The COMPLETE Home Buyers Guide to Financing Your Home Understanding Your FICO Credit Score Knowing and Understanding Your Credit  #1 Mistake People Make When Buying a Home

Homeownership Is Still the American Dream. We make it possible with FHA or Minnesota's MHFA First Time Home Buyer Mortgage Programs (Minnesota Housing Finance Agency)

We are proud to make YOUR home buying dreams come true!

Owning your own home is a goal most Americans continue to strive for, but in today's economy many families are wondering if things have changed. Just a short time ago everyone agreed that it was a seller's market, yet buyers were everywhere hoping to get on the bandwagon while prices were appreciating at double-digit rates.

Today that has all changed. The sellers market has turned into a buyer's market. So where are all the buyers? Mixed messages from the media, concerns about home loan financing and the mortgage industry, and fears about selling an existing home have all played a part in drying up the real estate market.

But the bottom line is that homeownership is still a great choice for many, many families today. Let us show you how!

Q: As a first-time buyer, should I wait until prices go lower to buy a home?
NO! If you continue to wait, you may never be able to afford to get into the housing market. Even as home prices have currently moderated - or even dropped in some places, this will not continue. Furthermore rents are now climbing, which may make is harder for you to save more money to buy a home. The best way to build wealth is to own a home.

Benefits of MHFA Mortgage Loans

• Low down payment
• Below-market interest rates
• Possible Interest-free loans to help with down payment and closing costs as well as monthly payments.
• No extra fees or discount points
• 30-year fixed (Option of a 40-year term under the CASA program)

Three Mortgage Loan Programs

• Minnesota Mortgage Program (MMP)
  • MMP offers mortgage loans through local lenders to low and moderate income homebuyers throughout Minnesota.
  • The Minnesota Mortgage Program (MMP) is a first time homebuyer loan program that helps low to moderate income Minnesotans to buy a home. The interest rates are below market rates and available to Minnesotans based on their income. Income and Home Price Limit Tables are linked below. Find out today how YOU CAN be on the road to homeownership with the Minnesota Mortgage Program.
• Minnesota City Participation Program (MCPP)
  • MCPP offers mortgage loans in participating cities and counties throughout Minnesota.
  • Loans are traditionally available from April through December through MHFA’s lender network.
• Community Activity Set-Aside (CASA) Program
  • CASA provides access to pools of mortgage loan funds for community based partnerships that support targeted local homeownership efforts. Homebuyers obtain CASA loans through lenders participating in the CASA program.
  • A 40-year loan term is available to eligible CASA borrowers. This option increases affordability through lower payments.

Program Guidelines

To be eligible for a Minnesota Mortgage Program loan you must:

• Be a first-time homebuyer *

• Have federal income tax return copies for the last 3 years.

• Have acceptable credit.

• Attend Home Buyer Education Classes (Call for "Home Stretch" class dates, times, and sign-up information)

• Have an income at or below prescribed MHFA limits and want to buy a qualifying home. Limits are linked below.

 

Homeownership Assistance Fund (HAF)  

The Homeownership Assistance Fund (HAF) is available only to borrowers participating in the CASA mortgage loan program. The program provides Entry Cost Assistance to help borrowers with their down payment and closing costs and Monthly Payment Assistance, which pays a portion of a borrower’s monthly mortgage payments during the early years of the loan.

Borrowers qualify for HAF assistance is they meet one of the following criteria;

• Eligible for CASA program
• Single headed household
• Household of color or Hispanic ethnicity
• Household contain person(s) with disabilities
• Borrowing purchasing in a low income tract
• Household earns less than 60% of medium income

HAF money is NOT FREE. It is an Interest free loan which is paid back when the homeowner sells, refinances, no longer occupies the home or pays off the first mortgage.

* For MHFA loan purposes, first time homebuyer is defined as anyone who has not owned a home or an interest in a home in the past three years.

---

Fill out our easy   Online Loan Application

Email Us

Joe Metzler, MMS, UMB Senior Mortgage Banker 971 Sibley Memorial Hwy Saint Paul, MN 55118 Phone (651) 552-3681 Map Fax (651) 994-6425