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
