Ramsey County has new funds for there FirstHOME Program Funding. As of July 1st, 2011 $350,000 new funds are available for this new program. The program has changed a little though, the new limit is $10,000 but that’s not a bad down payment. Eligible buyers may qualify for the loan with 0% interest to help bring their monthly housing costs down to 30% of income. The principle-only subordinate mortgage must be repaid when the property is sold.
The property must be purchased in Ramsey County, St. Paul is excluded. Certain requirements must be met by the home buyer including income, 3 years of work history, the home must be owner occupied and the sales price must be less than $200,000.
Home buyers must qualify for a VA, FHA or Fannie Mae conventional mortgage as determined by a private lender. Plus the buyer must contribute $2000 of their own funds to the transaction.
Home buyer training is also required for these funds, but in today’s lending environment I think all new home buyers should required to take that class. Funds are limited and commitments are given on a first come first served basis. Don’t delay apply today if you are interested in this program.
For more information you can contact me 612-267-7093 or by email at rick@rdsoldme.com
Tags: 3 Years, Commitments, Conventional Mortgage, Eligible Buyers, Email, Fannie Mae, Fha, First Come First Served Basis, Home Buyer, Housing Costs, New Home Buyers, Payment Assistance, Principle, Private Lender, Ramsey County, Work History
It’s been a long time coming but it is finally back, as of July 1st, 2011 Anoka County has re-funded the Down Payment Assistance Program. This is the only program that is available through Anoka county at this time but it can be used in conjunction with a loan from the MHFA.
The requirements are similar to the prior program. There is no First time home buyer requirement, you must below 80% of the area median income of $84000. The buyer must buy a 1-4 unit residential home in Anoka County. Properties must meet all applicable state and local housing quality standards and code requirements. Applicants must qualify for a prime fixed rate conforming mortgage and have a minimum of $2000 invested in the transaction.
The loan amount can range from $1000-$10,000 and is 0% interest loan from 0-5 years, in the 6th year the down payment assistance funds will be forgiven. If this unit is sold, refinanced or no longer the principle place of residence within the five-year affordability period, the full balance of the down payment assistance funds will be due and payable immediately.
These funds are limited and should be applied for right away. Once they are gone, I’m sure they will be gone for quite awhile, again.
For more information you can contact me directly by email at rick@rdsoldme.com or by phone at 612-267-7093.
Tags: Affordability, Anoka County, Applicable State, Area Median Income, Assistance Funds, Conforming Mortgage, Conjunction, Down Payment Assistance Program, Email, First Time Home, First Time Home Buyer, Fixed Rate, Interest Loan, Limited, Long Time, Mhfa, Payment Assistance Program, Principle Place, Quality Standards, Time Home Buyer, Transaction Properties
Anoka County has 2 great Down payment assitance programs for first time and repeat home buyers. The first one is called Home Investment Partnerships program (HOME) for first time home buyers and the second is called Neighborhood Stabilization Program (NSP) that can be used by anybody, first time home buyers and repeat home buyers.
The HOME program is exclusively for first time home buyers that make less than 80% of the median income levels for the county. The $10,000 loan is a 0% deferred loan forgiven after 5 years of residency in the property. The buyer must be able to qualify for a FHA, VA or Fannie Mae approved loan. The home buyer must alos have $2000 to put down.
The NSP program will allow up 120% of median area income and is open to first time and repeat home buyers. The $10,000 loan is also a 0% interest loan but is forgiven after 10 years of residency in the property. this loan is limited to areas of greatest need in the county and requires only $1000 down payment.
Both programs are great programs, when ever you can get free money to purchase a home, it is a great program. Funds for these programs are limited and usually refunded in the spring. contact me for any further information about these programs.
Tags: 10 Years, Anoka County, Deferred Loan, Down Payment Assistance, Down Payment Assistance Programs, Fannie Mae, Fha, First Time Home, First Time Home Buyers, Free Money, Home Buyer, Home Investment Partnerships, Interest Loan, Investment Partnerships Program, Median Income, Neighborhood Stabilization, Nsp, Nsp Program, Payment Assistance Programs, Stabilization Program, Time Home Buyers
There more foreclosed homes on the market now than ever. The good news is that with the first time home buyer credit the nicer foreclosed homes are flying off the market. Homes that are in need of repair or further from the Twin Cities seem to be hanging around a little longer.
I believe that with in the next 30 days the supply of home on the market will start increasing again because the activity around the area will be slowing down because of the cold weather, the holidays and lack of first time home buyer credit of $8000. This means it will be a great time to be out buying again home prices will probably fall a little do to the lack of activity as it does every year here in the winter.
Even though the first time home buyer credit will be gone, there are over 45 down payment assistance programs available in the area and statewide to help get into a home. Some of these funds have dried up for the year. So reserving that money as soon as possible is the key if you are trying to buy a home.
So even if you are not able to take advantage of the first time home credit it is still a great time to buy because of more houses to choose from, less competition, many home buyer down payment assistance programs and probably lower prices. It is always better to buy when no one else is.
Tags: Buyer Credit, City Of Plymouth, Cold Weather, Down Payment Asssistance Programs, First Time Home, First Time Home Buyer, First time home buyer credit, Foreclosed Homes, Great Time, Holidays, Money, Payment Assistance Programs, Time Home Buyer, Twin Cities
One of the most affordable ways to purchase a home right now is to purchase a HUD home. You can do this by only putting $100 down on the purchase if you qualify for a FHA mortgage.
HUD stands for Dept. of Housing and Urban Development. HUD homes are homes that have been foreclosed on that have a FHA mortgage on them. HUD is working with new buyers to allow them to buy their homes with only $100 down. Right now with a glut of homes on the market it is not difficult to find HUD homes that should meet your criteria. Follow this link to find HUD homes available here.
Besides a low down payment HUD is also giving some buyers cash back when they purchase HUD homes with a full price offer. Owner Occupant purchasers that make a full price offer under $50,000 will receive a $1,000 Sales Allowance paid at closing. Owner Occupant purchasers that make a full price offer equal to or over $50,000 will receive a $1,500 Sales Allowance paid at closing.
In areas like the Twin Cities where we are classified as a depreciated or depreciating market, conventional mortgages need at least 10% down payment and with FHA financing, not on a HUD home, you need at least 3.5% down payment. So you see buying a HUD home is more affordable especially to first time home buyers who may have a harder time coming up with some down payment money plus qualifying for some cash back at closing.
Tags: $100 down payment, Buy Homes, Classified, Conventional Mortgages, Dept Of Housing, down payment money, Fffffff, FHA financing, Fha Hud, Fha Mortgage, First Time Home, First Time Home Buyers, Glut, Harder Time, Housing And Urban Development, Hud Homes, Owner Occupant Purchasers, Payment Money, Time Home Buyers, Twin Cities
We’ve been going back to basics by selling homes the old fashioned way, hard work. Creative sign campaigns and some print advertising are bring scores of people through our open houses.
We have using some old fashioned flyers and some drop cards displayed in coffee shops, gas stations, and grocery stores to advertise our open houses a few days before the open. I check on them often and have noticed the flyer tabs have been ripped off and cards are being pulled, having me replace them.
We also have made some basic signs with different messages on them. We usually put out between 25 -50 signs to almost create a spectacle. These signs are placed to create a traffic funnel to the open house. The results have been outstanding. We have been averaging between 16-40 people per open house. But that’s not the good part, the good part is that we have been finding the buyers for these properties.
We have also been using some high tech methods like internet advertising, MLS, text messages, traffic reports, blogging, tweeting, and lots of other social networks, but those methods alone have not been driving the traffic we create for our sellers at their open houses.
Please contact me, Rick Davis at 612-267-7093 with any questions, thoughts or if you have a home you would like me have a open house at.
Tags: Campaigns, Cards, Coffee Shops, Creative Sign, Few Days, Flyers, Gas Stations, Grocery Stores, High Technology, Internet Advertising, Open House, Open Houses, Print Advertising, Rick Davis, Signs, Social Networks, Spectacle, Tabs, Text Messages, Traffic Reports
There are 2 great reasons to buy a home now. The first one is, the first time home buyer tax credit is going to expire November 30th. and the second one, Interest rates are low.
The home buyer tax credit is going to expire on November 30th of this year. If you are planning on cashing in on this credit you need to get pre-approved for a mortgage or gather up your cash right now and then get out an find a home you want to buy. In many cases closing on a home purchase can take some time especially if you want to purchase a home that is being sold on a short sale. Short sales are being completed faster than they were in the past but some banks are still taking over 3 months to get them to close.
Interest rates are very low at this time, rates are hovering around the the 5% mark on many programs, but guidelines have tightened up and people that could have qualified in the past aren’t getting qualified today. Buyers need to consult with their mortgage loan officer to make sure they can qualify and if they can’t, determine what they can to so they can qualify soon to get the first time home buyer tax credit.
Contact me directly at 612-267-7093 with you have any other questions about buying a home.
Tags: Banks, Buying A Home, First Time Home, First Time Home Buyer, First Time Home Buyer Tax Credit, Interest Rates, Mortgage Loan Officer, Time Home Buyer, Time Rates, Twin Cities
In and around the Twin Cites you can still buy a Home with little or No money down. Many communities offer free money to be used as down payment assistance. There are government home loans available with no down payment. Plus the State of Minnesota as a government program where they will give you a grant for the down payment, help pay monthly payments maybe even get you other money for repairs and other closing costs.
Many communities like Minneapolis, St. Paul, Brooklyn Center, Ramsey County, and Woodbury, to name a few, have Money available to use as down payment, closing costs, or repairs. In Minneapolis if you buy a home in certain areas you can qualify for over $30,000 in government grants and 0% interest loans, some which you may never have to pay back. In Ramsey County they have a program, if you live and work in Ramsey County, outside of the City of St. Paul you can qualify for up $20,000 in interest free money. You only need to repay this money when you sell your home. In Woodbury you can qualify for up $25000 in community funds. These are some of the best programs available but there are many more.
There are government home loans available like VA loans and USDA loans that you can qualify for without having to put a cent down. You can also possibly combine these programs with other programs to lower your monthly payments. VA loans right now are a great choice for veterans. You can use your certificate to buy a personal residence and maybe even a 2nd home. USDA loans are only available outside of the metro area but the areas available come very close to the Twin Cities. USDA home loans are some of the very best financing available, there is no mortgage insurance some repairs can be financed up appraised value and they have low interest rates.
The State of Minnesota and the MHFA have program available to give grants of up to $3000 for down payment assistance through the Home ownership Assistance Fund (HAF). Monthly payment assistance is offered through the Community Set-Aside Program (CASA). Another great program through the state is is the Home Help program it provides interest free money to first time home buyers and non-first time homebuyers who purchase a foreclosed home in the Twin Cities.
Let’s sum it up, right now in the Twin Cities and surrounding areas there are many programs to help first time home buyers and non-first time home buyers purchase a home for very little or no money down. If you would like more information on how you or someone you know qualify for these programs please call me at 612-267-7093 or email me at rick@rdsoldme.com
Tags: 0 Interest Loans, Assistance Fund, Brooklyn Center, Closing Cost, Closing Costs, Downpayment Assistance, Free Money, Government Grants, Government Home Loans, Government Program, Home Ownership, Low Interest Rates, Metro Area, Mhfa, Minneapolis St Paul, Mortgage Insurance, Payment Assistance, Personal Residence, Ramsey County, Repa, Rick Davis, State Of Minnesota, Usda Loans, Woodbury
The most popular question I hear everyday is, what’s a short sale? The easiest way to explain it is, a seller is selling their home for less than what is owed on the home.
How can they or I do that? The bank or mortgage company needs to approve of the transaction, sometimes stated as 3rd party approval. To get this approval banks go through a lengthy process to approve these transactions sometimes it takes up to 6 months for a bank to sign off on the transaction. They get other real estate agents and appraisers to give them price opinions and they get financial information from the seller to verify their personal situation and credit history.
Does a short sale affect the ability to buy a new home? Yes it does right now if you sell your home on short sale you won’t be able to buy another one for 2 years. If your home is foreclosed on the waiting period is much longer.
Are there any consequences to selling your home on a short sale? There can be. In some states, like Minnesota, they can require you to pay back the amount you still owe the bank after the sale. But it doesn’t happen very often. In the past the IRS could make you pay taxes on the difference, but there is a moratorium on that right now, but some states can still make you pay the tax owed on the difference, they consider the difference as income.
Are there advantages to selling your home on a short sale? Yes there is. First thing is your credit might not be affected. There is a chance that the bank won’t report the debt as having been paid short, they might not report it at all. It also allows people to keep their dignity by selling with the bank’s approval as opposed to letting the home go into foreclosure, none of us had any idea the market was going to sink this low.
I hoped this article helped explain what a short sale is and how it affects the seller. Contact me at 612-267-7093 or by email at rick@rdsoldme.com if I can answer anymore of your questions.
Tags: Appraisers, Banks, Consequences, Credit History, Dignity, Email, Financial Information, Foreclosure, Irs, Moratorium, Mortgage Company, Party Approval, Personal Situation, Real Estate Agents, Rick Davis, Selling Your Home, Short Sale, Twin Cities home for sale, Twin cities real estate, Waiting Period
I was driving down the road yesterday and I just had to stop and take a picture of this sign. It really made me laugh at the use of their yard sign.
Tags: Driving Down The Road, Short Sale