,850 |
$58,400 |
| 7 Person |
$96,485 |
$83,200 |
$62,450 |
| 8 Person |
$96,485 |
$88,500 |
$66,450 |
| 9 Person |
$96,485 |
$93,950 |
$70,500 |
| 10 Person** |
$96,485 |
$96,485 |
$74,500 |
Call today to see if a First Time Homebuyer Program fits your needs!
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