One of the most common methods of financing Falcon Heights real estate is through FHA (the Federal Housing Administration). This federal program started back in the Great Depression to help with a situation like we have today when foreclosures were on the rise and buyers struggled to come up with a large down payment. FHA loans have many advantageous guidelines for both the MN first time home buyer as well as the homeowner who is renting out their current home to buy another.

While zero down payments have most gone away, Falcon Heights FHA mortgages offer the smallest down payments available in Minnesota. With a smaller down payment along with the seller paying much of the buyer's closing costs today allows for a much more achievable entry cost. This can also an advatage for current home owners who want to sell their home but have little or no equity and need to buy their next home with a smaller down payment than usual.

FHA mortgages offer more expansive credit guidelines than conventional loans. Home buyers who have struggled through some credit challenges may often find that homeownership is a possibility due to this excellent federal program. In addition, unlike conventional loans which have significant pricing adjustments ters based on credit scores, rates and points on FHA loans vary only slightly based upon the home buyers credit score.

Falcon Heights FHA and Co-signers

Falcon Heights FHA mortgages also allow buyers to qualify through the use of a non-occupant co-signer Unlike almost every other mortgage program, this means that if you do not quite qualify for the house in Falcon Heights that you want to buy you can strengthen your loan application by using a co-signer. This feature of the FHA loan has been used more frequently as home buyers have struggled through job losses or reduced incomes.

Falcon Heights first time buyers also may benefit through reduced interest rates and programs for down payment assistance through Minnesota Housing. This state program buys FHA loans and makes use of FHA’s special program features which allow for second mortgages on the property to be used as a method of reducing the first time home buyers required down payment. While maximum income limits may apply for this program, many Minnesota first time home buyers are making use of these loans today.

First Step To Buy A Home: Get Preapproved

For many MN first time home buyers the big, intimidating question is where do I start the process? Your very first step to home ownership is to get preapproved for a mortgage. By doing so you find out how much of a loan you are qualified for so that we can research homes in a price range with comfortable payments for you.

Falcon Heights: A Great Place To Live

The lovely City of Falcon Heights is conveniently located just north of St. Paul in Ramsey County. Known as the home of the Minnesota State Fair, the city of Falcon Heights is also considered the best educated city in Minnesota with over 70% of its residents with bachelor's degrees. First time home buyers may benefit from Ramsey County's First Home down payment assistance program. With convenient access to the University of Minnesota St. Paul Campus as well as downtown St. Paul residents of the city have all the benefits of metropolitan living. If you are thinking of buying or selling Falcon Heights real estate I would love the opportunity to help you!

If you are interested in buying a Falcon Heights home using FHA financing, just send me an email or give me a call. With low prices and historically low interest rates on FHA loans it is a great time to buy in Falcon Heights!

Joe Scherer
Sales Executive, Licensed Realtor in Minnesota  Century 21 Premier Group  jscherer1111@gmail.com 
Cell 612-991-6365  1660 S. Highway 100, Suite #578 Parkdale Plaza St. Louis Park, MN  55416 With a focus on Twin Cities real estate and surrounding communities.
http://joescherer.