"The Twin Cities area has some of the best down payment assistance [programs] in the nation."
SPAAR's Education & Events Director, Kristin Parker, sits down with two SPAAR Affiliate Members: Cindy Allen of Bay Equity Home Loans and Kevin Harris of Wells Fargo Home Mortgage to talk about Minnesota Down Payment Assistance Programs - shedding some light on a variety of opportunities for homebuyers.
"The #1 thing to remember as a REALTOR® or a Loan Officer is to bring lots of enthusiasm and excitement to the process - stay positive and honest in every situation and the journey won't feel so rocky. "
Kevin and Cindy dive into a few different programs out there that could be that little extra something your clients needs to close on the home of their dreams. There are a lot of different funding options and down payment resources available, so it's best for a buyer to find a lender to talk to about their situation, their needs, and their future plans to get the best advice. REALTORS® can start the conversations with their clients about possible money available, urging their buyers to ask questions, and educating sellers by debunking myths about financing/money sources.
Watch above or [click here] to listen to the Better & Better Podcast episode.
Down Payment Assistance Programs in Minnesota
- USDA program funds allow for up to 100% value of the property, and is not for hobby farms!
- USDA Eligibility website resource
- VA loan program is one of the best programs available for any eligible veteran
- City & County Programs offer down payment assistance to encourage buyers to become citizens. In 2023, there are a variety of cities with these programs ranging from small loans to forgivable grants with terms!
- Ramsey County
- Saint Louis Park
- Saint Paul - Max Available $110,000
- Down Payment Resource has a plethora of information for Agents and their clients is available on listings in NorthstarMLS at the click of a button!
- Offers with VA, FHA, and even down payment assistance are just as good of an offer as any other financed program - money is money!
- Not all lenders are equal. Some may not check into nor have answers about down payment resources or other unique programs that might make a better option for the buyer.
- and more!
Time for a few more CE Credits
Tune into SPAAR’s course offerings for CE Credits to stay compliant or simply to take advantage of topics offered.