Category Archives: Home Loans

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.

Mortgage Rates Inch Up With Positive Job Report

After posting record lows the last few weeks, mortgage rates inched higher this week, Freddie Mac reports in its weekly mortgage market survey. Yet, rates still remain near 60-year lows.

An employment report that was better than market expectations helped to lift long-term Treasury bond yields and mortgage rates as well, Frank Nothaft, Freddie Mac’s chief economist, notes. In September, the economy added 103,000 workers; however, the unemployment rate still remained high at 9.1 percent.

Here’s a closer look at rates for the week ending Oct. 13.

30-year fixed-rate mortgages: averaged 4.12 percent, with an average 0.8 point, moving up from last week’s record-hitting 3.94 percent average. A year ago at this time, 30-year rates averaged 4.19 percent.

15-year fixed-rate mortgages: averaged 3.37 percent with an average 0.8 point–that’s up slightly from last week’s low of 3.26 percent average. Last year at this time, 15-year rates averaged 3.62 percent.
5-year adjustable-rate mortgages: averaged 3.06 percent, with an average 0.6 point, and inching up from last week’s 2.96 percent. Last year at this time, the 5-year ARM averaged 3.47 percent.
1-year ARMs: averaged 2.90 percent with an average 0.6 point, a drop from last week’s 2.95 average. A year ago, 1-year ARMs averaged 3.43 percent.

Minnesota New Record Mortgage Interest Rate Lows

30-year and 15-year fixed-rate mortgages hit record lows again this week reported by Freddie Mac in its weekly mortgage market survey.

“Continued investor concerns over the state of the European debt markets kept U.S. Treasury bond yields low and allowed mortgage rates to ease once more this week, says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at rates for the week ending Sept. 15.

30-year fixed-rate mortgages: averaged 4.09 percent this week, down from last week’s previous record of 4.12 percent. Last year at this time, 30-year rates averaged 4.37 percent.
15-year fixed-rate mortgages: averaged 3.30 percent, dropping from last week’s record low of 3.33 percent. Last year at this time, 15-year rates averaged 3.82 percent.
5-year adjustable-rate mortgages: averaged 2.99 percent this week, up slightly from last week’s 2.96 percent average. A year ago at this time, the 5-year ARM averaged 3.55 percent.
1-year ARMs: averaged 2.81 percent, down from last week’s 2.84 percent average. A year ago, the 1-year ARM averaged 3.40 percent.

MN Housing Fix Up Fund

Fix-up Fund
The Fix-up Fund is a statewide program that offers affordable, click here for daily low fixed rates home improvement loans.

Eligibility Requirements:

  • Household income at or below $96,600 (the income limit may be waived if the improvements are being made for the accessibility of a family member with a disability).
  • Property must be owner-occupied.
  • Single family homes, duplexes, triplexes or four-plexes are eligible.

Loan Features

  • Hire a contractor or do the work yourself.
  • Maximum loan term of 10 or 20 years based on loan amount.
  • Loan amounts from $2,000 to $35,000.
  • A higher loan amount may be available if the improvements are being made for the accessibility of a family member with a disability.

Eligible Home Improvements with the Fix-up Fund
Most improvements to the accessibility or energy efficiency of a home, or general repairs are eligible, such as:

  • windows
  • insulation
  • new furnace
  • central air conditioning
  • electrical wiring
  • new roof
  • garage
  • septic repairs

In addition to energy-saving upgrades, homeowners may also finance renewable energy improvements. These include solar thermal, solar electric and wind turbines/generators.

Ineligible improvements
Swimming pools, hot tubs, gazebos and other recreational or entertainment facilities. Mobile homes are not eligible to receive Fix-up Fund financing unless they are fixed on a permanent foundation and taxed and financed as real property.