Category Archives: Home Help

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 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.

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 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.

Purchasing a New Home in Minnesota, MN Down Payment Assistance

Purchasing_a_New_Home_in_MinnesotaIf you’re thinking of purchasing a new home in Minnesota, you’ve heard of Minneapolis and St. Paul, aka “the Twin Cities.” But there are other communities nearby you should know about, and one, in particular, is a place worth noting– St. Anthony.

As a “first-ring” suburb of Minneapolis, St. Anthony is five miles away from the center of Minneapolis and eight miles from St. Paul. Even though it’s relatively close to the “big cities,” St. Anthony has the charm and character of a small village. In fact, it’s referred to as “The Village” by locals. With about 8,000 people, St. Anthony is small enough that you can know your neighbor if you want to, as well as the names of the people who work at the local stores and restaurants. The infrastructure is set up so the community works well for walkers, bikers and drivers.

Interestingly, St. Anthony is a place where little to no new construction of homes occurs. But that may change in the coming years, as people from downtown Minneapolis and the University of Minnesota start looking for places to move.

When you’re thinking of purchasing a new home in Minnesota, St. Anthony is not the place to look– it doesn’t have brand new homes. It does, however, have classy, beautiful traditional homes with character. And it’s a walkable area, with nice parks, a municipal golf course, and good schools. Residents love living in “a village within the city,” and recreational amenities like Silver Lake and bike paths make it a nice place to raise a family.

Lake Area Mortgage, a division of Lake Area Bank, can help you find and buy a nice home in St. Anthony, MN. 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.