Minnesota Housing lowered all first-time home buyer program interest rates, with the lowest at 3.75% for MMP loans

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:

If you are a first-time homebuyer or haven’t bought a home in a while, this guide will offer valuable information about buying a home.
Gather the information you will need to qualify for a home mortgage

Before you can buy a home, you will need to secure financing. Be ready to provide a mortgage lender with the following information:

Cornerstone Mortgage is proud to offer a number of seminars on a monthly basis to assist and educate you in your homebuying process. From buying bank-owned homes, short sale solutions, first time homebuyer education to investment properties, Cornerstone Mortgage has a seminar that will make a difference for you! These seminars are all free to you, no obligation and packed with valuable information from experts in the field.

The First Time Homebuyer Program from CDA provides homebuyers with financing for a first mortgage through participating lenders, such as Cornerstone Mortgage Company in Burnsville, at a low, fixed interest rate. Homebuyers accessing the Dakota County CDA First Time Homebuyer Program can also apply for downpayment and closing cost assistance loans of up to $10,000, depending on household income.

[ March 18, 2010; 6:30 pm to 8:00 pm. ] Take the ‘unknown’ out of homebuying. Talk to Realtors and Mortgage Professionals about your questions. If you are buying Burnsville real estate, or anywhere in Dakota or Scott County, stop in for a no-pressure presentation that is sure to answer your homebuying questions. Take the myth and intimidation out of being a first time homebuyer, and better prepare yourself for the exciting purchase of a home!

Keep in mind, no matter where you are in the Minneapolis/Saint Paul Metro Area, there are special financing options available for first timehomebuyers . In fact, we offer Minnesota Housing Finance Agency loan programs and down payment incentives throughout the entire state of Minnesota. Whether you are buying in Dakota County or if you’re looking in Duluth, Ivanhoe, Rochester or Albert Lea – we have access to a program that can help you own 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.

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.

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.