Minnesota mortgage and home loan info for first time buyers, MN down payment assistance and more
On Wednesday, June 30th the Senate passed a bill to extend the closing date deadline until September 30th for buyers eligible under the tax credit program. This bill matched up with a version passed through the House the previous day.
No New Buyers Qualify
This extension didn’t make it possible for any new buyers to get into [...]
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 [...]
Nice article written by Kara McGuire at the StarTribune today. She detailed several people’s agony in the ever increasing wait to receive their $8,000 check from the IRS for their first time home buyer tax credit.
According to the article, the IRS has to review each amended tax return by hand. Since there are over one [...]
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 [...]
There is a bunch of movement today on extending the $8,000 tax credit. Several media sources, including this article from Bloomberg and this one from CNBC, are reporting that Washington insiders think something will get approved this week.
The most likely scenario for approval appears to be a plan that would extend the credit throughout 2010. This plan [...]
This is HUGE! 3% down Conventional mortgages are back for first time buyers in the Twin Cities. Smaller down payments on Conventional loans are welcome news to anyone who has had their offer rejected because they were using FHA financing.
The ability to do anything less that a 5% down payment on a Conventional mortgage (not [...]
I saw a great ad from the National Association of Realtors (NAR) today while watching the Vikings game–a couple hosting a house warming party opens an envelope with a check for $8,000 in it, and the next shot shows Uncle Sam giving them the thumbs up. Time is about to run out on qualifying for [...]
