Minneapolis Advantage Loan Program up for Round Two

To all you home buyers out there looking to buy a home in Minneapolis, listen up, as you might be able to take advantage of the Minneapolis Advantage Program. It helps potential buyers purchase a home in neighborhoods beseeched with foreclosures. Last year was the pilot program and it went very well (see more below),

Declining Markets No Longer Penalized

In the past, home buyers who have wanted to purchase in declining markets were penalized for doing so. Usually, lenders required more funds for a down payment, some up to 5% more than homes bought in regular markets. Local lenders held the power to call an area "declining" so any buyer could find themselves paying

New Loan Program Offered

The Minneapolis Advantage Loan Program - Great News for Minneapolis Home BuyersThe Minneapolis city council has recently approved a new loan program for buyers who purchase a single-family dwelling, or duplex, in Minneapolis neighborhoods that have experienced higher than normal levels of mortgage foreclosures. The program offers a $10,000 zero percent interest loan that is

Where’s My Crystal Ball?

Today Inman News Blog posted about a group of ACORN protesters demanding for the mortgage industry to save their homes. Apparently there are some home owners out there that didn't know what they were doing when the refinanced their mortgage. There are even some who took out huge amounts of equity from their home, and

Pushy Appraisals Could Be No More

I have been in the real estate business long enough to see some iffy appraisals come across my desk for my clients. No more was this so then during the housing boom. Appraisers seemed pressured to "make it happen". And needless to say, some home owners and real estate agents, not to mention the banks,

New FHA Loan Limits Available for Minneapolis

The new updated loan limits for FHA, Fannie Mae, and Freddie Mac are in today. Hennepin, Scott, Ramsey, Dakota, Washington, Wright, and Anoka counties all find themselves with the highest mortgage limits, due to the proximity of the Twin Cities Metro Area. This is good news for buyers as it keeps up with the increased

Ignore the Headlines!

My broker was kind to leave a copy of an article from Time magazine in my mailbox, titled "Ignore the Headlines". It pretty much backs up what I have been telling people about our current housing market, and why now is a good time to buy. This has nothing to do with the market bottoming

New Rules for FHA Buyers

The US Department of Housing and and Urban Development (we all know them as HUD) has passed down a new law concerning downpayment assistance for FHA loans. Effect 10/31/2007, sellers can no longer be looked to for help.In the past, buyers have been able to receive money from a seller as downpayment assistance for their