Down Payment Assistance for Minnesota First Time Home Buyers

We have had a lot of interest recently from Minnesota first time home buyers inquiring about down payment assistance programs like the Nehemiah program, so we have scheduled a free online seminar where we will explain how the down payment assistance program works and how to find out if you qualify. Simply click on the link below to register.

Down Payment Assistance Programs In Minnesota

Join us for a Webinar on May 31 Space is limited. Reserve your Webinar seat now at: https://www2.gotomeeting.com/register/453570788 Learn about Down Payment Assistance programs available to Minnesota Home Buyers Title: Down Payment Assistance Programs In Minnesota Date: Saturday, May 31, 2008 Time: 11:00 AM - 11:30 AM CDT System Requirements PC-based attendees Required: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista Macintosh®-based attendees Required: Mac OS® X 10.3.9 (Panther®) or newer

More Restrictions for Nontraditional Minnesota Mortgages

It's getting even tougher to get a mortgage in Minnesota and everywhere else in the country as Freddie Mac, one of two government sponsored enterprises that buys mortgages on the secondary market, pools them, and sells them as mortgage-backed securities to investors on the open market, said as of August 8th, 2008 it will restrict financing for a number of different types of mortgages. Additionally, some of the major providers of Private Mortgage insurance including Genworth Financial, PMI Group, and MGIC will also be tightening the standards on borrowers who want mortgages and don't have 20% for a down payment, or 20% equity in their home if they are refinancing. Here is a list of just some of the loan scenarios that will be tough if not impossible to obtain;

• Cash-out refinancing
• Loans to borrowers without full documentation of income, also know as stated income or limited doc loans.
• Mortgages for some second home purchases.
• Loans for investment properties where the investor already owns at least three other rental properties.
• Mortgages to borrowers with nontraditional credit because they don't have enough traditional credit items on their credit report.
• ARMs where the mortgage will adjust within five years.

There are more restrictions coming every week from a number of different players including Freddie Mac, Fannie Mae, mortgage insurance companies and individual lenders who are changing or dropping loan programs as it becomes impossible to find buyers for these loans on the secondary market.

For more information on this topic, read Kenneth Harney at the StarTribune.com