First Time Home Buyers Guide MN

first_time_home_buyers_guide_mnIf you’re looking for a first time home buyers guide MN, you’ve come to the right place. As a first time home buyer, there are several loans and programs available to help you buy a house.

The Home Ownership Works (HOW) program has Minneapolis homes for sales at affordable prices to those with incomes below 80% of the metropolitan median income.  The first time home buyers guide MN recommends you work with a HOW marketing representative to show you available homes and explain how the program works. You can learn more about it by calling 612-673-5262. Before you do that, though, consider that those who want to use the HOW program must first complete two homebuyer education workshops, coordinated by the Home Ownership Center; call them at 651-659-9336.

Besides HOW, there’s the HOME program. The first time home buyers guide MN wants you to know it’s only available to current Minneapolis public housing residents and/or Section 8 participants who want to go from renting to owning their own house. The HOME program involves a mortgage loan at typically lower-than-market interest rates, as well as a realtor helping you look for an appropriate home. HOME provides a loan to help pay the down payment, and this loan needs to be repaid, with interest, once the home is resold in the future. In addition, interest-free, closing cost loans may be available. For info about the HOME program, contact Jan Hughes at 612-342-1229.

The first time home buyers guide MN also suggests looking into the Minneapolis Advantage Program (MAP). It helps first time home buyers purchase a home in areas hit by foreclosures. The MAP program is limited to specific neighborhoods and loans are on a first come, first serve basis. MAP is a good deal; it offers a $10,000 loan with zero-percent interest, forgiven over 5 years as long as the buyer continues to live in the home. This is a way for foreclosed homes to be used by people who need a place to live rather than sit empty. MAP money can go toward making a down payment, closing costs and/or for repairs to the home.

Finally, the first time home buyers guide MN recommends calling Lake Area Mortgage at 651-209-2900 to discover more opportunities for help with buying a home.

St. Paul First Time Home Buyer

St._Paul_first_time_home_buyerIf you’re a St. Paul first time home buyer, know that city living can be great for several reasons.

Why do people move to cities like St. Paul? Well, they want to be where the action is. A city is a dynamic place, and St. Paul is no exception. Cities are cultural centers, with things to see and do.

Did you know in 1886 a New York Reporter called St. Paul “another Siberia?” It wasn’t a compliment. It did, however, help get the Saint Paul Winter Carnival started, a tradition which continues today. Indeed, with ice sculpting, a treasure hunt, warm food, and an ice palace, St. Paul city residents enjoy a winter wonderland atmosphere, helping make winter more fun.

A St. Paul first time home buyer often wants to have a house near a nice park, where children can play on the playground, adults can walk, bike or exercise, and people in general can enjoy green space. St. Paul has several recreation locations including Indian Mounds Park, Battle Creek Regional Park, Harriet Island Regional Park, Highland Park, and Rice Park. The city is also associated with the Minnesota State Fair, held nearby in Falcon Heights.

Another benefit of being a St. Paul first time home buyer is that they don’t have to go far to get to the local convention center, performing arts center, or the “Artists’ Quarter,” an area known for great jazz music. From opera to Celtic music, with some pop-rock thrown in for good measure, St. Paul boasts many nice places to listen to live music. There are also a number of quality museums to visit, including the Minnesota Children’s Museum, the Minnesota History Center, and the Science Museum of Minnesota.

Finally, city living in St. Paul makes sense because you’re near a major airport, a major interstate highway, hospitals, and jobs. A St. Paul first time home buyer would do well choosing a house in the city, close to so many amenities.

MN First Time Home Buyer 2016

MN-first_time_home_buyer_2016Congrats MN first time home buyer 2016: this is your year to own a home. Before you take the big step to actually buy that house, though, there are some things to keep in mind.

First, examine your finances, including savings, income and available gifts from family members, in order to get an idea of a price range you can afford at this time. Of course you’ll need to consider your expenses, too. Things like your credit rating, the amount needed for the down payment, and current mortgage interest rates all need to be taken into account. If you can find a MN first time home buyer 2016 class to take locally, in person or online, do it. Education can truly help the first time home buyer avoid costly mistakes.

Next, it’s a smart idea to align with a professional real estate agent whom you can trust. Realtors are the negotiators for buying and selling homes. Since they do real estate for a living, they know more than you or the average person. A well chosen realtor can aid you as a MN first time home buyer 2016. He or she knows all about the necessary paperwork, contracts and other things that make up your large investment.

If possible, start the mortgage process before you even make an offer on a home. Obtaining a “pre-approval” letter from a lender will show sellers you’re serious, and that you’re qualified to borrow money to buy the house.

Perhaps the “fun” part of the whole process is picking out potential neighborhoods/streets where you’d like to buy a place, and then visiting “open houses” to see what the places look like inside. Come up with a list of things you “really want” and try to find a home in your budget that has all or most of those things.

When you find a place you love, as a MN first time home buyer 2016 be sure to contact Lake Area Mortgage at 651-209-2900 to learn about home buyer down payment assistance currently available.

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.

 

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.

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.