Tag Archives: down payment assistance

First Time Home Buyers in Minnesota

first_time_home_buyers_in_minnesotaFirst time home buyers in Minnesota should consider moving to Shakopee, a city that’s southwest of downtown Minneapolis.

Shakopee has about 37,000 people, and is located on the south bank bend of the Minnesota River. Long known for its attractions like a family amusement park and horse racetrack, Shakopee is part of the Minneapolis-St. Paul metro region, and it’s growing.

Indeed, Shakopee is one of the fastest growing cities in the Twin Cities region, nearly doubling its population between 2000 and 2010.

First time home buyers in Minnesota would be wise to look at homes available for sale in Shakopee, with its abundance of nice, traditional homes for sale. It’s an ideal place to live, with many young families moving in, appreciating its small-town charm.

In historic downtown Shakopee, locals and tourists alike enjoy the boutiques and restaurants, along with riverside concerts and summertime car shows. Shakopee combines traditional charm with modern convenience– no wonder it’s growing. People want to live, work, shop and play there.

People often move to where the jobs are and where the good schools are, right? Shakopee Public Schools include five elementary schools, two junior highs and one senior high school. If you have kids, they will get a good education in Shakopee schools. The city also has a campus of the Globe University/Minnesota School of Business, a private career college offering programs in business, health sciences, legal sciences, multimedia and design and information technology. Shakopee benefits from a great location in Minnesota– it’s a short car ride away from big city life as well as quiet, rural areas.

Do you need down payment assistance to move to a nice house in Shakopee? If so, contact Lake Area Mortgage at 651-209-2900 to ask about available options. Lake Area Mortgage helps first time home buyers in Minnesota, so they can afford the places they want to live and enjoy their new homes.

First Time Home Buyer Programs Minnesota

first_time_home_buyer_programs_minnesotaFirst time home buyer programs Minnesota offer people some very good deals. One program in particular is known as the Minnesota Housing Mortgage Credit Certificate, or “MCC” program.

MCC is one of the best first time home buyer programs Minnesota because it allows first time home buyers to claim 35% of their mortgage interest as a federal income tax credit each year. Many people take advantage of this program because it can reduce their federal income tax liability and save them up to $2,000 per year. The MCC program also involves low-interest mortgage options and access to loans for help with making a down payment and/or closing costs. The goal of MCC is to help Minnesotans afford housing.

In addition, MCC is one of the popular first time home buyer programs Minnesota because of several worthwhile options. For instance, MCC offers a conventional product with no mortgage insurance, using only a 3% down payment. Or, for those who are looking for lower private mortgage insurance rates for conventional-insured loans, MCC can connect you with those, again at only 3% for the down payment. Meanwhile, MCC includes a FHA 203 (k) streamlined purchase/repair product option, in case you’re the type of person who likes “fixer-uppers” and doesn’t mind owning a first house that needs some work done to make it livable.

Are you wondering if you’re eligible for the benefits of the MCC program? Your income has to be at or below certain limits, and the home you’re looking to purchase has to be under the $298,125 acquisition cost limit for the Twin Cities’ 11-county metro area. Please consult your tax adviser with additional questions

Designed to help people with the biggest purchase of their lives, first time home buyer programs Minnesota help financially jumpstart the purchase process. To find out what options are available to you, specifically, please call Lake Area Mortgage at 651-209-2900 or email [email protected]

Minnesota Housing Authority

minnesota_housing_authorityThe Minnesota Housing Authority is set up to help Minnesotans obtain safe, decent and affordable housing. Investing hundreds of millions of dollars to preserve federally-subsidized rental housing as well as promote home ownership, the Minnesota Housing Authority ideally wants to prevent and end homelessness in the state. Is it a lofty goal? Yes. But with the right attitude, funding, and promotion, the Minnesota Housing Authority works everyday toward making that goal a reality.

When someone is looking to buy a house in Minnesota, the Minnesota Housing Authority is a great resource, connecting people with information about mortgage loans, home improvement assistance, finding lenders, and preventing foreclosure. Additionally, the Minnesota Housing Authority is always on the lookout for the lowest interest rates so you can benefit!

While most people ideally want to own their own home, some, for various reasons, need rental assistance. Minnesota Housing Authority provides that, helping people look for affordable rental housing/shelter.

The Minnesota Housing Authority is a connector of agencies and people—a middleman of sorts. Connected with homeownership lenders, home improvement partners, and real estate agents, the Minnesota Housing Authority works hard to bring affordable services and financing options to people looking for a good place to live.

One of the latest options the Minnesota Housing Authority offers includes loan amounts up to $50,000! Also available are unsecured loans to help homeowners who need money to pay toward their mortgage bills. With amounts up to $15,000 and no equity needed, these loans might be just what you’ve been looking for/needing to be able to keep living where you live, avoiding the disruption of having to move.

Besides helping first-time home buyers, the Minnesota Housing Authority also helps others refinance through the “Step Up” program.

There really are many wonderful options available to people looking for affordable housing in Minnesota. Connecting with the Minnesota Housing Authority can help you discover options you never knew existed.