Minnesota FHA Loan Guidelines

There are lots of good reasons to choose an Minnesota FHA loan, especially if one or more of the following apply to you:

You're a first-time homebuyer.

You don't have a lot of money to put down on a house.

You want to keep your monthly payments as low as possible.

You're worried about your monthly payments going up.

You're worried about qualifying for a loan.

You don't have perfect credit.

If any of these things describe you, then a Minnesota FHA loan may be right for you. Why? FHA loans offer many benefits and a level of security that you won't find in other loans including:

Low cost: Minnesota FHA loans have competitive interest rates because the federal government insures the loans for lenders.

Smaller downpayment: Minnesota FHA loans have a low 2.25% downpayment and the money can come from a family member, employer or charitable organization as a gift.

Easier qualification: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.

Less than perfect credit: You don't have to have perfect credit to get an Minnesota FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan.

More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.

FHA insures loans for lenders against defaults - it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.

You may use an Minnesota FHA mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).

Fixed-rate loans - Most Minnesota FHA loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.

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