Minnesota First Time Home Buyer 2016

Minnesota_First_Time_Home_Buyer_2016If you’re a Minnesota first time home buyer 2016, you should know about a new program from Fannie Mae. The HomePath Ready Buyer Program from Fannie Mae allows qualifying first time home buyers up to 3% of the purchase price of the subject property in closing cost assistance toward the purchase of a HomePath property. To give you an example, if you bought a home for $150,000 you could save 3 percent, or $4500. And Fannie Mae will even pay the cost of your home buyer education class at the time of closing– good deal.

For the Minnesota first time home buyer 2016, Fannie Mae is trying to encourage first home ownership. Traditionally buying one’s first home has been an overwhelming ordeal for many young and financially struggling people, such as just out of school students and part-time workers who also have to care for an aging parent or little kids. Therefore, Fannie Mae’s HomePath Ready Buyer program exists to give first time home buyers knowledge to make smart decisions during their home buying process. By providing the closing cost assistance, Fannie Mae helps give first time home buyers that extra boost of confidence to accomplish what they want to accomplish.

For the 3% rebate, home buyers need to complete an online education course about buying a home. The course consists of nine 30 minute sessions. When completed, the buyer receives their certificate of completion.

If you plan to be a Minnesota first time home buyer 2016, and you did not own a property in the past three years, you might be eligible for Fannie Mae’s helpful deal. Your plans must include residing in the new house as your primary residence and this program is not for auction, pool or investor sales. Meanwhile, the request for closing cost assistance must be made at the initial offer. Fannie Mae suggests people take the home buyer education course since it must be completed before an offer can be made.

The HomePath Ready Buyer Program from Fannie Mae is just one way a Minnesota first time home buyer 2016 can save some money on the path toward owning their new home.

First Time Buyer Program In Minnesota

First_time_buyer_program_in_MinnesotaThe first time buyer program in Minnesota involves homebuyer education, as it smartly and rightfully should. After all, home ownership is a bit complicated and can seem somewhat overwhelming to most people, especially first time home buyers, right?

Since owning a home gives a person a sense of pride and accomplishment, it makes sense that they’re well educated on the ins-and-outs of what it means to own and maintain a home in this day and age. Homebuyer education programs in Minnesota are offered in-person and online.

If you’re participating in a first time buyer program in Minnesota, there are two offerings you should know about: “Home Stretch,” which are in-person classes which typically take up a minimum of 8 hours at a time, and “Framework,” the most comprehensive online educational course available to first time homebuyers. The advantage with Framework is that it can be taken anywhere at anytime since it’s online. You can go as fast or as slow with it as you’d like.

Whether you learn in-person or online, the first time buyer program in Minnesota is designed to arm you with the knowledge to be smart about your decisions. Some of the topics covered include choosing your best and most appropriate mortgage options, understanding the loan closing process, and managing your credit in order to make owning a home affordable. When is the last time you sat down and truly figured out your overall financial situation? The first time buyer program in Minnesota helps you do exactly that, so you can select the right home for yourself and/or your family. Furthermore, you’ll learn about down payment help as well as special loans available for first time homebuyers– saving you money!

It’s not everyday that most people buy a home. It’s one of life’s biggest purchases. It costs a lot of money, and will take up quite a bit of time on your part. That’s why it’s good to know there is a first time buyer program in Minnesota emphasizing homebuyer education so you’re not going into the whole situation blindly.


MN First Time Home Buyer Loans

MN_first_time_home_buyer_loansMN first time home buyer loans are available for those who qualify. Did you know, for instance, that Minnesota’s Anoka County partners with the state’s Minnesota Housing Finance Agency (MHFA) to offer mortgage programs for various types of home buyers including first time homebuyers in the 11-county metro area? The 2015 program started in April and runs through the end of November or until funds run out. In some cases, additional funds may be given out to help with closing costs and/or down payment assistance.

The MHFA’s MN first time home buyer loans program is called “Start Up.” To be eligible for it, you cannot have owned a home within the last three years. You must use a MHFA-approved lender who will determine whether or not you have acceptable credit. As for numbers, the home purchase price cannot exceed $307,300 and the household combined income cannot exceed $86,600 (for 1-2 people) or $99,500 (for 3+ people). These limits can change, so you should check the MHFA website for current info. You’re also encouraged to check with your lender to see if you qualify for a Mortgage Tax Credit Certificate. These deals are meant to get more people investing in home ownership in Minnesota.

To take advantage of the “Start Up” MN first time home buyer loans program, at least one member of your household must attend a home buyer course and receive a certificate of completion. In Anoka County, ACCAP is a HUD-certified counseling agency that offers the “Home Stretch” class, which will satisfy MHFA’s education requirement. For class information or to register, you can contact ACCAP at 763-783-4747 or visit their website.

Should you need a MN first time home buyer loans “Start Up” information packet mailed to you, call Linda at 763-323-5764. The packet will include a list of MHFA-approved lenders which will help you start the loan process. If you need to call the MHFA, their number is 651-296-8215.

First Time Home Buyer Mortgage Minnesota

first time home buyer mortgage MinnesotaFor the first time home buyer mortgage Minnesota recommends knowing about FHA loans. These are loans from the Federal Housing Administration that are somewhat easier to get even after the subprime meltdown happened a couple years ago. When a first time home buyer mortgage Minnesota applicant seeks out a FHA loan they find that the FHA is pretty lenient on credit issues and a credit score of only 620 should work to secure one. Typically, other loans require a credit score of 720 or higher.

Did you know you can get a FHA loan even if you’ve had a previous bankruptcy? It’ll take two years after the discharge date, but it is possible. So what could prevent you from getting a FHA loan? If you have had any federal liens, you’re out of luck. Federal liens might include tax liens or defaults on student loans, for example.

Keep in mind that FHA loans have competitive rates, offering lower rates than, say, a traditional 30-year fixed loan. And for the first time home buyer mortgage Minnesota is happy to report that you don’t need to put down 20 percent at closing plus closing costs. With FHA loans, you need to only pay 3 percent of the loan at closing– very reasonable.

Do you have a high debt-to-income ratio? The FHA allows for that; they’re generally quite lenient about their loans. If you feel you can afford payments, the FHA will allow a 50 percent debt-to-income ratio. To determine that number, add up your debt, include the proposed new mortgage payment, and then divide it by your monthly income total in order to get your percentage.

A first time home buyer mortgage Minnesota applicant should definitely consider a FHA loan. You just have to meet their credit requirements, have the 3 percent down payment, and be engaged in steady employment if you want your loan to be approved. The overall application process is quite notably easier than a conventional loan.

Minnesota Housing Finance Agency

Minnesota_Housing_Finance_AgencyThe Minnesota Housing Finance Agency is about helping put Minnesotans into the homes they need and want. In particular, the state’s Economic Development and Housing Challenge Fund (aka the Challenge Fund) is designed to meet the housing needs of workforce communities across the state, and nearly all working households in these communities fit income guidelines for this flexible, proven and feasible affordable housing program.

The Challenge Fund provides the infrastructure needed to serve working households through both affordable rental and homeownership options. In other words, it helps provide relief for households currently paying too much of their paycheck toward their place to live, as well as for the construction of certain types of housing hardworking Minnesotans need but don’t have enough of to choose from at this time.

In 2014, nearly 575,000 Minnesotans were “cost burdened,” paying more than 30% of their income for housing. While jobs are plentiful, some employers are having a difficult time recruiting and retaining employees because there’s a housing shortage when it comes to affordable housing which doesn’t eat up a working person’s paycheck.

The Minnesota Housing Finance Agency and the Department of Employment and Economic Development are currently working together to identify workforce hotspots across the state in need of nice, ideally located, affordable housing units close to where jobs are. These “hotspots” are located within 10 miles of a city with job growth and/or within 10 miles of a long commute community. There are about 77 of these types of communities which could stand to add between 4,500 and 7,500 rental units/affordable housing.

The Challenge Fund is smartly set up to quickly allocate funding to provide diverse housing solutions across the state. The Minnesota Housing Finance Agency plays a key role in this in order to ensure that job growth is not hindered by a lack of housing. The initiative is leveraging employer contributions, philanthropic dollars, and direct investment from local communities around the state to meet goals and continue to make Minnesota an attractive, affordable place to both live and work.

Minnesota First Time Home Buyer Mortgage

Minnesota_first_time_home_buyer_mortgageMinnesota first time home buyer mortgage obtainers should consider buying a home in Andover, MN.

Andover is a safe, growing community in which to live, work and play.

Home to about 32,000 residents, Andover, which was once a stop on the Great Northern Railway, is a place where people want to live, as indicated by its median home price, which is about 14% higher than it is in the Twin Cities metro as a whole. Minnesota first time home buyer mortgage obtainers should definitely consider Andover.

Parents with kids look for areas with great schools, and Andover is one of those places. Andover is part of two of the finest school districts in the state. St. Francis School District 15 covers the northern section of the city, while Anoka-Hennepin School District 11 serves the south 4/5 of the city. Crooked Lake Elementary, Andover Elementary, Rum River Elementary, Oak View Middle School and Andover High School are all located within Andover and are part of School District 11. Meadow Creek Christian School is also located in the city.

Andover’s modern City Center Complex is located at the intersection of Crosstown Boulevard and Hanson Boulevard and is home to the city offices, Public Works Department, Community Center/ YMCA and the Senior Center. Andover is served by a full-time Police Department through a contract with the Anoka County Sheriff’s Department. A professional paid on call volunteer Fire Department also serves the community.

Commercial activities in Andover have increased with construction of a number of new businesses throughout the city. The city is currently marketing several parcels in Andover Station North, a commercial/retail area located north of Bunker Lake Boulevard and west of Hanson Boulevard.

On average, 50 new homes are constructed each year in Andover, with a wide variety of lot sizes, architectural styles and price ranges.

The city has more than 400 acres of community and neighborhood parks, including Kelsey Round Lake Park, a 136-acre nature area for hiking, skiing and environmental observation.

Minnesota first time home buyer mortgage obtainers should contact Lake Area Mortgage at 651-209-2900 to discuss available options to get them a nice place in Andover.

Minnesota First Time Buyer Assistance

Minnesota_first_time_buyer_assistanceMinnesota first time buyer assistance is available for those who want to make the investment in a new home in the Twin Cities metropolitan region.

In 2015, the Twin Cities housing market is strong. Thanks to favorable interest rates, pending sales increased by 21.8 percent in the cold month of February. To put it another way, 3,834 homes had signed purchase agreements that month, representing–get this–the largest year-over-year increase since October 2012. Not too shabby, huh?

Also of note– new listings were up by 23.2 percent in February, with almost 5,700 new homes available for sale in the metro area. With inventory like that available, take advantage of Minnesota first time buyer assistance with your down payment and mortgage paperwork, and such, available from Lake Area Mortgage should you need it.

Again, 2015 is heating up nicely as the first two months saw more Minnesota real estate buyer and seller activity than for any one month in 2014. The Twin Cities enjoys a diverse and robust economy with the nation’s lowest unemployment rate of any major metro area. Good job prospects helps fuel the strong housing market.

Here’s what you need to know if you’re wondering about statistics: price per square foot these days is about $120. A home is typically on the market for about 106 days. And traditional home sales are up while foreclosure/short sales are down– that’s a good thing, by the way… Overall, prices are rising.

Consumers seem to be pretty confident about the economy in 2015, such that the housing market is both stable and growing. With mortgage rates around 4 percent instead of the more typical 7 percent average, now is a great time for Minnesota first time buyer assistance from Lake Area Mortgage. Call 651-209-2900 to talk about help available to take you from renting to owning, so that you can enjoy the benefits of owning your own house in beautiful Minnesota.

First Time Home Buyer Incentives Minnesota

first time home buyer incentives Minnesota

First time home buyer incentives Minnesota mean you can make the move from renting to owning– it is possible.

The Minneapolis-St. Paul metro area is a great place to look for a place to live. First time home buyers should know that there are typically some 17,000 homes for sale, which makes the search for what you want easier than in other parts of the country.

As the nation’s economy continues to rebound from the 2008 “rough patch,” the mix of real estate sales in the Twin Cities is lessening for distressed properties (fewer foreclosure/short sale pendings) and instead swinging back toward traditional homes. If you were wondering what an average home sells for in the Minneapolis-St. Paul metro area, consider that the median sales price is around $220K.

For many people, the 2008 economic crash meant they weren’t ready to buy a new house anytime soon. Thankfully, though, some years have passed, and there seems to be more consumer confidence and the housing market is “back on track” with what people have come to expect.

Nowadays, first time home buyer incentives Minnesota include down payment assistance available from the helpful folks at Lake Area Mortgage, so now’s a great time to look for and purchase a Minnesota home.

In 2015, there are plenty of homes to choose from in the Twin Cities region, and median price gains  every year in recent years illustrate that the market is a healthy one. Therefore, buy now, and expect the value of your home to rise if conditions stay the course.

If you’d like to explore what loans are currently available to help finance the purchase of your new Minnesota home, click here and/or call Lake Area Mortgage at 651-209-2900. First time home buyer incentives Minnesota exist in a state which does its best to help its people live where they want in nice homes.

Anoka County First Time Home Buyer, MN Down Payment Assistance

Anoka_County_First_Time_Home_BuyerAn Anoka County first time home buyer knows that they’re moving into a place where suburban communities mix with open land, with good access to the Twin Cities, but rural enough for breathing room and relaxation at home. The region used to be known for its many fur traders in olden times. Today, Anoka County has many people with German, Norwegian and Swedish ancestry.

The hustle and bustle of big city life is not what you’ll find in Anoka County. It’s a laid back area known for outdoor recreational opportunities. Located about a half hour drive north of the Twin Cities, An Anoka County first time home buyer finds themselves living in the fourth most populous county in the metro area– it’s a growing, thriving place–yet not too overrun with people and buildings to feel cramped.

Do you own a boat? Do you like to fish? Anoka County is a great place to do both activities. Ice fishing in the winter is popular here.

Some of the places you should consider looking at as an Anoka County first time home buyer include the communities of Andover, Blaine, Columbia Heights, Coon Rapids, and Fridley. In Blaine, you can visit the National Sports Center as well as the Northtown Mall. Columbia Heights features the landmark Heights Theater, built in 1926. And Coon Rapids is home to Bunker Beach, Minnesota’s largest outdoor water park, open during the summer months. On Main Street in Anoka, you can see theatrical productions for a reasonable price at the Lyric Arts Main Street Stage where patrons will tell you there’s not a bad seat in the house.

From culture to nature, Anoka County is a gem of a place to live in MN. By the way, The Mississippi River and The Rum River run through Anoka County. If you like living on or near rivers and lakes, become an Anoka County first time home buyer with the help of Lake Area Mortgage. Call 651-209-2900 to ask about down payment assistance and more.

MN Housing in Washington County, MN Down Payment Assistance

mn_housing_in_washington_countyMinnesota is a big state. You could choose to live anywhere in Minnesota, but for the purposes of this article let’s consider MN housing in Washington County.

For those of you who aren’t familiar with Washington County, it’s at the easternmost end of the Minneapolis-St. Paul metro area. If you’re in Washington County and head east, you’ll soon be in Wisconsin.

Washington County is spread out over 423 square miles, with a variety of housing options to choose from in a wide range of different settings. You can live in suburban Oakdale (near St. Paul) or if you want a more rural feel, Afton, which reminds many people of Northern MN. MN Housing in Washington County is also popular for people who want resort-like settings, with stylish and serene lakefront and riverfront homes. Minnesota is known for its many lakes, and they’re all over Washington County. You should check out beautiful Lake Elmo in particular. Stillwater, MN is the county seat, and it overlooks the St. Croix River.

You get the best of both worlds– well three worlds actually– when you live in Washington County. One moment you’re in “the city,” and the next you’re in “the suburbs,” and soon after you find yourself in the rustic, rural areas where there are farmlands, wide open spaces and splendid vistas.

Lake Area Mortgage, a division of Lake Area Bank, can help you find and buy MN housing in Washington County. Down payment assistance is available for qualified buyers. Call Lake Area Mortgage at 651-209-2900 before you start searching for a new place to live– Lake Area Mortgage is in the business of helping people with the process of purchasing a new home in Minnesota, and Washington County is one of those beautiful places where people want to live, work and play! It combines natural beauty with modern amenities and facilities.