Up to $7,000 down payment assistance Purchase with a minimum of $1,000 down HOME HELP Program

Click Here to See if You Qualify

Financing for low to moderate income Minnesotans to help bridge the affordability gap for emerging markets buyers with MN CASA

Minnesota Housing 2010 Award Recipient

My team was recently awarded the housing partnership award for our lending committment to 1st time home buyers using Minnesota Housing products in support of affordable housing.  See on Minnesota Housing Website.

Click here for city/county specific assistance programs Many of them you do NOT have to be a 1st time home buyer!!!!

Tags: CASA, gifts, Grants, Home HELP

Fannie Mae Affordable Advantage

MN is the 2nd state to begin this new program.

$1,000 borrower contribution into the transaction

680 Credit Score

45% debt to income ratio

1 unit owner occupied properties only (condos elligible for sale to Fannie Mae)

Fannie Mae appraisal standards

The IRS states:  Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

Tags: VA loans

$1,000 minimum down for a 203ks FHA rehab loan

1st time buyers
Must not have owned a home in the previous 3 years
Maximum purchase price $298,125

$5,000 for your down payment and you must bring a minimum of $1,000 cash to close of your OWN funds. Maximum rehab bids $12,500

Tags: CASA, FHA

Don’t allow minimal property condition challenges stop you from utilizing traditional non rehab 203ks FHA financing.
Often times you will see a property listing stating cash/conventional only with minimal derogatory property conditions.
As a small bank we are able to escrow for city required repairs that the city mandates to be made prior to closing and or FHA required work orders called on an appraisal.
Often times on bank owned REO the seller will not perform or allow work to be done to the home prohibiting a successful closing. If the work orders are minimal I will escrow for the work to be completed after close providing you as the buyer sign an escrow agreement of 1.5x a reputable contractors bid. You have 7 days to finalize the repairs as your funds will remain at our bank until final inspection has cleared.

Tags: FHA, HUD

You do NOT have to be a 1st time home buyer however if you are can combine with State housing finance agency assistance.
No Money down
NO MONTHLY MORTGAGE INSURANCE
No savings required
Can finance up to 102% of the appraised value for minor repairs

Copy and paste this link in your browser to check for eligibility in Minnesota
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do