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!

Thanks for installing the Bottom of every post plugin by Corey Salzano. Contact me if you need custom WordPress plugins or website design.

Share

No Comments on Oct 24th 2012

Leave a Reply