Tag Archives: First Home Buyer

MN Housing Market Hit The Bottom?

Rick Sharga, executive vice president with Carrington Mortgage Holdings, says the housing market is in a “catfish recovery,” with the market hitting bottom this year but prices mostly remaining flat until 2014.

The looming shadow inventories of distressed properties are continuing to prevent prices from rebounding, he explains. Sharga, former senior vice president at RealtyTrac, says more than a million foreclosure actions failed to move forward this year due to delays, which will cause a delay in prices rebounding. Sharga made his comments during a talk at the Asian Real Estate Association of America conference last week in San Francisco.

About 800,000 REOs remain on banks’ books, with three-quarters of those not yet listed for sale, Sharga says. What’s more, an additional 800,000 homes are in foreclosure, and 1.5 million loans are delinquent, HousingWire reports.

Sharga says he expects monthly foreclosures to remain high through 2012, and REO inventories to stay elevated through 2013.

Source: Housing Market Hit Bottom: Former RealtyTrac Exec, HousingWire (Sept. 30, 2011)

First Time Home Buyer’s Downpayment Still An Obstacle In MN

Trulia’s Fall 2011 American Dream survey reports more than 1/2 of all renters who would like to buy a home say they are unable to because of down payment requirements.

62% of young adults (18-34 year olds), state that as a first time home buyer, lack of down payment has prohibited them from buying a home. Home buyers aged 35-54 are more concerned with qualifying for a loan because of having poor credit.

From saving enough for a down payment to qualifying for a mortgage and having a poor credit history, today’s aspiring home owners face many financial obstacles in order achieve their American Dream of home ownership,” says Jed Kolko, Trulia’s chief economist. “These obstacles keep some would-be home owners from taking advantage of low mortgage rates. On the other hand, they prevent some people from buying homes they can’t really afford. Government home ownership policies can target some of these obstacles to home ownership, but only stronger economic recovery will help households facing multiple obstacles become better able to buy homes.

Foreclosure Rehab Program Do Not Have To Be A MN First Time Home Buyer

The Homeownership Opportunity Program (HOP) provides short-term, temporary financing for the purchase and rehabilitation of vacant properties in, or in imminent danger of foreclosure, and for properties in a foreclosure impacted area. HOP loans are paid off by standard first mortgage products when the rehabilitation is completed.

Borrower Eligibility
To qualify, borrowers must:
Intend to owner-occupy the property;
Meet income limits (total income less than $96,500 – adjusted annually);
Be pre-approved for a standard first mortgage with a loan amount sufficient to pay off the HOP loan when the work is completed.

Property Requirements
Cannot be in industry standard mortgage condition, and;
Must be a single family detached, zero-lot-line townhome, owner-occupied duplex, manufactured home on permanent foundation, and be;
– Vacant as a result of foreclosure, or
– In imminent danger of foreclosure with a negotiated short-sale, or
– Located in a foreclosure impacted area

MN First Time Home Buyer Loan Programs

#1 Top Producing Team for 2011 and 2012 in the entire State of Minnesota

First Time Home Buyers Entire MN 11 county metro Up to $10,000 down payment assistance.
Hennepin, Ramsey, Anoka, Isanti, Sherburne, Wright, Chisago, Scott, Dakota, Ramsey, and Washington First Time Home Buyer Programs

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My team was awarded the 2011 and 2012 housing partnership award for our lending committment and top production for 1st time home buyers using Minnesota Housing products in support of affordable housing. Minnesota Housing Website.

Minnesota Housing 2010 and 2011 Award Recipient