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Justin Fox
REALTOR®, Broker/Owner
(651) 768-0100
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There are many different programs available to homebuyers (first-time and repeat buyers).

 

Assistance is available from:
State of Minnesota
Several Minnesota Counties
Several Minnesota Cities
Specific neighborhoods within Minnesota Cities
Non-profit organizations
Select banks/lenders

 

Programs include:
No interest loans
Reduced interest fixed loans
Down payment grants

 

Several of the programs can be combined to offer larger amounts of assistance in certain situations.  For example, using Ramsey County’s program and the State’s program we’ve had a buyer get $23,000 in down payment assistance!

 

Homebuyer Specialists:

 

Because we work with so many homebuyers, we know what’s going on in the marketplace. Our lead agent, Justin Fox, has been helping buyers and sellers for well over a decade. He's been featured on forbes.com and has earned many other accolades. You can move toward home ownership with confidence, knowing you’re working with competent, experienced professionals.

 

How do I qualify?

 

Fill out the form on the right side of this page and we'll get things going for you! There's no cost or obligation to see if you qualify.

 


 

 

What about Rent-to-Own?

 

Rent to own can be a good thing in certain situations.  However, leases (rent-to-own agreements) aren’t regulated like mortgages are.  Governmental authorities have many consumer protection laws designed to prevent homebuyers from predatory mortgage lending practices.

 

Mortgage loans are given by banks that are closely regulated and audited by government authorities.  There are interest rate limits call “usury limits,” which are rates the bank can’t charge you more than.  Leases are given by private parties and, in most cases the leases aren’t regulated or inspected.  Lease terms and costs can vary widely – because there is no “standard” lease or government monitoring, a landlord can put any clause, or rule, in the lease.  Because it’s a legal binding contract, in most cases you must abide by it.  There are typically no rate limits, so the landlord could charge you tens of thousands of extra dollars!  If you are only one day late on your lease payment, you could potentially lose all of the equity that you’ve earned to date.  With a mortgage there is a legal “redemption period” where you can “redeem” yourself and bring your loan up to date.

 

Most landlords will have to get a mortgage to purchase the home for you.  The landlord has to make their payments too.  Even though you may make all of your payments on time, if the landlord doesn’t make their payments to the bank, the house could be foreclosed upon, and you could lose all of your equity and money invested!

 

Rent-to-own is a gamble.  Especially since most landlords want money from you up front, called “option money,” which is typically non-refundable.  Rent-to-own can be a good thing if you have a reputable landlord with reasonable terms.  If you do choose to use the rent-to-own option, you should always seek competent legal advice from the appropriate professional.  It’s your future and money that you’re dealing with.

 

This article is not to be construed as legal advice.  If you desire legal advice, please consult the appropriate professional.

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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 12/07/2022. The listing information on this page last changed on 12/07/2022. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of RMLS-MN MLS (last updated Wed 12/07/2022 10:59:54 AM EST) or Northwestern Wisconsin MLS (last updated Wed 12/07/2022 11:01:06 AM EST). Real estate listings held by brokerage firms other than RE/MAX Professionals may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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