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buyers

Buy New Construction or Existing Homes and Foreclosures?

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St Paul, MN: New construction is suffering.

The lowest NEW housing construction numbers since 1963 when the USA had 120  million LESS people have just been reported. There are many reasons for this, but the fact remains, right now is one of the best times to buy a house, and first time home buyers are missing the boat standing on the sidelines. Builders are fighting back, and we all should be concerned as new construction is a major economic backbone in this country.

Thoughts? We’d love to hear from you. Login and post!

What is HomeSteps and HomePath?

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You’ve seen the logo’s, but what is HomePath and HomeSteps?

Fannie Mae HomePath lender in MN and WIThe HomePath and HomeSteps programs allows a person to buy a specially designated Fannie Mae or Freddie Mac owned foreclosed property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed as well

Freddie Mac HomeSteps lender in MN and WIHow Does It Work?
Simple. Just follow these steps:

  • Apply with a lender. Get Pre-Approved. Just qualify for a traditional financing with at least 3% down.
  • Meet with a Realtor – Look at homes, buy your dream house.  You MUST select a home to buy from a special list of available foreclosed properties
  • Close and move in!

Where can I see the list of available houses?
Easy. Contact a Real Estate Agent,  and they’ll show you a list of qualified HomePath and HomeStep properties.

What about closing costs?
Closing costs can be rolled into the transaction, up to 6% of the loan amount.

How do I get started?
It all starts with a no obligation application, and a visit to a special lender offering the programs.

 

Buying a home in MN or WI? Click here for a HomePath, HomeSteps lender in MN and WI, or call (651) 705-6261, where one of their specially trained Loan Officers will assist you.

Buying a Home in 2011 is a Good Idea

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Rent vs Buy minneapolis st paul mn Mortgage first time home buyerBuying a Home in 2011 is a Good Idea

Minneapolis, MN: As we enter the traditional spring home buying market, many people are trying to decide if owning a home is better than renting. Renting may be preferable for some folks… but there’s a reason 68% of Americans choose home ownership over rent.

Here are several very good reasons to own:

  • Mortgage interest and property tax deductions
  • Appreciation
  • Amazingly low mortgage interest rates
  • Home Affordability is at an all time high.
  • Ability to decorate, remodel, modify or enlarge the structure
  • Build up of equity and ability to borrow against that equity
  • Capital gains exclusions (up to $500K for a married couple)

Use this online “Rent vs Buy” calculator – it’s Free!