As with any big decision in life, it’s a good idea to do your homework. Same is true if you’re looking to upgrade your status from home renter, to homeowner. We’re not just talking about the house itself or its location (though a little research there is strongly encouraged!). What we’re talking about is exploring your payment options.
Though a home loan is something you’ll be paying off over time, don’t let the word “loan” scare you away from taking the next step. First-time homeownership is an exciting and rewarding experience, and yes, just about every homeowner has had to take out a loan at some point. And just like rentals, there are also ways to make homeownership more affordable.
Whether you want a lower down payment or a lower interest rate, there are many affordable housing loan options available to Twin Cities residents and first-time homebuyers, and we’ve done some of the homework for you. Here are just a few options to get you started: