Archive for the tag 'first time homebuyer mn'

Federal Housing Administration (FHA) Loans FHA loan programs are designed primarily for first-time home buyers and others with moderate incomes that have not yet been able to save the cash needed for down payment amounts. A program insurance charge is rolled into the monthly payment amount to support this program and typically ends as the […]

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No Comments downpaymentadmin on Nov 8th 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

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

Home Ownership Works is designed to address the goal of providing home ownership opportunities for households who otherwise would have difficulty in attaining home ownership. * It provides decent, long term affordable home ownership opportunities for households who would normally experience challenges in achieving home ownership. * Address the problem of vacant and deteriorated structures […]

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No Comments downpaymentadmin on Feb 9th 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

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

Ramsey County’s FirstHOME Buyer Assistance Program is available through responsible local financial institutions. The program helps first home buyers purchase homes more affordably by providing deferred loans that can be used for downpayment assistance, closing cost, and occasionally health and safety codes inprovementns. Eligible buyers may qualify for up to $10,000.00 with a 0% interest […]

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No Comments downpaymentadmin on Oct 25th 2011