Cambria Mortgage, the Joe Metzler Team. Saint Paul, MN
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.
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You’ve seen the logo’s, but what is HomePath and HomeSteps?
The 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
How Does It Work?
Simple. Just follow these steps:
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.
It is a great time to be a first time home buyer, but some of the rules have changed. Mortgage interest rates in MN are still amazing, and home prices are super affordable. New mortgage lender and broker rules are making it a little harder to qualify for a home loan, and your costs are going up a little, but don’t let that hold you back. First time home buyers, it’s safe to come out now!
This weeks Mortgage Market Guide Newsletter. Home Improvement tax credits and Jobless claims.
I hear this every week. Seems like when it is a buyers market, everyone want to be Donald Trump Jr.
OK, so what is my #1 question? How much do I need for down payment!
Buying a duplex, triplex, or quad isn’t really overly complicated on the mortgage side. You basically have two options:
1) Are you going to live in one unit?
If yes, then you can potentially get an FHA loan with as little as 3.5% down payment.
2) Is every unit going to be a rental?
If yes, then your down payment options are more expensive. Basically you are going to need 20% down. You can usually get a better interest rates with even bigger down payments.
Of course there are many other factors that come into play. Credit scores are a great example, as is trying to get a mortgage if you already have more than 4 mortgage loans.
While 20% down payment is a lot of money, the investment in rental property at today’s prices should realize you double digit returns… and that is a LOT better than the banks are giving you to leave it sit in their vault!
Zero Down Payment Home Loans for first time home buyers are back in Minnesota with the new AFFORDABLE ADVANTAGE program.
Details and Info on the Dakota County First Time Home Buyer program for Dakota County MN. Eagan, Apple Valley, Burnsville,
About the Metzler Mortgage Group at Cambria Mortgage. Why we are a great choice for getting your home mortgage loan.