Currently viewing the tag: "first time homebuyer program"
If you’re a first time home buyer in Minnesota, you need to explore your options and make sure you’re talking to a lender who is a regular provider of first time home buyer programs. Obviously, not all mortgage lenders offer these programs, or the client I mentioned above wouldn’t have had to go through 3 before finding someone who would educate her and provide her with a program that she can truly benefit from.
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.
If you’re a first time homebuyer, this is a must read! There are programs available with down payment assistance, closing cost assistance and even money to fix-up the home you’re looking to buy if it’s not quite “move-in ready”.
There are two major gaps for first time homebuyers to purchasing their first home today – credit and cash. With programs offered through Minnesota Housing Finance Agency that cover the whole state, Counties like Dakota or Anoka County, and Cities like Minneapolis, Saint Paul and Woodbury; you could be in a situation where you qualify to buy your first home for $1,000 out-of-pocket.
Step 3: You’ve Found A Home, Now What? At this point, you will be signing property specific loan documents for your final loan approval based on the exact details of your purchase agreement and closing date. We will review all of the numbers again, finalize any first time homebuyer assistance, discuss locking in your interest rate, obtain updated documentation from you (very likely updated paycheck stubs and bank statements as those items expire) and sign all necessary loan disclosures to move into the next stage in the loan process.
We all like good news at the end of the week, so here is today’s great news: The interest rate on the Minnesota Housing Finance Agency’s (MHFA) Minnesota Mortgage Program (MMP) have dropped to 4.25%!** If you qualify for down payment assistance through MHFA, your rate on the Community Activity Set-Aside (CASA) is a low 4.625%** on a 30 year fixed loan.
[ 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.
*First time homebuyer is defined as someone who has not had ownership in a property in the past 3 years. Therefore, if you’ve previously owned a home, but have not owned in the last 3 years, you have the ability to utilize these programs and receive the benefits of being a first time homebuyer again! Call me for details today!
Current interest rate: 4.125%
Program Eligibility
• Must be first time homeowners OR has not owned a primary residence in the last three years.
• Existing single family homes, townhomes, condominiums or duplexes in Dakota County are eligible.
• New construction is eligible in Apple Valley, Burnsville, Eagan, Empire Township, Farmington, Hastings, Inver Grove Heights, Lakeville, Mendota Heights, Rosemount, South St. Paul, Sunfish Lake and West St. Paul.
• Homebuyers must occupy the home as their primary residence after purchase to be eligible.
• 620 minimum credit score.
[ July 15, 2010; 6:30 pm to 8:00 pm. ] MN Home Loan Partners is happy to a provide free evening class to anyone who is thinking about buying their first home. The class is jam-packed with useful information on the steps to take when looking for a home. This month’s class is Thursday night, July 15th from 6:30 to 8:00pm.
If you’re thinking about buying your first home, these five steps can help ensure you get the right house and the affordable financing that helps make home ownership a long-term success:
Watch this video for information on the upcoming First Time Home Buyer Class
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