Minnesota FHA Loan

If you're looking for property in Minnesota you'll be one of the very lucky people who aren't trying to sell their property. Minnesota has become a hot spot for single families and more and more people are finding lucrative job positions in the state. If you're a home buyer trying to buy a home in Minnesota, you'll want to give serious consideration to a Minnesota FHA mortgage. It can not only save you money, but it can help you get into the home you want even quicker.

Although the demand for housing in Minnesota is currently decreasing, the demand for single family homes is on the rise. And the current price of homes in hot Minnesota markets are averaging around $200,000. If you're lucky enough to find a posh pad for under that, you'll be the envy of every new neighbor in the suburbs, but most likely you'll find homes ranging right around the average price and you'll want a FHA loan to help you out.

Qualifying for a Minnesota FHA home loan is a fairly simple process:

• If buying a home, you must have the capability of meeting the 3% Minnesota FHA Loan down payment requirements and closing costs requirements that come with any mortgage. The beauty is, the seller can typically pay up to 6% of your closing costs in addition, you can use down payment assistance to meet down payment requirements.
• There are minimal credit requirements for FHA mortgages in Minnesota that most eligible homeowners doing a streamline refinance, or home buyers looking to purchase, should be able to meet
• Any bankruptcy must have occurred more than two years prior to your loan application, though some exceptions can be made under our FHA credit flex program.
• Any foreclosures on your property must have occurred more than three years prior to your loan application.
• You must not have outstanding tax liens with the IRS. If you do, you must have arrangements already in place for a payment plan to pay back these debts
• Other considerations apply including having sufficient income to meet the proposed Minnesota mortgage payments.

You'll find that the benefits of having an FHA home loan in MN far outweigh the costs and the little bit of extra paperwork that you're going to have to fill out. Some of the benefits of obtaining an FHA loan include:

• Up to 30% of your gross income can be used towards monthly FHA loans in Minnesota for payments for very well qualified borrowers
• A very low down payment, usually less than 5% and in most instance around 3%
• Choice between variable or fixed rate financing options-occasionally, 1st Continental Mortgage will make the choice for you based on your credit history and standing in home equity terms
• Down payment assistance programs are absolutely allowed if you cannot afford your 3% down payment
• Monthly payments typically with costs lower than those of traditional loans with comparable terms

Although there are extensive cost benefits to having a Minnesota FHA loan you will be required to pay many of the costs of your loan on your own. However, you could face these same issues with a traditional loan or a much higher rate subprime mortgage. Some of the considerations 1st Continental Mortgage wants you to think about are:

• Down payment - if you do not qualify for assistance and you do not have a gift down payment from a friend or family member you will need to have 3% up front.
• Closing costs - you will have to pay all of the home buyer closing costs associated with your purchase should you be unable to negotiate the seller paying your closing costs for you
• Property Taxes - Give these serious consideration as they are factored into your ratios for qualifying and, into your monthly payment.
• Homeowner's Insurance - Again, keep this in mind as with the Minnesota FHA loan, you'll have to pay these premiums as a part of your mortgage payment

Once you have determined whether you can afford the costs of getting into a new piece of Minnesota real estate you should consider the factors that will come into play when choosing your FHA mortgage lender in Minnesota. 1st Continental Mortgage has the following qualities:

• We offer you the most competitive Minnesota FHA mortgage rates in the market
• We have some of the most Flexible FHA Loan underwriting
• We are a HUD approved FHA Mortgage Lender
• We have options available to you as far as FHA rehabilitation loans, like the 203k, which allows you to make improvements upon your home and add the cost to your mortgage.
• We are a full service company providing Reverse Mortgage options!
• We offer full service conventional mortgage programs beyond our Minnesota FHA mortgage opportunities

At 1st Continental Mortgage, we believe we are the lender that sets the standards you want when securing the future of your home.