Here are some of the special home loans programs now available:
Our Real Estate Agents can save you time and money by being your professional guide through the entire loan process. We will be able to help counsel you on the advantages and disadvantages of certain types of home loans and we will help you understand the "real" cost of a mortgage.
The New Federal - FirstTime Home Buyer Tax Credit…We have provided a quick-reference graph below
· The $8000 tax credit is for first-time home buyers only.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Would you like to buy a home but lack down payment funds?
Are you hesitant because they think your monthly payments will be too high?
Do you know what GREAT Loan Products and Entry Cost Assistance Programs are available to you?
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· All of these programs are subject to availability of current funding.
· Several can be combined for maximum benefits for You.
· The programs have a wide variety of income, asset and sale price restrictions.
· Some have subsidy recapture clauses, and some are forgiven after a period of time.
· If you are going to use any of these great programs, it is imperative that you work with a mortgage loan officer that has extensive experience with this type of lending.
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Cost Assistance Programs ..
MN Housing Finance Agency CASA Up to $3000 entry cost assistance at 0%, no payments, plus $75/mo payment supplement for 1st year. Must be 1st time homebuyer.
MHFA Home Help Up to $14,999 entry cost assistance at 0%, no payments. $10,500 is FORGIVEN after 5 years. Maximum household eligibility income is 80% of median income based on family size.
Plymouth HRA 1st Time Homebuyer Program Up to $25,000 at 0%, no payments on this 2nd mortgage, must buy in the City of Plymouth, maximum household eligibility income is 80% of median income based on family size.
Interfaith Outreach and Community Partners Up to $3000 for entry cost assistance to lower income families in Plymouth, Wayzata, Minnetonka.
Minneapolis Cost Assistance Programs
CityLiving Bond Program Up to 4% of the mortgage amount in down payment assistance GRANT or a below market interest rate. Must buy in the city limits of Minneapolis or St Paul. Maximum household income $80,900 but up to $88,990 for targeted areas. Max purchase price $266,970 for single family home. In targeted area, max purchase price is $355,960. Must be 1st time homebuyer.
Minneapolis Advantage Up to $10,000 entry cost assistance at 0%, no payments, forgiven after 5years. Must buy in targeted neighborhoods in Minneapolis. NO income limits. NOT required to be 1st time homebuyer.
Minnesota - County Down Payment Assistance Programs
Anoka County Down Payment Assistance Program Up to $5,000 at 0%, no payments on this 2nd mortgage, must buy in Anoka County, maximum household eligibility income is 80% of median income based on family size.
Dakota, Washington and Scott County Bond Program Up to 4% of the mortgage amount in a down payment assistance GRANT or a below market interest rate. Must buy in Dakota, Washington or Scott County. Maximum household income for family of 1 or 2= $77,600; for 3+= $85,360. Maximum purchase price $256,080 for single family home. Must be 1st time homebuyer.
Washington County HRA Assistance Loan No payments and 0% interest on this 2nd mortgage, must buy in Washington County. Up to $10,000 if household eligibility income is 80% of median income based on family size. Up to $20,000 if household eligibility income is 50% of median income based on family size.
Dakota County CDA Assistance Loan No payments and 0% interest on this 2nd mortgage, must buy in Dakota County. Up to $5,000 if household eligibility income is 80% of median income based on family size. Up to $10,000 if household eligibility income is 50% of median income based on family size.
Wells Fargo & Our Home Real Estate Partnership Discounts Available - Including a Free Credit Report
Wells Fargo Community Development Mortgage Program Our 30year fixed rate portfolio loan with a minimum 3% down and NO mortgage insurance! Rate is consistently at or below Conventional 30year pricing. Maximum household income $64,800 in 11county metro area. NOT required to be 1st time homebuyer. NO income limits if buying in low/moderate income census tract.
Call Michael today to see what you may be aproved for and let him know you were on the Our Home Real Estate Website to get your Free Credit Report and other discounts.
Us Bank Home Loans - A Quailty Minnesota Home Loan Company
U.S.Bank’s American Dream Loan Our 30year fixed rate portfolio loan with a minimum 3% down and NO mortgage insurance! Rate is consistently at or below Conventional 30year pricing. Maximum household income $64,800 in 11county metro area. NOT required to be 1st time homebuyer. NO income limits if buying in low/moderate income census tract.
U.S.Bank’s Entry Cost Assistance Up to $3000 at 0%, no payments on this 2nd mortgage to be used with American Dream loans and MN Housing Finance Agency loans.
Barbara Graham, Call Barbara today she is a expert on Minnesota Housing Loans
Mortgage Banker
US Bank Home Mortgage
Office (763) 536-5304
Fax (763) 536-5324
Cell (612) 220-3198
Countrywide Home Loans
Call Bob today to see what you may be aproved for and let him know you were on the Our Home Real Estate Website to get your Free Credit Report
Bob Haft
Loan Officer
Countrywide Home Loans
Office: 763-213-0100
Cell: 612-803-2100
An FHA loan allows for the refinance or purchase of a home with a low down payment. These loans are great for the first time home buyer. http://www.fha.com/
Other Affordable Housing Options
Entry Cost Assistance for specific properties through
HRAs (Housing Redevelopment Authority)
CDAs (Community Development Agencies)
Or CHDOs (Community Housing Development Organizations)
Ø Funding to reduce the mortgage amount needed for purchase of a home that has been built or rehabilitated by the agency offering the home for sale.
Ø Also used to provide some affordable condo or townhome units in a particular new development.
Ø Usually significant amounts ($20-30,000) of gap assistance secured by a soft 2nd.
Ø Some soft 2nds are forgiven after a period of time.
Community Land Trusts
A community land trust (CLT) is a nonprofit organization that owns land in order make housing available to residents who could not otherwise afford it. In Minnesota, there are currently 9 active community land trusts that provide affordable homeownership to households in their area. Community land trusts help communities to promote resident ownership and control of housing, keep housing affordable for future residents, capture the value of public investment for long-term community benefit
Preapproval vs. Prequalification
There are some key differences between prequalification and preapproval for a loan that you need to be aware of. Loan prequalification is a simple process. It takes into account very basic information regarding your financial status and gives you an amount for which you may qualify. This can be done strictly on a verbal level or electronically over the Internet. The prequalified amount is based solely on the information you provide. In most markets, prequalified buyers usually hold little clout compared to preapproved buyers due to the fact that the information given during the prequalification process is not thoroughly investigated and therefore may be unreliable. Where a preapproved buyer is actually approved for a loan of a certain amount, a prequalified buyer is only told that they might be approved for a certain amount.
Preapproval is a much more involved process. The lender will take all pertinent information regarding your finances and perform an extensive check on your current financial status. This will ultimately give you the exact amount that you will be eligible for (depending on what type of loan you decide to go with). Being preapproved lets the seller know that you have gone through an extensive financial background check and there should be no unexpected obstacles to buying the home. You can see how being preapproved would be more attractive to a seller than just being prequalified.
The type of mortgage you apply for will depend on many factors, but the majority of that decision will be based on your ability to pay a monthly installment. If you can only afford a $1000 dollar a month payment, you are not going to go out and buy a $250,000 home, unless you have a large sum of money set aside to make a sizable down payment! Financial planners say that you shouldn't pay more than 28of your gross income for housing (that includes principal, interest, taxes, and insurance). Depending on your debt to income ratio, that percentage may change.
Once you have determined what you can afford, the next step is to choose a mortgage plan. There are many different mortgages out there, so take some time and explore all of the possible plans for which you qualify. You could save yourself thousands of dollars in the long run!