Minnesota mortgage and home loan info for first time buyers, MN down payment assistance and more
This article first appeared on the web site for the radio show Sweet Home Minnesota.
A Strategic Default is when someone can afford to make their mortgage payment but still chooses to walk away from the home because of their negative equity position. Usually they call their Get-a-way a “business decision” just like a bank would make and [...]
If you are first time home buyer in Minnesota I have something you need to see. I have obtained an updated list of all the special first time buyer programs available in the Twin Cities. There are fifteen of them, including several from Minnesota Housing, whose products I have used and endorsed for many years. [...]
The million dollar question for thousands of home buyers in Minnesota is “How long after a short sale do I have to wait before I can buy a home again?” There has been a lot of confusion about the answer to this question.
Fannie Mae announced their updated guidelines related to this on April [...]
The City Living program is a joint partnership between the cities of Minneapolis and St. Paul to make it easier for home buyers, especially first time buyers, to purchase a home in either city. The program has a great interest rate and can provide down payment assistance too.
The down payment assistance for the City Living [...]
As of March 1, 2010 Minnesota Housing (MHFA) raised their income limits for first time buyers using their Minnesota Mortgage Program. First time buyers are now able to earn up to 100% of the Twin Cities area median income. This means a household of 1-4 earning $83,900 or less is now eligible for the Minnesota [...]
The 2010 City Living program for first time home buyers in Minneapolis and St. Paul was rolled out today. There are two options on this program, just like there used to be for anyone familiar with the program. For either option the buyer can get a FHA or VA loan–no Conventional mortgages.
Option 1 is a [...]
This past week one of the three titans of mortgages, Freddie Mac, announced they agree with my assessment that mortgage rates will be going up in 2010. Now I am only waiting for Fannie Mae and FHA to announce that they think I am right too. (If you didn’t notice my name in any of [...]
On Wednesday afternoon (the day I write this) HUD Secretary Shaun Donovan will be making a presentation to the House Financial Services Committee. According to a story first reported by national real estate columnist Kenneth Harney a number of changes, including increased down payments, higher minimum credit scores and raising the cost of mortgage insurance could [...]
The 2009-2010 version of the home buying tax credit has passed through Congress and the bill should be signed tomorrow by President Obama CNBC.com is reporting.
The details did not change much from the last posting I wrote. Here are the basics:
The tax credit will apply to purchase agreements accepted on or before April 30, 2010 [...]
This article first appeared at www.MyFirstHome.biz
What makes negotiating on a bank owned property different? The main difference is understanding the motivation of the seller. (According to the Minneapolis Area Association of Realtors recent report, the amount of homes for sale by banks has dropped 60% since last year. So, the dynamic of buying a home [...]
