Archive for the 'MN First Time Home Buyer' Category

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

  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 […]

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No Comments downpaymentadmin on Oct 11th 2012

 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 […]

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No Comments downpaymentadmin on Oct 10th 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

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

Mortgage News Daily summed up Ellie Mae’s latest “Origination Insight Report” (covering 20% of mortgage originations and coming through a 33% sample of Ellie’s platform) showing that “the time needed to close a mortgage loan has increased by almost 25 percent over the last year, from an average of 40 days to 49 and it […]

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No Comments downpaymentadmin on Sep 27th 2012

  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 […]

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No Comments downpaymentadmin on Sep 21st 2012

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 […]

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No Comments downpaymentadmin on Sep 20th 2012

As of April 1st 2012 HUD has announced in the Mortgagee Letter 2012-3 how it will be handling disputed accounts and public records.  In the past when loan application and got a approval with the FHA total scorecard with collections or public records it was up to the DE underwritter to determine if those items […]

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No Comments downpaymentadmin on Apr 10th 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

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