Category Archives: First Time Home Buyer Programs

MN First Time Home Buyer 2018

MN-first_time_home_buyer_2016Congrats MN first time home buyer 2018: 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 2018 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 2018. 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 2018 be sure to contact Lake Area Mortgage at 651-209-2900 to learn about home buyer down payment assistance currently available.

4 Great Neighborhoods To Live In When You Work In Downtown Minneapolis

Downtown Minneapolis is a high-energy city with gorgeous architecture, a bustling nightlife, elegant hotels, and the perfect blend of natural beauty and modern style. With some of the best shopping in the area, one of the most diverse art and music scenes in the area, and over 200 miles of trails for hiking, biking, and skiing, this versatile city offers something for everyone who visits. And for those lucky enough to snag a job in the stunning downtown district, Downtown Minneapolis provides extensive avenues for networking, entrepreneurial opportunities, and professional growth.

If Downtown Minneapolis is where you’re working, you’ll definitely want to check out these four surrounding neighborhoods that put you close enough to work that it’s not an outrageous commute every day, but far enough out that you can experience a whole different side of the city when you head home. If Minneapolis is a big move for you, there are plenty of trusted realtors in the area who can do everything from finding you the closest house to your office, explain a break down of the escrow fees, or help you find a lender to work with.

Elliot Park is one of the oldest neighborhoods in the area and has a wide variety of real estate options. From sprawling, older homes to high-rise condos, moving to Elliot Park means having plenty of options. High-end luxury apartments with breathtaking views of the downtown skyline are popular options for young professionals who work Downtown. It is also home to many large churches that are active in the community, North Central University, several gorgeous public parks, and local restaurants that give this neighborhood its own unique personality. One of the most culturally diverse neighborhoods in the city, Elliot Park has its own story and personality, just like the diverse group of people who live there.

Loring Park offers some of the best urban living outside of Downtown. It is a pedestrian-friendly neighborhood with miles of sidewalks for walking, running and biking that run in front of a mix of modern and historical apartment buildings, restaurants, churches, schools and sidewalk boutiques. For upscale apartment living, Loring Park offers many excellent options. With classic, turn of the century brick buildings that have been converted into luxury apartments and condos, Loring Parks offers a more artistic and creative vibe than its neighboring communities. Many of the homes for sale are older and rich with history and sell for anywhere between $159,000 to $375,000.

The Warehouse District, also called North Loop, is a unique, artsy blend of coffee shops, art galleries. Converted loft condominiums and modern apartments. People love this are because it gives off the “living in the heart of the city” without all of the crowds, noise, and traffic. It is a city rich in history, with many buildings listed on the National Register of Historic Places. This is a fast growing neighborhood has seen an increase in creative and “techy” businesses in the area, mainly because the available warehouse space, ease of public transportation and the local amenities work well with their vision. This family-friendly community is a prime place to buy real estate. Apartments are plentiful, but luxury, single-family homes can also be found in the heart of the neighborhood.

Luxury living at its finest can be found on Nicolette Island, an island in the Mississippi River just north of Saint Anthony Falls. There are numerous homes with a long, interesting history for sale, as well as upscale apartments and luxury condos. The wide variety of real estate options makes Nicollet Island a popular place for young professionals who are just getting their feet wet, as well as established business owners who appreciate the upscale vibe that can be found throughout the island. Gorgeous, million dollar homes built at the turn of the century overlook the water, and high-end apartments define high-rise living.

Working in Downtown Minneapolis means passing breathtaking skyscrapers, navigating the skyway system, crossing the Stone Arch Bridge, or passing through Gold Medal park, all just on your typical commute to the office. If your occupation has brought you to Downtown Minneapolis, living in some of the surrounding neighborhoods is the best way to stay connected with the community, live in luxury, and be part of a city rich in culture and diversity.

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.

 

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.

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 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.

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.

First Time Home Buyer 2015, MN Down Payment Assistance

first_time_home_buyer_2015Do you plan to be a first time home buyer 2015? Now’s a good time to start looking around at homes for sale in the 13-county Minneapolis-St. Paul region. Did you know that inventory is up almost 9 percent from last year? That means there are more homes for you to choose from at this time– over 18,000, actually.

When there’s a limited supply of homes available on the market, competition can get fierce. However, buyers right now don’t have to compete as much as they used to because there’s “enough to go around,” as they say. Indeed, there are new builds as well as plenty of traditional homes on the market for the end of 2014 and into the beginning of 2015.

Did you know the median sales price is $219,000 for the region? So half of the homes are under that price, while the other half are above. Prices have steadily risen in Minneapolis-St. Paul for the past 30 years.

Today there are less foreclosure and short sale closings than in years prior– and that’s a good thing. It means the housing market and the local economy are in balance.

Furthermore, now’s a good time to plan on being a first time home buyer 2015 as interest rates remain relatively low.

It’s actually a very good time to buy a “traditional home,” as they comprise the majority of new listings in the Minneapolis-St. Paul region.

While the median sales price is $219K, the median list price is $235K. That tells you that area homes are selling below their asking price!

Lake Area Mortgage, a division of Lake Area Bank, can help a first time home buyer 2015– down payment assistance is available for qualified buyers. Call Lake Area Mortgage at 651-209-2900 and ask how they can help you buy your first home in the next few months.

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 infoLAM@lakeareamtg.com to discuss available options for first time home buyer assistance in Minnesota.