The current tax credit is set to expire the end of this week. If you do not have a fully executed contract in place by Friday, April 30th, you won’t be receiving the tax credit. I’m here to tell you that it’s not the end of the world and there’s no need for widespread panic or hysterics. The Sky is NOT Falling and you need not run and hide. In fact, mother hen, Carrie Guarrero is here, to tell you the many reasons why now is still a great time – a right time – to buy.
So, let’s talk about what’s here to stay:
For First Time Homebuyers
MN Housing Finance Agency Programs with lower than market 30 year fixed rates and up to $10,000 in closing cost and/or down payment assistance, plus special financing options for fixing up minor items that may need updating or repair with a unique 203K program designed with the first time homebuyer in mind.
Dakota County Bond Program still has funding available with lower than market 30 year fixed rates and up to $10,000 in closing costs and/or down payment assistance for those purchasing in Dakota County.
Minneapolis & Saint Paul City Living Programs with lower than market 30 year fixed rates and up to 2% of the first mortgage amount in closing costs and/or down payment assistance for those buying inside the city limits of Minneapolis or Saint Paul.
IN ADDITION – there are a number of programs throughout Minnesota that offer additional down payment assistance that can be coupled with the above programs. Last week, we had a client who received a total of $35,000 in assistance by combining Minnesota Housing with the City of Woodbury First Home Program. That meant the difference between qualifying for a $125,000 and $160,000 home!
These are just a few of the options available – click here to find out if you qualify today!
That’s all great, but what if you’re not a first time homebuyer?
There is still a number of loan programs that allow for minimum down payment, historically low interest rates and let’s face it, the best priced homes that this marketplace has seen in over a decade!
If you’re a vet – VA financing still allows for ZERO down home loan for qualifying Veterans. If you are recently returning from an overseas tour of duty, you may still qualify for the tax credit for a full additional year AND, even though you may not be a first time homebuyer, some of the City and County programs like the Dakota County Bond Program may still allow you to use their program!
Of course, there is the good old fashioned FHA financing option, which is NOT just for First Time Homebuyers! FHA mortgage financing requires only 3.5% down and 6% in allowable seller paid closing costs. While the 6% is slated to be reduced to 3%, it’s not yet and there is still time to take advantage of this benefit. That’s $4500 in savings on a $150,000 loan!
Call or apply now to find the best mortgage option to fit your individual needs. Work with an expert. There is not substitute for experience in the current mortgage lending environment!
Would you like to learn more about how to qualify for a mortgage? Contact Carrie Guarrero Today!
Carrie Guarrero is producing Regional Manager and Vice President of Cornerstone Mortgage Company in Burnsville, Minnesota. If you are looking for Burnsville real estate, contact Carrie first!
Popularity: 4% [?]
If you enjoyed this article, please consider sharing it!
Great article- things really seem to be getting blown out of proportion these days with financing and the housing market. Thanks for the info on why now is still a good time to buy!
SOOOO TRUE!! I think people have been blinded by the “tax credit”. There is a reason to buy … because you want to be a homeowner, not just get $8000. And thank goodness we live in such an awesome state that offers so many incentives for first time buyers. I am fortunate to be a loan officer with Carrie and a company that specializes in all the programs that will benefit first time buyers … any buyers.