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.

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.

There is a new first time homebuyer loan program coming to Dakota County of which, we are excited to take part. Here are some highlights of the new program and what it offers to first time homebuyers purchasing inside Dakota County…