Currently viewing the tag: "first time home buyers"
Thank you to this month’s first time home buyer class attendees. We held our monthly first time home buyer class Thursday and as usual, those who attended came in with a host of questions that are typical of the first time home buyer in Minnesota. Here are a few of the questions and answers from this week’s class:
Part of the reason that homes are sitting on the market today is that they aren’t in great shape. The average first time home buyer possibly can’t see past the repairs necessary to make these homes “move in ready”. We specialize in rehab products in my office whether you are a first time home buyer or an investor. For first time home buyers, or move up buyers, we have a few excellent 203K Programs that allow you to finance repairs and potentially add properties to your list that you may otherwise overlook in the home buying process.
Many people aren’t quite ready to jump into the home buying market right now, but they need basic education in a non-threatening, non-sales pitch environment. We cover the basics and, we work in on your timing, not ours. We always say it, but I think people believe that’s part of the “pitch”. It’s not. It’s reality. And, getting started in the home buying or mortgage pre-approval process early is always a good idea.
[ July 21, 2011; 6:30 pm to 8:00 pm. ] Start here! No-pressure, No-obligation First Time Homebuyer Seminar, Thursday, July 21st, 2011 from 6:30-8PM at 436 Gateway Boulevard in Burnsville. We walk you through the home buying process in a way that gives you a thorough overview and informs you about the availability of first time homebuyer assistance programs and various important pieces of the home buying process.
One of the most common questions first time homebuyers ask is, what’s all included in my payment? If you put less than 20% down, your mortgage payment will include 4 parts known as PITI:
Federal Housing Administration is a federal agency that provides mortgage insurance for residential loans with lower down payments than conventional mortgage loans. When you purchase a home using a FHA loan, you pay an insurance premium that covers the lender (end loan servicer) in the case of your default. FHA doesn’t actually “lend” the money, but it does set underwriting and construction standards on the loans that it insures.
Here is a brief overview of the program:
100% financing with competitive rates available to qualified borrowers
NO MORTGAGE INSURANCE REQUIRED!! (Yes, I am shouting this! This can make a HUGE difference in your monthly payments!!!)
Up to 3% of the purchase price allowed in seller-paid closing costs for the buyer.
Minnesota Housing lowered all first-time home buyer program interest rates, with the lowest at 3.75% for MMP loans
The Minnesota Home Ownership Center takes on the magazines article and makes it’s case for why home ownership IS a good thing(Although it may not be for everyone).
With all the recent news about H.R. 5981, I thought I’d share that we now have through the entire month of September before the change will take place with FHA mortgage insurance premium fees. It will effect new case numbers on or after October 4, 2010.
Watch this video for information on the upcoming First Time Home Buyer Class
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