Archive for the tag 'mn government loans'

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

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

First time home buyer loans allow buyers to get into a house more easily. However, just because you’re a first time home buyer doesn’t mean you qualify for a first time home buyer loan. These programs have income limits and strict underwriting guidelines. While they are a perfect fit for some, first time home buyer […]

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No Comments downpaymentadmin on Oct 24th 2012

The answer is absolutely!!  There is a waiting period however.  Conventional financing is between 5 and 7 years, with extenuating circumstances it is 3 to 5.   Examples of Extenuating circumstances are due to death, illness, job transfer or accident resulting in severe injury. Generally, things that happen beyond your control and dramatically affect your ability […]

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No Comments downpaymentadmin on Oct 17th 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

Use of Funds: Brooklyn Park, Brooklyn Center, Champlin, Maple Grove, and Rogers/ Hassen Township Eligible Borrowers: 120% Median Income (1person 69,450.00, 2 person 79,400, 3 person 89,300, 4 person 99,250, 5 person 107,200, 6 person 115,100, 7 person 123,050, 8 person 131,00) Eligible Properties:Single Family Housing (detached, town homes, condos) to occupied as a principal […]

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No Comments downpaymentadmin on Nov 11th 2011