Archive for the 'Mhfa' Category

More and more people want to know what sort of programs are out there and do they qualify for those programs. A lender can’t determine which program is right for you without knowing more about you.   SOME of the programs out there that Minnesota offers are:   1. Minnesota Housing Start Up Program-This is […]

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No Comments downpaymentadmin on Jul 12th 2013

  Everyone is wondering how to get down payment assistance. This is based upon what you qualify for, which can determine which program is right for you. There is not one program for everyone, because each person’s situation is different.   The first step would be to see which programs you qualify for. The best […]

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No Comments downpaymentadmin on Jun 27th 2013

Credit Score:  Your credit score needs to be a minimum of 640 in order to qualify.  If you have had a previous Bankruptcy, the discharge must be at least 2 years.  A Prior Foreclosure or Short Sale needs to be at 3 years ago. Employment History: We look at your previous 2 years of employment […]

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No Comments downpaymentadmin on Nov 6th 2012

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

By Elizabeth Weintraub, About.com Guide To be a buyer means to conform to the market. © Big Stock Photo   Ads Question: Are You Ready to Be a Home Buyer? A reader asks: “I would like to be a home buyer, but I don’t know if I’m ready to buy a home yet. How can […]

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No Comments downpaymentadmin on Oct 8th 2012

by Jann Swanson What’s in a Credit Score? More than You Might Think, and It’s Constantly Changing Decrease Font Size Text Increase Font Size Sep 6 2012, 1:16PM Editor’s note:  DataQuick®, a provider of advanced real estate information solutions recently announced that Gordon Crawford, Ph.D. had joined their firm as vice president of Analytics.  MND […]

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No Comments downpaymentadmin on Oct 5th 2012

Single Family Programs Homeownership Loan Programs Effective 10/03/2012 12:01 AM   Government Interest Rate HFA Preferred™ (Conventional) Interest Rate HFA Preferred™ Risk Sharing (Conventional) Interest Rate Minnesota Mortgage Program(MMP) 2.750% 3.250% 3.625% Community Activity Set-Aside(CASA) 3.125% 3.625% N/A Note: The HFA Preferred™ and HFA Preferred Risk Sharing™ incorporate the Fannie Mae/Freddie Mac Adverse Market Delivery […]

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No Comments downpaymentadmin on Oct 3rd 2012

Homeownership Loan Programs Effective  09/05/2012 3:15 PM   Government Interest Rate HFA Preferred™ (Conventional) Interest Rate HFA Preferred™ Risk Sharing (Conventional) Interest Rate Minnesota Mortgage Program(MMP) 3.250% 3.750% 4.000% Community Activity Set-Aside(CASA) 3.625% 4.125% N/A Note: The HFA Preferred™ and HFA Preferred Risk Sharing™ incorporate the Fannie Mae/Freddie Mac Adverse Market Delivery Charge. Lenders do […]

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No Comments downpaymentadmin on Sep 17th 2012

On February 1st Minnesota Housing interest rates have dropped.  Please feel free to click on this link to see what is availiable http://www.mnhousing.gov/consumers/rates/index.aspx.  If you are in the market to purchase now may be a great time to act.  Remember you must be a first time homebuyer to use this program.  That means you can […]

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No Comments downpaymentadmin on Feb 3rd 2012

Share This: January 24, 2012 2012 Single Family Program Income Limits Please find the following Single Family Program Income Limits that have been updated for 2012 for funding on or after January 24, 2012. All single family program income limits may be found on the Minnesota Housing website. Minnesota Housing bases income limits on data […]

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No Comments downpaymentadmin on Jan 25th 2012