The Minnesota Housing Finance Agency (MHFA) invests millions of dollars into financing affordable housing for low and moderate-income Minnesotans. In other words, MHFA helps people of limited means get proper housing.
MHFA does several things each year to foster stronger communities. The goal is to promote and support successful home ownership, while preventing (and ending) homelessness. The agency preserves federally-subsidized rental housing and steps in to help prevent foreclosures. The overall aim of MHFA is to make Minnesota the kind of state where people live in safe, decent and affordable housing—in relatively stable and strong communities.
Perhaps you wanted to be a pioneer in a neighborhood where the housing stock needs some improvement. MHFA offers products and services to help you buy and fix up homes that need a lot of work done. The idea is that it’s better to have a home cleaned up and in good condition, with occupants who care to be there, than to let a building rot with no one paying attention to it.
MHFA has been helping Minnesotans for more than 40 years, and has a great reputation as one of the nation’s finest housing finance agencies. It’s worth investigating their products and services to see if they could be of help to you and your situation.
Federal Reserve Chairman Ben Bernanke urged lawmakers to form strong housing policies to help the housing market recovery and advance the economy. Bernanke made the comments during a Q&A session following a speech in Cleveland on Tuesday about emerging market economies.
His remarks come at a time when more than 6.3 million homes are 30 days or more behind on their mortgage payments or in foreclosure, according to Lender Processing Services.
The Fed has taken steps that have been keeping mortgage rates hovering at or near record lows in recent weeks, but with unemployment still high, Bernanke said that record-low interest rates donâ€™t seem to be helping the housing crisis.
During the speech, Bernanke called long-term unemployment a national crisis. About 6.2 million Americans, or 45.1 percent of all unemployed, have been jobless for more than six months a total that is at its highest point since the Great Depression, HousingWire reports in citing government stats.
“Clearly getting more money into the hands of home owners who spend it could help to fuel GDP growth,” Eric Rosengren, president of the Federal Reserve Bank of Boston, said in remarks on Wednesday. “This would reduce one of the impediments to a more significant effect from the monetary policy actions taken to date.”
30-year and 15-year fixed-rate mortgages hit record lows again this week reported by Freddie Mac in its weekly mortgage market survey.
“Continued investor concerns over the state of the European debt markets kept U.S. Treasury bond yields low and allowed mortgage rates to ease once more this week, says Frank Nothaft, Freddie Mac’s chief economist.
Here’s a closer look at rates for the week ending Sept. 15.
30-year fixed-rate mortgages: averaged 4.09 percent this week, down from last week’s previous record of 4.12 percent. Last year at this time, 30-year rates averaged 4.37 percent.
15-year fixed-rate mortgages: averaged 3.30 percent, dropping from last week’s record low of 3.33 percent. Last year at this time, 15-year rates averaged 3.82 percent.
5-year adjustable-rate mortgages: averaged 2.99 percent this week, up slightly from last week’s 2.96 percent average. A year ago at this time, the 5-year ARM averaged 3.55 percent.
1-year ARMs: averaged 2.81 percent, down from last week’s 2.84 percent average. A year ago, the 1-year ARM averaged 3.40 percent.