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 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 [...]
What is the primary benefit of using the HOP loan?
Buyers can purchase damaged, bank owned homes or short sales using a Conventional-Construction mortgage and then convert this into an end loan such as FHA with smaller down payment requirements. This will allow people to buy homes that only accept “Cash or Conventional” offers without having [...]
Why do many bank owned properties only accept “Cash or Conventional loan” offers? This is a pretty common question right now. It mainly comes down to the issues with physical condition that many of these homes have.
If you are not making a “Cash or Conventional Loan” offer then you are likely using a FHA or VA [...]
Solving the Riddle of the REO Conundrum is the key to fixing the Twin Cities housing markets’ fall in value. What is the REO conundrum you ask? Well, first of all REO is a bit of industry slang for bank owned or foreclosed homes, it stands for “Real Estate Owned” which is what banks call [...]
