[ August 3, 2010; 6:30 pm to 8:00 pm. September 7, 2010; 6:30 pm to 8:00 pm. October 5, 2010; 6:30 pm to 8:00 pm. ] The FHA 203k loan program allows home buyers to repair aspects of the home after closing, holding the funds designated for the repair at closing

MN Housing Finance Agency Programs with lower than market 30 year fixed rates and up to $10,000 in closing cost and/or down payment assistance, plus special financing options for fixing up minor items that may need updating or repair with a unique 203K program designed with the first time homebuyer in mind.

Linda was referred to our office by a past client. Linda had been preapproved with another mortgage company that never even mentioned programs that would clearly benefit her. Linda qualified for a first time home buyer loan through Minnesota Housing Finance Agency. She qualified for down payment assistance and closing cost assistance. Of course the other mortgage company never said anything to her. They didn’t offer those programs. The reality is that Linda has found a home, financed through Cornerstone Mortgage Company, received up to $15,000 in down payment and closing cost assistance, and is now a very happy homeowner.

What happened last week to rates? Wow! It was a crazy volatile week with some major upward movement on Wednesday/Thursday. Mortgaged-backed securities simply fell apart. We’ve known to plan for the worst (3/31 marks the date the government ceases participation in buying MBS) and hope for the best; knew this was coming, and it did. Thank goodness things have backed off slightly from last week’s highs (but we can’t become complacent in the least)

First of all, not all lenders are created equal. The 203k loan program does have very specific requirements to make the process go smoothly. Some lenders have perfected this process, most of them have not. I am proud to say that we have Elizabeth Vaughan here at Cornerstone Mortgage. Elizabeth is the master of 203k loans!

Get educated on Minnesota Housing Finance Agency Fix-up Funds, 203K’s, Home Equity Lines and straight-up cash-out refinances and find out what makes the most sense for you. I promise the hour you spend checking it out will FAR out-weigh the insane interest you will be paying on credit cards!

[ April 6, 2010; 6:30 pm to 8:00 pm. ] Have you been looking for a home and can’t find just that right one? Sure, you could make repairs or remodel certain properties to make them exactly what you are looking for, but that takes upfront money. Enter – Section 203 (k) or 203k. The 203k loan enables you as a homebuyer to purchase a home, make qualified repairs to the home, or rehabilitate the home and roll the repairs and upgrade costs into the mortgage loan.

There are special loan options for first time home buyers when looking at foreclosed or short-sale properties that need a little, or a lot of work. Homes that are in need of repairs don’t need to be overlooked when you’re shopping for your first home – even if you’re not a ‘handyman’. There are mortgage loan options available that still allow you to get into your first home with a minimal down payment AND allow you to fix some things that may need repair.