The average first-time homebuyer in today’s market is buying using FHA (Federal Housing Administration) financing for a number of reasons, one of biggest being the ability to get into a home for as little as 3.5% down payment and seller paid closing costs up to 6%. Conversely, there are certainly 3% down payment programs available in the Conventional Loan Market, but they require higher credit scores and have lesser allowable seller contributions.
BUT, oh yes, there’s always a BUT and this is a BIG ONE. FHA guidelines are changing and seller contributions are going down, from 6% to 3%! Using a $200,000 purchase price, that’s 6,000 additional reasons to buy now. Your minimum investment just went up significantly. Do you have an extra $6,000 laying around in your bank account?

[ April 1, 2010; 6:30 pm to 8:00 pm. ] Many homeowners in today’s market find themselves upside-down in their homes. For some, a short sale is the solution, but there are many questions a homeowner should ask – and get the answers to – before entering a short sale agreement: How does a short sale differ from a foreclosure? How does a short sale impact my credit standing? Is there a waiting period before I can purchase a new home?

[ March 25, 2010; 6:30 pm to 8:00 pm. ] Are you a First Time Home Buyer? Not sure what to expect? Do you qualify for tax credits? How do you get pre-approved? Come learn about the buying process, from working with a loan officer to getting pre-approved and house-hunting with a Realtor, to getting your offer accepted and finally closing on your home!

Well, I can’t answer whether we’ll see a recovery in the economy as a whole but I can tell you, in Minnesota, in my neck of the woods – Dakota and Scott counties – the time to buy or sell a home is now, before the next wave of foreclosures hits. Why?
1) As a nation, we have been artificially keeping interest rates low over the past year.

As a homebuyer in today’s real estate market, it may feel a bit like we’re asking for a whole lot more than you feel we should need to know. Let me ask you, if you were borrowing someone $150,000 for Burnsville real estate, what would you want to know about them?

On an FHA loan, mortgage insurance is required to be paid in the form of both upfront mortgage insurance premium and an annual mortgage insurance premium. Currently, these amount as set at 1.75% upfront and .55% annually for minimum down 30 year fixed rate mortgages. The change, that is scheduled to begin April 4, 2010, increases the upfront premium to 2.25% and leaves the annual premium at .55% for 30 year fixed rate mortgages.

Yes, I’m speaking metaphorically. But it is a great way to describe the real estate market in Minnesota. So humor me…..

Incentives, low mortgage rates, down payment assistance programs, 6 percent seller paid closing costs….

[ March 11, 2010; 6:30 pm to 8:00 pm. ]
Planning For Tomorrow- TODAY: Issues And Concerns For Your Aging Parents
Thursday, March 11th, 6:30-8PM

Join Rebecca Ross, member of The Minnesota Real Estate Team, and Carrie Guarrero of Cornerstone Mortgage, while they discuss the following issues: Elder Law (Power of Attny- Health Care Directives- Contract review), Financial Concerns (Wills and Estate Planning), In Home [...]

The MN Home Loan Partners is a unique group of lenders, each witha specific area of expertise, who has teamed up to provide an unbeatable level of service to both their clients and referral partners in Dakota County and Scott County, as well as the Twin Cities Metro area of Minnesota.