How Much Does It Cost To Buy A House In Minnesota?

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How Much Does It Cost To Buy A House In Minnesota? - How Does Down Payment Assistance Work?
Obviously you can hop on the internet and find out how much a house costs, and you know you can get a home loan or a "mortgage," but what does that even mean? How much money do you need saved up to make it a reality? Maybe you've heard "20% down payment." Well that's a LOT of money!
Luckily, you don't need that much cash to buy a home. Try 3.5% - That's a lot easier to imagine. What if I said you could have $1,000 for down payment and get into a home?!!?! Well, it's not B.S. It's a real thing and I talk about how it's possible in this video!
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Опубликовано:

27 апр 2020

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Комментарии : 38

@ToTheTwinCities 4 года назад

Fun fact: In doing the math on this video... I added the earnest money and the down payment together, when IN FACT, in this situation, the earnest money BECOMES the down payment. Which means the out of pocket math in this video would actually $1500. No kidding, I just helped a friend/client buy a home, and out of pocket to get into the home, she payed $1400, including her inspection! Seriously cool!

@jaiwhitworth9304 8 месяцев назад

How has this changed 3 years later?

@ToTheTwinCities 8 месяцев назад

The MHFA program is still very similar! The out of pocket requirement for the down payment is $1,000 - it’s also completely possible to pay closing costs with the assistance money, but more importantly, we’re seeing sellers pay closing costs. So $1,000 plus cost of inspection, which ranges from $400-$1,000 depending on what extra items you are inspecting.

@Barely.audible 2 года назад

If everything goes right I'll be moving to Minnesota from Arizona in about two years. Will definitely come back to your channel in 2 years 😁

@megolego12 3 года назад

This was so helpful!

@ToTheTwinCities 3 года назад

🙌🏼🙌🏼 thank you so much!!

@olayredden4600 3 года назад

Very helpful information, thanks.

@ToTheTwinCities 3 года назад

My pleasure!!

@randomperson4135 3 года назад

Ty for this information

@ToTheTwinCities 3 года назад

My pleasure!! Hope it’s helpful!

@conniewilliams9984 3 года назад

Please do a video on buying a home with cash

@AUniqueHandleName444 2 года назад

A one hundred and fifty thousand dollar home is inconceivable to me.

@ToTheTwinCities 2 года назад

These days you pretty much have to be outside of the TC metro in a rural small town.

@kyleburt7304 3 года назад

If you get assistance from MFHA, are you aware of any early payoff fees? If I wanted to pay off that in 2 years instead of 10 for example.

@ToTheTwinCities 3 года назад

I’m not a lender, so this isn’t lending advice, 😉 but I am not aware of anything like that! Haha

@BadgerCheese94 3 года назад

How different would this be with a VA loan?

@jevonlemmermann4576 3 года назад

Does rental history effect approval for home loans or look good on me? Is it worth paying a high amount of rent with 100% payment history.

@ToTheTwinCities 3 года назад

I’m not sure that would impact it one way or the other!

@berrysweetz 3 года назад

When is the first mortgage due? At closing?

@ToTheTwinCities 3 года назад

Typically not at closing. Down payment will be paid at closing, and then typically there is a minimum of 25 days from closing to the first mortgage payment which is almost always on the first of a month. So if you closed on September 10th-October 5th ,your first mortgage payment wouldn’t be until Nov 1st. For that reason I like to try to schedule closings for around the 6th-15th of a month to give the buyer an extra buffer.

@berrysweetz 3 года назад

Jesse Lynch ok thanks for the info.

@anitarodi9765 2 года назад

What if the house is not in the twin cities? Like in rural towns and it’s between 40,000-185,000 ( rural area like pope county- Starbuck MN!?)

@jenniferquiroz9574 2 года назад

Does mhfa have a limit to how much you can do?

@joshuaj8188 3 года назад

this is no long true though right? Finding a house that isnt asking for over 30K over asking with the no inspection. the market seems a bit F'd.

@olaxsonkoisee9633 3 года назад

How can I reach out to you?

@ToTheTwinCities 3 года назад

E-mail at Jesse.Lynch@ROGChoice.com or call/text at 612-913-6669!

@jesusvillasenor9661 3 года назад

Do you know how to buy land and build a house on it?

@ToTheTwinCities 3 года назад

That's definitely something we can help with!!

@chrism4430 4 года назад

The MHFA website shows a link to "downpayment and closing cost loans." In this video, the seller paid closing costs, but if that can't be negotiated in, then couldn't the closing costs be borrowed from MHFA, up to the limit of $17,000?

@ToTheTwinCities 4 года назад

Yes that is certainly a potential with MHFA! I believe there are certain restrictions in regards to the allocation of that money, but so far the way I explained in this video is how I've been instructed to operate by my lenders to best suit the buyer! I'm sure there are situations where you are absolutely correct though!

@terrynhemken5635 4 года назад

How do you find a lake expert? And how do you find the rules for the lake that you’re interested in buying land on?

@ToTheTwinCities 4 года назад

That’s a great question! Lakes can get tricky and it all very much hinges on the county/town they’re in! I would probably say the best way to find somebody would be through referral! If you want I can ask around for you and find somebody who specializes in all of that!

@terrynhemken5635 4 года назад

Jesse Lynch , yes. I’m looking in the Kandiyohi county area. Possibly King Lake in Willmar.

@ToTheTwinCities 4 года назад

You got it! I will do some digging for you!

@ToTheTwinCities 4 года назад

Hey Terryn! Shoot me an e-mail. Jesse.Lynch@ROGChoice.com I found a great referral for ya!

@pearsefranklin4703 3 года назад

@@terrynhemken5635 hey Terryn, did you get a house. I’m also looking for a lake house but, MN has lots of lakes. Don’t know which one is good which one not