Down payment grants in MN

[POA 178]

Good day and happy holidays guys!

My husband and I has started talking about getting a house. We will be both first time buyers in our late 20's. We weren't fortunate enough to have money saved for a down payment but have a decent income at least for 2. I have read some down payment grants and assistance. We could save for the down payment but might take us years and if I can help it, I'd rather pay for a mortgage that will be eventually mine instead of paying rent and getting a rent increase every time we renew our contract. I also do not like the idea of finding a cheaper rental place to move to every time our rent increased. But I cannot find a specific website where you could apply for grants. I have read that Wells Fargo offers down payment assistance but if we can get grants would be better. I have also read that most first time buyers do not realize that they are eligible for grants. So I am here asking;

1. Anyone here have applied for down payment grant?

2. Where did you apply?

3. How long was the processing?

4. Any advise for us regarding this big decision that would definitely be helpful?

Thanks again!!!

[Boiler 46,840]

Not something I have ever heard of. You used to be able to get 100% mortgages but that has obviously stopped.

[POA 178]

Not something I have ever heard of. You used to be able to get 100% mortgages but that has obviously stopped

Oh that's sad! I wish that didn't stop! That could have been really good. lol. Thanks for the quick response Boiler!

[tsabbas 47]

There's some links on here that might help...

http://portal.hud.gov/hudportal/HUD?src=/buying/loans

[NigeriaorBust 4,087]

You would have to avoid the federal means tested versions if you are still under the new immigrant period. It is hard to get these grants because there are a lot of applicants. Also if you make a "good" amount of income you may not qualify.

[POA 178]

There's some links on here that might help...

http://portal.hud.gov/hudportal/HUD?src=/buying/loans

I didn't know this website till you shared it. Thank you! I will check that out.

[POA 178]

You would have to avoid the federal means tested versions if you are still under the new immigrant period. It is hard to get these grants because there are a lot of applicants. Also if you make a "good" amount of income you may not qualify.

Thanks for the advised. I am hoping to be a citizen by the time we get a house. Makes me wonder though what is the "good" amount of income? So far, based on the income limit I found, we are still within the limit and I am not seeing ourselves being beyond the limit in the next couple of years. We are trying to maximize all the possible benefits we can get from the government lol.

[NigeriaorBust 4,087]

The limits on income are based on where you are. You will find more available in less desirable areas. Usually the best ploy is to look at trends and try to find an area that is about to turn around. Highly desired areas have little to none of these available so you may have to balance down payment assistance with living where you want.

[POA 178]

The limits on income are based on where you are. You will find more available in less desirable areas. Usually the best ploy is to look at trends and try to find an area that is about to turn around. Highly desired areas have little to none of these available so you may have to balance down payment assistance with living where you want.

Oh wow! This is another helpful information. I thought down payment assistance works with whichever house we choose. I'll check this further! Thanks again!

[NigeriaorBust 4,087]

^{Here is a site from where you listed your local USCIS office as. http://www.livemsp.org/down-payment-and-closing-cost-assistance-programs I don't know the areas but you see most of the assistance is listed as being available for certain areas}

[POA 178]

^{Here is a site from where you listed your local USCIS office as. http://www.livemsp.org/down-payment-and-closing-cost-assistance-programs I don't know the areas but you see most of the assistance is listed as being available for certain areas}

Thanks NigeriaorBust! I checked the site and it seemed that the county we would like to get a house doesn't offer grants but only assistance. lol. Thanks again!

[Michael and Ganna 105]

There is always creative financing. It takes some research but can be beneficial to those who would not otherwise qualify. Sometimes looking for a starter home it is possible to find an affordable land contract. Check out the FSBO sites...Good luck to you both

[VikaNDave 3]

Talk to these people and they can possibly fix you up with a down payment. You will I believe need at least a 640 credit score to qualify.

http://loansimple.com

[POA 178]

There is always creative financing. It takes some research but can be beneficial to those who would not otherwise qualify. Sometimes looking for a starter home it is possible to find an affordable land contract. Check out the FSBO sites...Good luck to you both

Thanks Michael and Ganna! I would check the FSBO too! I didn't even that exist lol.

[POA 178]

Talk to these people and they can possibly fix you up with a down payment. You will I believe need at least a 640 credit score to qualify.

http://loansimple.com

That's really nice! Thank you!