Currently viewing the tag: "Minnesota Housing"
If you’re dreaming of a white Christmas, it doesn’t appear like you’re going to get your wish this year. I know it’s tremendously un-Minnesotan of me, but at this stage, I’m a-okay with that fact. Don’t hate me, but I’m a more than a little okay with cheating winter out of a month. I just hope it doesn’t catch us on the flip side and we have snow into May. However, if you’re dreaming of buying your first home in Minnesota this winter, that could be a reality and there are a number of First Time Home Buyer Programs that could help make your wish come true in this New Year we are about to embark upon.
Do you want to buy your first home, but there’s a little thing called cash that you think will hold you back? Many first time home buyers aren’t fully informed about what programs are available to them and how much cash they could save if they were connected with the right people in Minnesota.
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.
The Minnesota Housing Finance Agency and MN Home Ownership Center want you to know help could be available to you if you are a Minnesota homeowner dangerously close to foreclosure. The Emergency Homeowners Loan Program (EHLP) will give 1,405 selected Minnesota homeowners up to $50,000 each in interest free loans over the next two years to help them catch up and keep up with their mortgage payments.
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.
*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!
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
FHA intends on lowering upfront mortgage insurance premiums, but raising the monthly mortgage insurance premium. This will make an impact for those who are looking to purchase a home but are down payment sensitive.
Interest rates have ticked up a little bit more over the last week, Freddie Mac’s mortgage market survey shows rates just over 5.25% on a 30 year fixed mortgage, those are the highest rates since august 2009. What’s awesome is that Minnesota Housing is standing by their word and they are still offering interest rates for first time home-buyers at 4.625 percent on first time home-buyer programs. Also, City Living for St Paul and Minneapolis as well as Dakota County Bond programs still show interest rates below 5% on 30 year fixed rate mortgages. So, it’s still a great time to buy.”
Watch this video for information on the upcoming First Time Home Buyer Class
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