Down Payment Assistance MN – First Time Homebuyers MN
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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 [...]
No Comments downpaymentadmin on Nov 6th 2012
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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 [...]
No Comments downpaymentadmin on Oct 26th 2012
Filed under Casa,City Programs,Credit,FHA,First Time Home Buyer Programs,Government Loan,Home Loans,Interest Rates,Minnesota First Time Home Buyer,Minnesota Housing,MN First Time Home Buyer,Short Sales
Government Loans What is a Government Loan? A number of loan programs are sponsored by the federal government to assist American families to become homeowners. The programs are structured to insure various loan types, allowing lenders to approve loans for more people. The most popular government backed loan programs are the Federal Housing Administration [...]
No Comments downpaymentadmin on Oct 11th 2012
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A cooling real-estate market is good news for buyers because it’s easier for them to negotiate a deal. But it shouldn’t be the main reason that pushes you into your first home. In fact, buying your first home is a personal decision that you should make independent of what the market may or may not [...]
No Comments downpaymentadmin on Oct 10th 2012
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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 [...]
No Comments downpaymentadmin on Oct 8th 2012
Filed under Casa,City Programs,Conventional,Credit,Fannie Mae Home Path,FHA,First Time Home Buyer Grants,First Time Home Buyer Programs,Foreclosure,Freddie Mac,Government Loan,HARP,Home Loans,Interest Rates,Mhfa,Minnesota First Time Home Buyer,Minnesota Housing,Short Sales,VA
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 [...]
No Comments downpaymentadmin on Oct 5th 2012
Filed under Casa,City Programs,FHA,First Time Home Buyer Programs,Government Loan,Home Loans,Interest Rates,Mhfa,Minnesota First Time Home Buyer,Minnesota Housing,MN First Time Home Buyer
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 [...]
No Comments downpaymentadmin on Oct 3rd 2012
Filed under City Programs,Conventional,Credit,FHA,First Time Home Buyer Programs,Government Loan,Home Loans,Interest Rates,Minnesota First Time Home Buyer,Minnesota Housing,MN First Time Home Buyer
iStockPhoto/Christine Balderas Mistake: Not Getting a Preapproved Home Loan It’s easy to fall into the trap of thinking you first find the house you want, and then you can start thinking about the loan process, especially if you’ve already taken care of your credit. However, it’s not quite that simple. It’s a good idea [...]
No Comments downpaymentadmin on Sep 21st 2012
Filed under City Programs,Conventional,Credit,FHA,First Time Home Buyer Programs,Government Loan,Grants,Home Loans,Interest Rates,Minnesota First Time Home Buyer,Minnesota Housing,MN First Time Home Buyer,VA
Homebuilder Confidence Rises Again; Tops 40 Home builder confidence continues to make new highs. As reported by the National Association of Home Builders, the Housing Market Index, a measure of builder confidence, rose to a reading of 40 in September — its highest mark since June 2006. The index is now higher through five straight [...]
No Comments downpaymentadmin on Sep 20th 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 [...]
No Comments downpaymentadmin on Sep 17th 2012
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