2010 First Time Homebuyer Mortgage Program

Thanks to Senior Loan Officer Paul Lundeen for coming up for some great tips for first time homebuyers.

“Minneapolis/St Paul City Living” 2010 First Time Homebuyer Mortgage Program

Highlights:
Current Rate:

  • 4.75% – No Downpayment Assistance Loan
  • 4.99% – Includes 2% Downpayment & Closing Cost Assistance Loan

Loan Types – FHA or VA ONLY

  • Maximum Acquisition Cost Non-Targeted Area 1 Unit = $376,870
  • Maximum Acquisition Cost Targeted Area 1 Unit = $369,160

Income Limits:

  • $83,900 Non-Targeted Areas
  • $92,290 Targeted Areas

Downpayment Assistance Loans Available

  • 0% interest loan that is forgiven on the 7th anniversary of the loan.
  • Prior to the 7th anniversary loan needs to be repaid when the primary mortgage is paid off; the home is no longer the primary residence, or when the home is sold or refinanced.
  • Recapture Tax applies

Must be a first time home buyer or have not owned a home in the past 3 years
Buyers must owner-occupy the property
Seller paid closing costs allowed per program guidelines
May utilize one-time $8,000 federal tax credit until deadline
620 Minimum credit score
Fully executed purchase agreement required before reserving funds
Limited funds
Required 9 Hour Homebuyer Education

  • Register at Minnesota Home Ownership Center
  • Website: www.hocmn.org/
  • Phone: (651) 659-9336

Paul Lundeen
Senior Loan Officer
Bell Mortgage
Direct: 952-374-6107
Cell: 952-221-6321

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