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There are less homes on the market to choose from if you’re looking to purchase a home as fewer homes are coming on the market. This tends to lead to needing to react quickly, especially if you’re in a first time home buyer price range where there are likely multiple people interested in the same property price range.
You can get a mortgage today with as little as 3% down payment on a Conventional loan, 3.5% down payment on an FHA loan or if you’re a Veteran or purchasing in a rural area, there are still zero down home loans available. First time home buyers could be eligible for down payment assistance or closing cost assistance to help cover some of the down payment requirements for a mortgage and buy their first home for as little as $1,000 out of pocket.
Real estate radio programs are all over the airwaves today. Our show is truly designed to educate you about what you need to know in today’s mortgage and real estate market in the Twin Cities and answer questions about your own real estate and mortgage needs, and, it’s brought to you by experts.
The Minnesota Housing Finance Agency and MN Home Ownership Center want you to know help could be available to you if you are a Minnesota homeowner dangerously close to foreclosure. The Emergency Homeowners Loan Program (EHLP) will give 1,405 selected Minnesota homeowners up to $50,000 each in interest free loans over the next two years to help them catch up and keep up with their mortgage payments.
According to the Weekly Primary Mortgage Market Survey from Freddie Mac, the average rates over the last week for a 30 year fixed mortgage is 4.40%. This is just a tick higher than the previous week and the highest they have been since the end of July, beginning of August 2010. Although the rate differences are slim, prospective buyers need to be aware that as rates rise, they will affect your buying power.
Cornerstone Mortgage Company had the lowest refinance rate among reporting lenders in the second quarter 2010.
From May to 2009 to May 2010, there was a 15% increase in closed sales. From June 2009 to June 2010 the number flip flopped to a 12% decrease in closed sales, sitting at 71 closings last month. YTD that leaves the overall closed sales figure up 7% with a total of 328 closed sales in Burnsville real estate.
Looks like parts of the Senate are still trying to extend the deadline for the home buyer tax credit closing date by attaching it to the unemployment benefits bill affecting hundreds of thousands of laid-off Americans
A report from CoreLogic, showed home prices in the U.S. increased by 2.6 percent in April, the second consecutive monthly increase; and noted home prices also increased on a year-over-year basis.
I’m going to say it again, because its important to hear. THERE IS STILL MONEY AVAILABLE TO HELP YOU GET INTO YOUR FIRST HOME! I can’t stress this enough, there are programs available to help you get down payment and closing cost assistance. Actually, lots of programs! Lets take a look at the information for first time homebuyers looking to purchase real estate in Dakota County:
Watch this video for information on the upcoming First Time Home Buyer Class
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