What Happens When The Goodies Are Gone?

If you’re a first time homebuyer in Minnesota today, you need not fret. There will still be great loan options available for you after the tax credit is gone, when interest rates go up and FHA requires a little more skin in the game in the way of closing costs. Dakota County Bond Program and Minnesota Housing are just two of the excellent loan options that I will highlight for you. Keep in mind, no matter where you are in the Minneapolis/Saint Paul Metro area, there are special financing options available for first time homebuyers. 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.

I got a call from a recruiter the other day from a large, well known company. He wanted to know what my business model was and specifically asked if I worked with first time homebuyer bond programs. I responded enthusiastically with a “YES!”. He then asked, “Why?”. It was an easy answer. These first time buyer programs help people buy homes that otherwise wouldn’t be able to, or, help first time homebuyers purchase more affordably. If I have the choice to put a client into a program that’s going to help them purchase more affordably or one that will make me more money, I’m always going to choose the one that will help them the most. It may take a little more effort and pay me a little less money, but in the long-run, I’m building a practice and those clients will remember what I did for them and refer me to their friends and family. Doing the right thing is always going to pay off in the end. His response was funny; “Well, you have your elevator speech down.” I guess I do. It’s called the truth. No doubt, I am passionate about helping first time homebuyers and even more passionate about making sure they get the best deal they can, given their individual situation and the resources available. Why spend more, pay more or owe more than you have to because some lender wants to make a few extra bucks? Not on my watch.

SO – first time homebuyers and Real Estate Agents, educate yourselves! What first time homebuyer products are available to you and are you working with a lender who offers them? Have you taken the time to attend the Home Stretch Workshop, which will be required to make most of these programs available to you? They are held by non-profit housing agencies in a no-pressure environment. You can find a program in your area at www.MNHOC.org or contact me and I’ll point you in the right direction. I believe everyone should know the basics before starting this process, and the Home Stretch Workshop is a great place to start.

Here are the basics of two of Minnesota and Dakota County’s best programs:

Minnesota Housing Finance Agency Programs:

- Lower than market fixed rate. Historically, 1/2 % lower than regular 30-year fixed rate mortgages. Current rates visit www.MNHousing.gov

- Downpayment and Closing Cost Assistance

- Buy anywhere in the state of Minnesota

Dakota County Bond Program:

- 4.99% 30-year fixed rate

- Downpayment and Closing Cost Assistance

- Must buy in Dakota County

Get started today to find out if you qualify for one of these programs or one of the many other first time homebuyer loan programs we offer throughout Minnesota! Apply online at www.MNHomeLoanPartners.com or call me directly at 952-808-2810.

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