Real estate photography courtesy of Reese Imaging
If you are looking for an affordable house in Minneapolis, you picked a smart time to do so. The Twin Cities housing affordability index is high, compared to comparable urban areas across the country. The low mortgage rates are just more icing on the cake for Minneapolis real estate buyers, and FHA is an easy way to go, especially for those who are strapped for cash.
Finding an Affordable House in Minneapolis
Here are some affordable Minneapolis homes for sale on the MLS that are available right now:
Here is a comprehensive list of houses in Minneapolis that fall within FHA loan limits. Call for eligibility info on a specific house in Minneapolis. Prices and availability are subject to change without notice.
The FHA* loan limits for buying a house in Minneapolis and the rest of Hennepin County is $365,000 (at the time of this post – Sept 6th 2011) and the minimum cash required from the buyer is 3.5%, although this money can be gifted from Mom and Dad if you don’t have it. What about cash for closing costs of a purchase for a house in Minneapolis? Well, FHA will allow a maximium of 6% cash contribution toward closing costs, which will be more than enough to cover them. Right now, there is a wide selection of homes for sale under $365K, and a sizable number of homes under 200K in good condition, including bungalows, 1.5 story, and two story homes. Also, there are a number of Minneapolis homes for even less that are quite habitable and simply need a bit of TLC.
*FHA limits subject to change without notice. Call for information about financing an affordable house in Minneapolis.
Real estate image courtesy of http://reeseimaging.com.