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What Down Payment Assistance Options Are Available?
[/av_textblock] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]Your down payment is one of the most important aspects of your home purchase! By taking advantage of down payment assistance options from Lake Area Mortgage, you may be able to afford your first home, lower your interest rate, and reduce or eliminate private mortgage insurance. Use our home loan calculator to see how down payment assistance options could benefit you.
Down payment assistance may be available in the form of first-time homebuyer programs, home loan grants, or other special mortgage loan options. The goal of these programs is to help as many people as possible turn their dream of owning a home into reality.
Want to see if you may qualify for down payment assistance? Use the Down Payment Assistance Qualification Tool or contact a mortgage loan officer today.
[/av_textblock] [av_button label=’Apply’ link=’page,4428′ link_target=” size=’large’ position=’center’ icon_select=’yes’ icon=’ue837′ font=’entypo-fontello’ color=’theme-color’ custom_bg=’#444444′ custom_font=’#ffffff’ admin_preview_bg=”] [av_section min_height=’custom’ min_height_px=’10px’ padding=’small’ shadow=’no-border-styling’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_arrow_bg=” id=” color=’main_color’ custom_bg=’#3a715c’ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′][/av_section] [av_layout_row border=” min_height_percent=” min_height=’0′ color=’main_color’ mobile=’av-flex-cells’ id=’conventional2′ av_element_hidden_in_editor=’0′ mobile_breaking=”] [av_cell_two_fifth vertical_align=’middle’ padding=’250px’ padding_sync=’true’ background_color=” src=’https://lam.corephp.org/wp-content/uploads/2018/09/Interior-conventional.jpg’ attachment=’294′ attachment_size=’full’ background_attachment=’scroll’ background_position=’center center’ background_repeat=’stretch’ mobile_display=’av-hide-on-mobile’] [/av_cell_two_fifth][av_cell_three_fifth vertical_align=’middle’ padding=’60px’ padding_sync=’true’ background_color=’#ffffff’ src=” attachment=” attachment_size=” background_attachment=’scroll’ background_position=’top center’ background_repeat=’stretch’ mobile_display=”] [av_heading tag=’h2′ padding=’10’ heading=’Minnesota Housing Finance Agency Programs‘ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#000000′ size=’32’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”] The benefits to this option are right in the title:[/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
- Lake Area Mortgage offers eligible homebuyers (not just first-time homebuyers) down payment assistance options through the Minnesota Housing Finance Agency.
- Qualifications and income restrictions for these programs vary, so apply online today or connect with a Lake Area Mortgage Loan Officer.
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- Lake Area Mortgage can offer qualified borrowers up to $7,000 in assistance to help with down payment funds and closing costs.
- These funds are awarded as a forgivable grant to borrowers who meet income, credit eligibility, and pre-purchase education requirements.
- Grant funds are limited, so apply now and start working with a Lake Area Mortgage Loan Officer to see if you qualify.
Learn More About Federal Home Loan Bank Grants
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The benefits to this option are right in the title:
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- Qualified borrowers can use our Zero Down 10/6 ARM loan to purchase a home with no down payment.
- This option’s 10/6 ARM feature also means that the rate is locked for ten years before adjusting yearly.
- Credit eligibility and mortgage insurance requirements apply.
Learn More About Zero Down 10/6 ARM
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[av_heading tag=’h2′ padding=’10’ heading=’Smart Start 97‘ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#000000′ size=’32’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”]
The benefits to this option are right in the title:
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- Our Smart Start 97 loan option allows eligible borrowers to finance a larger percentage of their home’s purchase price and have a smaller down payment.
- Mortgage insurance may be waived for qualified borrowers who meet loan-to-value ratio requirements.
Learn More About Smart Start 97
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[av_heading tag=’h2′ padding=’10’ heading=’Royal Flex ‘ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#000000′ size=’32’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”]
The benefits to this option are right in the title:
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- The Royal Flex program is a 10/6 adjustable rate mortgage with the added feature of allowing borrowers to apply using an International Taxpayer Identification Number (ITIN) instead of a Social Security Number.
- The Flex program also has less restrictive credit eligibility requirements and offers the option to use alternative credit reporting if a standard credit score isn’t available.
- Mortgage insurance waivers may be available for qualified borrowers.
Learn More About Royal Flex
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1 This is not a commitment to lend or extend credit. This is not an offer to enter a loan agreement at a specific rate. An offer to enter into such an agreement may only be made pursuant to Minn. Stat. 47.206. Information and/or data are subject to change without notice. Membership with a $5 Share Account is required. Restrictions may apply. Lake Area Mortgage™ is a division of Royal Credit Union, 1200 County Road E., Ste 200, Arden Hills, MN 55112. NMLS# 543781. Equal Housing Opportunity.
2 This is not a commitment to lend or extend credit. This is not an offer to enter a loan agreement at a specific rate. An offer to enter into such an agreement may only be made pursuant to Minn. Stat. 47.206. Information and/or data are subject to change without notice. Membership with a $5 Share Account is required. The minimum down payment is 3% of the purchase price. Restrictions may apply. Lake Area Mortgage™ is a division of Royal Credit Union, 1200 County Road E., Ste 200, Arden Hills, MN 55112. NMLS# 543781. Equal Housing Opportunity.
3 This is not a commitment to lend or extend credit. This is not an offer to enter a loan agreement at a specific rate. An offer to enter into such an agreement may only be made pursuant to Minn. Stat. 47.206. Information and/or data are subject to change without notice. Membership with a $5 Share Account is required. The maximum down payment assistance is $7,000 for qualified borrowers. Restrictions may apply. Lake Area Mortgage™ is a division of Royal Credit Union, 1200 County Road E., Ste 200, Arden Hills, MN 55112. NMLS# 543781. Equal Housing Opportunity.
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