Neighborhood Stabalization Program U.S. Department of Housing & Urban Development (HUD) program authorized under the Housing and Economic Recovery Act (HERA) of 2008 to revitalize and stabalize communities.
Must be used in Targed areas and must be a foreclosed property. Short sale lender mediated transactions not valid.
http://www.co.hennepin.mn.us/files/HCInternet/HHandSS/Housing%20and%20Shelter/Grants%20and%20Funding/NSP/NSP%20Homebuyer%20Assistance%20Program_TARGET%20AREAS.pdf
You do NOT have to be a 1st time home buyer however must not own any ownership interest in another property.
Must purchase at a minimum of a 15% discount below the appraised value
Must make 50% of your required down payment on an FHA loan this would be a minimum down payment of 1.75%
Thursday, July 9, 2009
Friday, May 15, 2009
NEW up to $10,000 Down Payment Assistance for NON 1st Time Buyers
Up to $10,000 in HOME HELP II Assistance for non-First Time Home Buyers
Must purchase a Foreclosed Home in a targeted zip code
Maximum Household Earned Income Limits 11 County Metro
1 person $44,800
2 people $51,200
3 people $57,600
4 people $64,000
5 people $69,100
Other income limits for outside 11 county metro and households up to 8 people
Minimum 620 credit score
Must purchase a Foreclosed Home in a targeted zip code
Maximum Household Earned Income Limits 11 County Metro
1 person $44,800
2 people $51,200
3 people $57,600
4 people $64,000
5 people $69,100
Other income limits for outside 11 county metro and households up to 8 people
Minimum 620 credit score
Thursday, January 22, 2009
$100 Down HUD REPO FHA Mortgage Loan Program
A HUD REPO home was initially insured by FHA, foreclosed upon and now owned by HUD. This is an excellent opportunity for first time homebuyers here in Minnesota to purchase with low money down, although you do NOT have to be a 1st time buyer to take advantage but you do have to agree to owner occupy it. It is not for investors looking to purchase rental property.
The sales contract must be written as a 203b with repair escrow so that the entire repairs of up to $5,000 can be included in the loan amount and escrowed. However we can't exceed 110% of the "as is" value. We can also ask the seller to pay up to 3% of your closing costs which we then finance into the mortgage loan.
Search for homes here www.best-assets.com for HUD Repos in MN
This can be combined with the Good Neighbor Next Door (GNND) program to encourage firefighters, EMT's, police officers and teachers to buy homes in low and moderate-income neighborhoods.
HUD offers a fifty percent (50%) discount off the list price to firefighter, EMT's, police officers and teachers. They must be employed full-time, cannot own any other residential real estate, and agree to make the homes their sole residence for three years following the purchase. In addition, teachers must work in the areas in which the homes are located.
More comprehensive info can be found on HUD's website http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm
The sales contract must be written as a 203b with repair escrow so that the entire repairs of up to $5,000 can be included in the loan amount and escrowed. However we can't exceed 110% of the "as is" value. We can also ask the seller to pay up to 3% of your closing costs which we then finance into the mortgage loan.
Search for homes here www.best-assets.com for HUD Repos in MN
This can be combined with the Good Neighbor Next Door (GNND) program to encourage firefighters, EMT's, police officers and teachers to buy homes in low and moderate-income neighborhoods.
HUD offers a fifty percent (50%) discount off the list price to firefighter, EMT's, police officers and teachers. They must be employed full-time, cannot own any other residential real estate, and agree to make the homes their sole residence for three years following the purchase. In addition, teachers must work in the areas in which the homes are located.
More comprehensive info can be found on HUD's website http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm
Monday, January 19, 2009
Minnesota USDA Rural Housing 0 down 100% Financing Mortgage Loan
You do NOT have to be a 1st time home buyer however if you are can combine with State housing finance agency assistance.
No Money down
NO MONTHLY MORTGAGE INSURANCE
No savings required
Can finance up to 102% of the appraised value for minor repairs
Copy and paste this link in your browser to check for eligibility in Minnesota
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
No Money down
NO MONTHLY MORTGAGE INSURANCE
No savings required
Can finance up to 102% of the appraised value for minor repairs
Copy and paste this link in your browser to check for eligibility in Minnesota
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Wednesday, May 7, 2008
Minnesota Down Payment Assistance Special Loan Programs for Qualified 1st Time Home Buyers
1st time home buyer - individual who has not owned a home in the past 3 years.
$3,000 MN HOME Homeowner Entry Loan Program to provide financial assistance to first-time homebuyers to address increased down payment requirements resulting from the Declining Markets designations in much of the 11 county Twin Cities Metropolitan area.
Up to $14,999 down payment assistance 70% forgiven after 5 years up to $10,500 FREE$
City of Woodbury up to $25,000 for first time home buyers or if buying a FORECLOSED REO property up to $25,000 for ANY buyer.
Minneapolis & St. Paul City Living
1. 2%-4% Grant Assistance
2. Subsidized interest rates
3. You do not have to pay back!
Additional Minneapolis Programs
American Dream Downpayment Initiative
• Up to 6% of sales price or $10,000 (whichever is greater)
Sheridan Neighborhood
• Up to $5,000 deferred loan (forgivable after 6 years
Folwell First Time Homebuyer Assistance
• Up to $3,000 (0% interest deferred loan)
Ventura Village Homebuyer Program
• Up to $5,000 (loan is forgivable after 5 years)
Humboldt Greenway Assistance
• Up to $44,000 at 0% interest
Lyndale Neighborhood
• Up to $3,000 for down payment or closing costs
Additional St. Paul Programs
Entrance Cost Assistance Loan (ECAL)
• Up to 6% of sales price or $10,000 (whichever is greater)
• Property located in district 3, or 5-9
Additional County Programs
Washington County FirstHOME
• Up to $10,000 entry cost assistance
Ramsey County FirstHOME
• Up to $20,000 entry cost assistance
Anoka County
• Up to $5,000 entry cost assistance
City of Plymouth
• Up to $25,000
• (0% interest deferred loan)
$3,000 MN HOME Homeowner Entry Loan Program to provide financial assistance to first-time homebuyers to address increased down payment requirements resulting from the Declining Markets designations in much of the 11 county Twin Cities Metropolitan area.
Up to $14,999 down payment assistance 70% forgiven after 5 years up to $10,500 FREE$
City of Woodbury up to $25,000 for first time home buyers or if buying a FORECLOSED REO property up to $25,000 for ANY buyer.
Minneapolis & St. Paul City Living
1. 2%-4% Grant Assistance
2. Subsidized interest rates
3. You do not have to pay back!
Additional Minneapolis Programs
American Dream Downpayment Initiative
• Up to 6% of sales price or $10,000 (whichever is greater)
Sheridan Neighborhood
• Up to $5,000 deferred loan (forgivable after 6 years
Folwell First Time Homebuyer Assistance
• Up to $3,000 (0% interest deferred loan)
Ventura Village Homebuyer Program
• Up to $5,000 (loan is forgivable after 5 years)
Humboldt Greenway Assistance
• Up to $44,000 at 0% interest
Lyndale Neighborhood
• Up to $3,000 for down payment or closing costs
Additional St. Paul Programs
Entrance Cost Assistance Loan (ECAL)
• Up to 6% of sales price or $10,000 (whichever is greater)
• Property located in district 3, or 5-9
Additional County Programs
Washington County FirstHOME
• Up to $10,000 entry cost assistance
Ramsey County FirstHOME
• Up to $20,000 entry cost assistance
Anoka County
• Up to $5,000 entry cost assistance
City of Plymouth
• Up to $25,000
• (0% interest deferred loan)
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