Minnesota mortgage and home loan info for first time buyers, MN down payment assistance and more
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 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 [...]
Foreclosure Remediation Buyer Assistance Program
Foreclosure has affected some suburban Ramsey County communities more than others. Federal Neighborhood Stabilization Program funds are being made available to strengthen neighborhoods where greater numbers of foreclosures have occurred. FirstHOME Buyer Assistance funds continue to be available to first-time buyers of suburban properties throughout Ramsey County.
Under the Ramsey County Opening [...]
UPDATED POST
The basics of the program work like this:
must be a first time buyer
who works in a specific job or field
earns less than the income limits
buys in the city limits of St. Paul, MN
can put in a down payment of 1.75% of the sales price.
$5,000 is basic assistance, $10,000 if it’s a bank owned home [...]
Can I Pay More Money Towards My VA Loan? Just got this questions from a reader and it caught my attention because I don’t know if I’ve ever been asked this. When I am working with people buying homes in the Twin Cities, VA loans are usually seen as great loans because they require no [...]
Remember the movie “Big Trouble in Little China?” Well, here’s a new tale of woe to tell–not quite worthy of it’s own movie but at least a blog post here.
You know all those special Minnesota first time home buyer loans everyone always wants to take advantage of? The same loans that I’m talking on the [...]
After writing several articles about the benefits of VA loans, I’ve received a number of comments from readers about the challenges they have had getting their offers on homes accepted when using a VA loan. If you are one of these buyers, here is how I recommend you tackle that problem. It is a technique [...]
Many Realtors in the Twin Cities know little about a VA loan (of course, many mortgage lenders have the same problem). Earlier I wrote about the benefits of a VA loan for Minnesota first time buyers. In that article I mentioned that one of Realtors’ biggest fears comes from the appraisal process, especially if they represent [...]
