First Time Home Buyer Assistance Minnesota

first_time_home_buyer_assistance_minnesotaThere is first time home buyer assistance Minnesota, and now’s a great time to take advantage of such assistance.

For quite some time, the housing stock inventory in the Twin Cities region was a bit stagnant, but times have changed. In the 13-county metro area, inventory levels are up this year, with about 17,000 places to choose from! To put this into perspective, there are now more homes to choose from in Minneapolis-St. Paul in 2014 compared to 2013, 2012 and 2011. Finally.

In other good news, not as many homes are in foreclosure lately, and the number of desirable traditional homes for sale has increased. If you’ve been thinking about buying a home in Minnesota, this is the right time to do it.

MN housing is dependent on several factors. Is the state seeing job growth? Is consumer confidence up or down? Are families stressed out and just trying to get by, or are they in stable financial situations? For the most part, Minnesota’s economy is doing better than other states, which means people are in the mood in Minnesota to buy homes. And now that there are more homes to choose from, that’s a win-win situation. Minnesota is also unique in that it offers people options to finance the biggest purchase of their lives.

With first time home buyer assistance available in Minnesota, you could conceivably move into your new place this year. Wouldn’t it be nice to have a new place to call your own? A new place means you get to decorate it with furniture pieces, artwork, plants and more. It’s a time of new beginnings. Depending on your income and the purchase price of the home you’re interested in, Lake Area Mortgage may be able to help assist you with the purchase process.

Call Lake Area Mortgage at 651-209-2900 or email to discuss available options for first time home buyer assistance in Minnesota.

MN Housing Finance Agency

mn_housing_finance_agencyIn Minnesota, the MN Housing Finance Agency is involved in increasing the housing inventory around the Minneapolis-St. Paul metro area in order to accommodate a growing market of people looking to buy homes in a thriving region.

In June 2014, for instance, there were more homes for sale in the region than the same month the year prior. The good news is that this has been true for several months in a row—the housing inventory is rising to meet demand.

In Minnesota, there are typically between 8,000 and 18,000 homes for sale at any given time. MN Housing Finance Agency exists to work with people who want to buy a Minnesota home but may not have the knowledge or money to complete the complicated process and easily get into a decent home.

MN Housing Finance Agency helps thousands of families move into new homes. With down payment assistance and successful loan closings, the mortgage loan help provided by a caring agency has proven to be invaluable to many Minnesotans who want a nice place to live.

There are all sorts of homes for sale. MN Housing Finance Agency helps people purchase investment properties, build their new dream home, rehab and repair, and restructure existing debt with refinance transactions.

Now’s a good time to buy a home in Minnesota because there are more homes and housing options to choose from than in previous years. Did you know the median price for a home purchase in MN is about $220,000 these days? Keep in mind there are affordable options well below that price, as well as certain homes that cost more, but give you “a lot of bang for your buck.”

With fewer foreclosure sales and overall gains in inventory, price growth is moderate, so now’s a good time to buy as home values seem to be on the upswing.

If you’re thinking of buying a home and need some assistance to make it happen, call our team at 651-209-2900 to see what help is available.

MN Housing

mn_housingIs the MN housing/Twin Cities’ real estate market hot or cold these days? A snapshot of how it’s doing as of June 14 shows that it’s hot.

For instance, for the week ending on June 14, new listings were up 5.9% and inventory increased 6.5%. To put that in perspective, the Twin Cities region had over 2,000 properties newly listed, and overall there were almost 17,000 available for sale in the marketplace. Not too shabby!

2014 is turning out to be a decent year for real estate transactions in Minnesota, as the economy hums along and people seem to have good jobs, which translates into having the stability and the money needed to put a down payment down on a new house and/or make mortgage payments toward fully owning their own place.

A good gauge of how a market is doing is the median sales price. In the Twin Cities, the median sales price for MN housing increased from the prior year. In 2014, the median sales price is $210,000. Furthermore, the percent of original list price received is 96.8%, which means most sellers are getting paid what they want to get paid for their house.

The number of days “on the market” decreased by 7% in recent times to 80. So, if you were wondering how long it takes before the average house sells locally, it’s about 80 days.

MN Down Payment Assistance is helping people get the homes they want in Minnesota. With financial assistance available for first time home buyers in the form of the MN Housing Mortgage Credit Certificate, buyers may be able to claim up to 35% of their mortgage interest as a federal income tax credit each year (Consult with your tax advisor for further information regarding deductibility of interest and charges.) Many people take advantage of this program because it could reduce their federal income tax liability and possibly save them up to $2,000 per year (Consult with your tax advisor for further information regarding deductibility of interest and charges.) The MCC program also involves low-interest mortgage options and access to loans for help with making a down payment and/or closing costs.

If you’re interested in MN housing, please call Lake Area Mortgage at 651-209-2900 or email to discuss available options to help you get into a new home.

First Time Home Buyers in Minnesota

first_time_home_buyers_in_minnesotaFirst time home buyers in Minnesota should consider moving to Shakopee, a city that’s southwest of downtown Minneapolis.

Shakopee has about 37,000 people, and is located on the south bank bend of the Minnesota River. Long known for its attractions like a family amusement park and horse racetrack, Shakopee is part of the Minneapolis-St. Paul metro region, and it’s growing.

Indeed, Shakopee is one of the fastest growing cities in the Twin Cities region, nearly doubling its population between 2000 and 2010.

First time home buyers in Minnesota would be wise to look at homes available for sale in Shakopee, with its abundance of nice, traditional homes for sale. It’s an ideal place to live, with many young families moving in, appreciating its small-town charm.

In historic downtown Shakopee, locals and tourists alike enjoy the boutiques and restaurants, along with riverside concerts and summertime car shows. Shakopee combines traditional charm with modern convenience– no wonder it’s growing. People want to live, work, shop and play there.

People often move to where the jobs are and where the good schools are, right? Shakopee Public Schools include five elementary schools, two junior highs and one senior high school. If you have kids, they will get a good education in Shakopee schools. The city also has a campus of the Globe University/Minnesota School of Business, a private career college offering programs in business, health sciences, legal sciences, multimedia and design and information technology. Shakopee benefits from a great location in Minnesota– it’s a short car ride away from big city life as well as quiet, rural areas.

Do you need down payment assistance to move to a nice house in Shakopee? If so, contact Lake Area Mortgage at 651-209-2900 to ask about available options. Lake Area Mortgage helps first time home buyers in Minnesota, so they can afford the places they want to live and enjoy their new homes.

First Time Home Buyer Programs Minnesota

first_time_home_buyer_programs_minnesotaFirst time home buyer programs Minnesota offer people some very good deals. One program in particular is known as the Minnesota Housing Mortgage Credit Certificate, or “MCC” program.

MCC is one of the best first time home buyer programs Minnesota because it allows first time home buyers to claim 35% of their mortgage interest as a federal income tax credit each year. Many people take advantage of this program because it can reduce their federal income tax liability and save them up to $2,000 per year. The MCC program also involves low-interest mortgage options and access to loans for help with making a down payment and/or closing costs. The goal of MCC is to help Minnesotans afford housing.

In addition, MCC is one of the popular first time home buyer programs Minnesota because of several worthwhile options. For instance, MCC offers a conventional product with no mortgage insurance, using only a 3% down payment. Or, for those who are looking for lower private mortgage insurance rates for conventional-insured loans, MCC can connect you with those, again at only 3% for the down payment. Meanwhile, MCC includes a FHA 203 (k) streamlined purchase/repair product option, in case you’re the type of person who likes “fixer-uppers” and doesn’t mind owning a first house that needs some work done to make it livable.

Are you wondering if you’re eligible for the benefits of the MCC program? Your income has to be at or below certain limits, and the home you’re looking to purchase has to be under the $298,125 acquisition cost limit for the Twin Cities’ 11-county metro area. Please consult your tax adviser with additional questions

Designed to help people with the biggest purchase of their lives, first time home buyer programs Minnesota help financially jumpstart the purchase process. To find out what options are available to you, specifically, please call Lake Area Mortgage at 651-209-2900 or email

Minnesota Housing Authority

minnesota_housing_authorityThe Minnesota Housing Authority is set up to help Minnesotans obtain safe, decent and affordable housing. Investing hundreds of millions of dollars to preserve federally-subsidized rental housing as well as promote home ownership, the Minnesota Housing Authority ideally wants to prevent and end homelessness in the state. Is it a lofty goal? Yes. But with the right attitude, funding, and promotion, the Minnesota Housing Authority works everyday toward making that goal a reality.

When someone is looking to buy a house in Minnesota, the Minnesota Housing Authority is a great resource, connecting people with information about mortgage loans, home improvement assistance, finding lenders, and preventing foreclosure. Additionally, the Minnesota Housing Authority is always on the lookout for the lowest interest rates so you can benefit!

While most people ideally want to own their own home, some, for various reasons, need rental assistance. Minnesota Housing Authority provides that, helping people look for affordable rental housing/shelter.

The Minnesota Housing Authority is a connector of agencies and people—a middleman of sorts. Connected with homeownership lenders, home improvement partners, and real estate agents, the Minnesota Housing Authority works hard to bring affordable services and financing options to people looking for a good place to live.

One of the latest options the Minnesota Housing Authority offers includes loan amounts up to $50,000! Also available are unsecured loans to help homeowners who need money to pay toward their mortgage bills. With amounts up to $15,000 and no equity needed, these loans might be just what you’ve been looking for/needing to be able to keep living where you live, avoiding the disruption of having to move.

Besides helping first-time home buyers, the Minnesota Housing Authority also helps others refinance through the “Step Up” program.

There really are many wonderful options available to people looking for affordable housing in Minnesota. Connecting with the Minnesota Housing Authority can help you discover options you never knew existed.

Minnesota Housing

minnesota_housingWhile people live all over the great, big state of Minnesota, the biggest metro area is Minneapolis-St. Paul, Minnesota, housing some 3.7 million people. It is the second largest economic center in the Midwest, behind Chicago.

The American economy has had some challenging years, to say the least, and according to the Minnesota Housing Partnership, nearly a quarter million Minnesotan households pay over 50% of their income on housing. Ideally, people should be paying about 30%– not over 50%.
Minnesota, in general, has a tight housing market—there just aren’t that many vacant apartments, for instance, in the Twin Cities metro area.

Keep in mind that Minnesota has a diverse enough economy that it isn’t in as bad a shape as many other states. Therefore, there’s more of a demand for Minnesota housing because the state has two things others want: jobs and population growth.

One of the major reasons Minnesota housing is lacking in space for people is that building permits issued for multi-unit and single-family homes hit extreme lows in the past couple years. In other words, the population grew, but the housing stock did not keep pace. And, like many other cities, developers tended to chase the well-heeled crowd, constructing expensive, luxury apartments, condos and homes, such that affordable places to live became harder and harder to find.

Thankfully, though, there is encouraging financial help available for low income residents of the state. For instance, did you know eligible Minnesota Housing borrowers have access to three down payment and closing cost loan options? In other words, there is help “out there” to help people achieve their goal of successful home ownership. In some cases, money is loaned to help home buyers rehab properties that need some repairs—a good way to improve the housing stock affordably.
A quick call to Lake Area Mortgage at 651-209-2900 can connect you with a wealth of information regarding affordable Minnesota housing opportunities available at this time.

First Time Home Minnesota

first_time_home_minnesotaSo you’re looking at buying your first time home Minnesota? If you’ve been paying monthly rent for a while, you know that you don’t get that money back. However, buy a house and you can deduct the cost of your mortgage loan interest from your federal income taxes. Not bad, huh?

When buying a first time home Minnesota, look for an area to live where you think you’d feel safe and comfortable. It should be in a place that’s near to the things you love, such as a particular church, library, shopping center, or friends/relatives. Keep in mind the distance between the potential house and your job—will it be no commute (working at home), a quick commute (10-15 minutes by car or bus), or a long commute (over an hour) to get to and from work? That’s one of the major decisions you have to make when considering your first time home Minnesota. If you’re the kind of person who doesn’t mind a “fixer-upper,” you can probably find a very affordable first time home and remodel it to your liking.

A home can be considered an investment, as it may appreciate in value in the coming years. For example, you might buy your first time home for $100,000 and ten years later it’s worth $150,000. There are usually some good deals on first time homes in Minnesota, so be on the lookout, in particular, for “HUD homes.” The lender (usually a bank) has foreclosed on a HUD home because the person who purchased it couldn’t make the payments, so the lender then owns it and wants to sell it at market value quickly.

As a first time home Minnesota, you may be eligible for some good deals because of the fact that you are a first time home buyer. To find out about Minnesota down payment assistance for your new home, contact Lake Area Mortgage at 651-209-2900.

Minnesota Housing Assistance

Minnesota has taken on the ambitious goal of preventing and ending homelessness in the state. Thanks to $2 million being allocated toward rental assistance for homeless and “highly mobile” families, there’s hope for some, if not all, people looking for MN housing to find a place to live and not have to live on the streets or in their vehicles.

The goals of the state program are to find MN housing for veterans and people experiencing chronic homelessness by 2015, and to find MN housing for families with children and unaccompanied youth by 2020. A lofty goal—sure—but it can be done.

Did you know about a quarter million Minnesotans pay more than HALF their income for MN housing? It’s no wonder that on any given night, 10,000 Minnesotans are homeless. The government recognizes that people need decent places to live if they’re to do well in school, hold stable jobs in the workforce, and help build a stronger Minnesota. To that end, the powers-that-be are focused on giving all Minnesotans resources to have a place to live—to call home—that’s not a cardboard box on the sidewalks of Minneapolis or a park bench in Duluth.

Recently, the Minnesota Legislature approved funding of the Rental Assistance for Highly Mobile Students Initiative, providing MN housing assistance for up to two years to help families with school-aged kids who move often. The idea is to encourage the parents to stay put so their kids can attend the same school without interruption through the school year. Stability and staying in one place help ensure kids get a proper education, rather than missing days or weeks of classes and/or having to constantly re-adjust to new schools and social situations.

Compared to other states, Minnesota is more invested in seeing its citizens succeed in life. By offering MN housing assistance to those who are struggling, the government and various agencies are making a coordinated effort to see that all Minnesotans have appropriate housing.

Get MHFA Help

mhfaThe Minnesota Housing Finance Agency (MHFA) invests millions of dollars into financing affordable housing for low and moderate-income Minnesotans. In other words, MHFA helps people of limited means get proper housing.

MHFA does several things each year to foster stronger communities. The goal is to promote and support successful home ownership, while preventing (and ending) homelessness. The agency preserves federally-subsidized rental housing and steps in to help prevent foreclosures. The overall aim of MHFA is to make Minnesota the kind of state where people live in safe, decent and affordable housing—in relatively stable and strong communities.

Perhaps you wanted to be a pioneer in a neighborhood where the housing stock needs some improvement. MHFA offers products and services to help you buy and fix up homes that need a lot of work done. The idea is that it’s better to have a home cleaned up and in good condition, with occupants who care to be there, than to let a building rot with no one paying attention to it.

MHFA has been helping Minnesotans for more than 40 years, and has a great reputation as one of the nation’s finest housing finance agencies. It’s worth investigating their products and services to see if they could be of help to you and your situation.