Woodbury First Time Home Buyers
The City of Woodbury continues to offers its $25,000 First Time Homeownership and Foreclosure Purchase Programs. A brief outline of the program guidelines:
HUD has re-measured the area median income for the Twin Cities, and as a result some of the FHA income limits have changed slightly from the past as can be seen in the program guidelines. For those of you not too familiar with the program, household incomes should not exceed $95,000 but if the first mortgage is an FHA mortgage, that income limit is significantly less. (This is an FHA requirement, not a City one.)
There must be a Minimum Contribution of 5 percent of the purchase price paid by or on behalf of the home buyer. Acceptable sources of the Minimum Contribution include: earnest money, buyer funds brought to closing and seller paid closing costs.
Five main advantages of Woodbury’s DPA programs include:
- The principal of our loan is deferred for 30 years
- Our interest rate of 3.00% (2.75 for seniors or vets) is lower than the first mortgage’s rate
- Our funds will help you eliminate the need for PMI
- Woodbury charges no origination fee
- Our funds are exempt from mortgage registration taxes
All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please contact us through the form below to discuss any of these matters in further detail!