Lakeville's housing market is experiencing steady growth, with a strong demand for homes in the area. The median home price of $420,000 reflects the community's desirability and quality of life. As a result, homebuyers are finding it essential to work with a knowledgeable and experienced lender like NMHL. Our loan officers stay up-to-date on local market trends and can provide valuable insights to help you make an informed decision.

Some notable trends in the Lakeville housing market include:

• A growing number of new developments and construction projects
• Increased demand for homes with outdoor spaces and amenities
• A strong sense of community, with many local events and festivals throughout the year

By understanding these trends and how they may impact your homebuying decision, you can make a more informed choice and find the right home for your needs.

Lakeville has several unique neighborhoods to choose from, each with its own character and amenities. Some popular areas include:

• Downtown Lakeville: A vibrant community with local businesses, restaurants, and events
• Lake Allison: A scenic area with lake access and outdoor recreational opportunities
• Lake Roslyn: A peaceful neighborhood with lake views and walking trails

Our loan officers can provide more information on these neighborhoods and help you find the best fit for your lifestyle and budget. By understanding your priorities and preferences, we can help you find a neighborhood that meets your needs and enhances your quality of life.

Property taxes in Lakeville average approximately 1.05% of assessed value. This translates to manageable monthly costs when factored into your mortgage payment. For example, on a $420,000 home, you can expect to pay around $4,410 per year in property taxes. Our loan officers can help you understand how property taxes will impact your mortgage payment and provide guidance on how to factor them into your homebuying budget.

Additionally, Minnesota offers several property tax relief programs, including the Homestead Credit and the Senior Citizens' Property Tax Deferral Program. Our loan officers can provide more information on these programs and help you understand how they may benefit you.

Lakeville is served by two highly-rated school districts: Lakeville Area Schools (District 194) and the nearby North and South school districts. These districts offer a range of educational programs and extracurricular activities, making Lakeville an attractive option for families. The quality of local schools can also impact home values, making it essential to consider this factor when buying a home. Our loan officers can provide more information on the local schools and help you understand how they may impact your homebuying decision.

Some notable schools in the area include:

• Lakeville North High School: A highly-rated public high school with a strong academic reputation
• Lakeville South High School: A public high school with a focus on STEM education and extracurricular activities

By understanding the local schools and how they may impact your homebuying decision, you can make a more informed choice and find the right home for your needs.

NMHL offers several first-time homebuyer programs in Lakeville, Minnesota, including FHA loans with 3.5% down payment requirements and VA loans with zero-down options for eligible veterans. We also provide education and resources to help first-time homebuyers navigate the mortgage process and achieve homeownership. Additionally, Minnesota Housing Finance Agency (MHFA) offers programs like the First-Time Homebuyer Program, which provides affordable financing options and down payment assistance. Our loan officers can help you explore these options and find the best fit for your situation.

Some benefits of first-time homebuyer programs include:

• Lower down payment requirements: Many first-time homebuyer programs offer lower down payment requirements, making it easier to achieve homeownership
• Competitive interest rates: First-time homebuyer programs often offer competitive interest rates, making your mortgage payment more affordable
• Down payment assistance: Some programs offer down payment assistance, which can help with the upfront costs of buying a home

By understanding your options and exploring available programs, you can make a more informed decision and achieve your homebuying goals.