Many people find Minnesota a great place to live, and in the 12th largest state there is plenty of room to enjoy a variety of activities and experience cultural enrichment whether you choose to live in the Minneapolis or St. Paul area or head into Greater Minnesota. Whether you live in an urban, suburban, or rural area, you'll find a large parks and recreation system as well as a strong dedication to schools and the arts. All this and more makes Minnesota a popular choice for perspective home buyers.

Options for obtaining home loans in Minnesota can vary greatly depending on your income level, credit history and various other factors. While adverse credit will most likely affect your choices of mortgage interest rates, it's important to have plenty of estimates available and be aware of the current home mortgage rates before purchasing a new home or mortgage refinancing.

Mortgage rates in Minnesota are currently very low for those with good credit who wish to purchase a new home or refinance their current home. Many people are able to save money by trading in an Adjustable Rate Mortgage for an attractive 15 or 30-year fixed rate mortgage. Often these borrowers are even able to obtain additional money for home renovations while still keeping their monthly payments affordable.

The Minnesota Housing Finance Agency offers a variety of home buying options that will assist low and middle income persons in obtaining their first home or refinancing their current home. Some of these programs are Minnesota Mortgage Program for first time home buyers, and Home Ownership Assistance Fund (HAF) that can help home buyers obtain a down payment and/or come up with closing costs. Requirements vary depending on whether you are looking at a home in the Twin Cities or in Greater Minnesota, so you'll want to discuss possible MHFA options with your realtor.

Many who don't qualify for a loan under HAF will be able to realize their dream of home ownership through the Community Activity Set Aside (CASA) Program sponsered by various private lenders.

The Minnesota Home Ownership Center also offers many services and support to Minnesota home buyers. They can help you find out what programs you qualify for as well as help you deal with any credit issues you might have and help you find the best mortgage rates possible.