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 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 [...]
In case you live in a cave and didn’t hear, the Government extended the tax credit for first time buyers to the end of April 2010. It also expanded the program to include up to $6,500 in tax credits for buyers looking to move up or down. The biggest rule to follow if you are [...]
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 [...]
Tonight Calculated Risk is reporting the details of what the final negotiations have pulled together. Citing a report on Bloomberg Calculated Risk is reporting the following details in this new version of the tax credit:
Income eligibility for first-time home buyers stays at $75,000 for individuals and $150,000 for couples.
For move-up buyers, income eligibility is $125,000 for [...]
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 [...]
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 [...]
Behind the scenes the pieces have been moving into place for a Congressional showdown about extending or amending the current $8,000 first time home buyer tax credit. Right now the options being proposed are the same as they have been for weeks:
Extend the current credit longer–until June or July seems to be the standard time [...]
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 [...]
It was announced this afternoon (10/01/09) that Minnesota Housing is going to increase the amount of down payment assistance available to first time buyers in Minnesota who are using its CASA program. Currently first time buyers in the Twin Cities can receive $3,000 toward the down payment or closing costs. After October 5th they will be [...]
