Archive for the tag 'minnesota first time home buyer'

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

Geographical Area: Woodbury Elgible Properties: Single Family Dwellings, Townhomes, twin homes or condominiums. Purchase Price must be below $256,500.00 Maximum Funds: $25,000.00 3% Interest. Interest is paid monthly while principal is deferred Availability of Funds: First Come First Served basis Repayment Requirements: Principal is deffered for 30 years or until sale of property, transfer of […]

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No Comments downpaymentadmin on Feb 20th 2012

We have many clients asking if there is anyway to do 100% financing still. The answere to this question is YES! With the use of Rural Development loans you are able to do 100% financing for properties in certain geographic locations. If you would like to check out if the location of a property will […]

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No Comments downpaymentadmin on Nov 22nd 2011