In today's real estate market the new buyers have such an advantage. Yet, I've heard many news casts that speak of the need for a 750 credit score, 20% down payment, and great labor during the mortgage process. Much of this is incorrect.
Within the Minnesota market the first time home buyer has multiple options based on their total household income, liquid assets, and credit. In fact, if they pursue a home in a specific zip code, can show total household income less than $82,000 per year, and will have less than $5,000 in their bank after closing they will most likely qualify for a "First Time Home Buyer" program.
These programs typically require attendance of a seminar which could be 4-8 hours in length. However, with typically a below market interest rate and down payment assistance, many buyers will find themselves in a new home in less than 60 days.
Recent customers of mine were renting a town home for $1,100 per month. My customers had been previous home owners but life found them out of their educated fields of expertise and unemployed. Life happened to them and as they neared retirement the dream of owning their own home again prevailed. They hadn't owned a home for almost 10 years. My clients were first apprehensive that they could own again since they had a past bankruptcy and unstable job history. within 45 days they had closed on their new town home with as little as $1,500 into the transaction and a payment at $800.
Before you listen to the medias bias interpretation of the mortgage and real estate market make sure to contact a local professional that will clearly explain and educate you on the many market opportunities today.
Brian Parkinson can be contacted at 612-282-5863 or brian@brianparkinson.com
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