Archive for the tag 'MN First Time Home Buyer'

Rural Development (RD) Loans A USDA guaranteed Loan is government-insured 100% purchase loan. These loans are only offered in non-urban areas and serviced by direct lenders that meet federal guidelines. USDA Loans – They’re NOT for Farmers! A USDA home loan has nothing to do with agriculture. USDA Loans used to be considered “farmers loans” […]

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No Comments downpaymentadmin on Nov 30th 2012

Cyber Monday is all about getting the best deal on those dream gifts. What better “dream gift” is there, than buying a new home instead of renting and paying someone else’s mortgage. Did you know you are probably paying more in rent than you would be owning? Our Cyber Monday special goes on every day […]

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No Comments downpaymentadmin on Nov 26th 2012

It is actually pretty easy to build credit. Try one of the following ideas: Ask your bank or credit union about a secured credit card. You can make a deposit to your account and have a credit limit in the amount of your deposit. The bank takes little risk and you build credit slowly. Use […]

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No Comments downpaymentadmin on Oct 30th 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

  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

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

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

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

Being a first time homebuyer can be extremely nerve racking for many borrowers. So here are a few helpful hints. #1 Do not apply for a mortgage until you are ready #2 Have your complete tax returns and w2’s for the last 2 years #3 Make sure you have the most recent 30 days of […]

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No Comments downpaymentadmin on Dec 12th 2011

Filed under Credit

FICO Scores

For many first time homebuyer; understanding how their credit score benefits them is foriegn. Your credit scores come from payment history from credit cards, installment loans from banks and mortgages. Your score is also impacted by information that is obtained from court records such as bankruptcy , judgements and tax liens that are attached to […]

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No Comments downpaymentadmin on Nov 23rd 2011

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