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You have found your dream home and you are eager to get a mortgage, move into the property and start enjoying life there. However, there is only one problem standing in your way – the fact that you have been through some hard financial times in the past. If you (or your partner) have been […]

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No Comments downpaymentadmin on Oct 14th 2013

Are you already pre-qualified with someone and they don’t offer down payment assistance? This can be very frustrating because you have already started the home buying process. Don’t be discouraged because your lender can’t offer you down payment assistance. Even though you have been pre-qualified with another lender, this doesn’t mean that you can’t find […]

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No Comments downpaymentadmin on Oct 11th 2013

Most people assume that just because they have bad credit they can’t afford a home. This is not true. While most mortgage companies want a certain credit score to have you qualify with them, this doesn’t mean that you can’t get a mortgage with a bad credit score. Not everyone’s situation is the same, so […]

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No Comments downpaymentadmin on Sep 19th 2013

Debt Ratios First, look at your monthly gross income, before taxes and contributions. This is how much you make per month, not how much you take home. What you take home is net income. • Front-End Ratios Lenders use what is called a front-end ratio, which is reflected as a percentage of your gross monthly […]

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No Comments downpaymentadmin on Oct 26th 2012

HUD homes are aimed at low to moderate income buyers and great for first time homebuyers.  When a lender forecloses on an FHA home insured by HUD, HUD pays the lender the amount owed and then tries to sell the home at auction. This allows buyers to get the home way below market value. HUD […]

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No Comments downpaymentadmin on Oct 25th 2012

First time home buyer loans allow buyers to get into a house more easily. However, just because you’re a first time home buyer doesn’t mean you qualify for a first time home buyer loan. These programs have income limits and strict underwriting guidelines. While they are a perfect fit for some, first time home buyer […]

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No Comments downpaymentadmin on Oct 24th 2012

The answer is absolutely!!  There is a waiting period however.  Conventional financing is between 5 and 7 years, with extenuating circumstances it is 3 to 5.   Examples of Extenuating circumstances are due to death, illness, job transfer or accident resulting in severe injury. Generally, things that happen beyond your control and dramatically affect your ability […]

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No Comments downpaymentadmin on Oct 17th 2012

Program Guidelines At A Glance: Overview: For 1st time buyrs purchasing in the city of Minnetonka Loan Amount: Maximum loan amount is $10,0000.00 Interest Rate and Loan Term: rate updated monthly and is 75% of Prime Rate + 2pts. Rate is determined at application and is fixed for a 10 year term. Borrower Eligibility: First […]

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No Comments downpaymentadmin on Nov 1st 2011

Eight steps to buying your home 1. Decide to buy. Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. We call home ownership the best “accidental investment” most people ever make. But, we believe when it is done right, home ownership becomes an […]

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No Comments downpaymentadmin on Oct 28th 2011

In todays real estate market there is more first time homebuyer money or down payment assistance availiable than ever. That being said when you are interviewing a loan officer to decide if you may want to work with them ask about programs that may be availiable. With so many out there you can not expect […]

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No Comments downpaymentadmin on Oct 28th 2011

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