Home Rentals Rise as Sales Stall: MyFoxTWINCITIES.com

From MinnetonkaPatch

Katie and Peter Lucas are selling their Minnetonka home. Katie Lucas said the house just doesn’t fit their needs anymore.

“We want a little bit of a better layout,” Lucas said. “We don’t have a mudroom and with two kids and winter, it can be a challenge.”

Like many area residents, the Lucas family is cautiously optimistic about the Minnetonka housing market. According to Minnetonka real estate agent Cheryl Holds, the Lucas’ have made a good move deciding to list their house.

“The situation isn’t as bleak as a seller may think. I’m very excited and enthusiastic for this year,” Holds said.

In fact, Holds has already done $1 million in business this January.

“It’s unheard of,” she said. “The confidence in the economy is back. Were going to have a great year.”

According to the Minneapolis Area Association of Realtors the number of new home listings in Minnetonka is up slightly, just under one percent. And the median sales price is up 8.1 percent in the last year—from $246,000 to $266,000. Also, the number of days that a house in Minnetonka stays on the market has dropped- from 154 days in 2009 to 134 days in 2010.

“All good signs,” Holds said. “Our market is balancing out. We have bottomed out.”

And in numbers released Thursday, by MAAR, 2010 home sales hit a real bottom– their lowest level in eight years.

But MAAR spokesperson, Greg Sax agrees with Holds that the Twin Cities’ real estate market may be on the verge of a rebound.

“Overall 2011 should be slightly better than 2010,” Sax said. “It’s nice to be able to say that for the first time in several years.”

Sax said some of the rise in activity will come from the threat of rising mortgage rates, which have been at a historic 55-year historic low.

“As mortgage rates go up, people are going to get antsy and are going to want to act before they rise.”

Katie Lucas just wants the house to sell.

“I’m just hopeful that someone will fall in love with our backyard the way we did…and that we’re able to find something that really meets our needs at a good buy,” she said.

There are a number of Holiday events in Minneapolis and St. Paul to choose from this Holiday Season. Here are a few of the more popular events:

Holidazzle Parade
The Holidazzle Parade is a Minnesota tradition dating back to 1992 and draws more than 300,000 spectators every year. This year’s parade features elaborate festive floats decked out in Christmas lights with appearances from local marching bands and over 200 costumed characters from popular children’s stories. Each day a newcelebrity Grand Marshal such as Olympian Natalie Darwitz, Timberwolves player Wesley Johnson, and Mayor R.T. Rybak will make an appearance. The Holidazzle is always fun for children and is the perfect excuse for adults to make a trip downtown to go window shopping or grab a bite to eat. The free event is held at 6:30pm, Thursday through Sunday until December 19th on the beautiful and historic Nicollet Mall in downtown Minneapols.

Macy’s Minneapolis Annual Santaland
Celebrating its 48th year, the freeMacy’s display in Downtown Minneapolis is an exciting opportunity for families to see a unique Christmas story unfold in front of their eyes. This year’s theme, “A Day in the Life of an Elf”, depicts Santa’s elves at the North Pole as they prepare for Christmas. Wind your way through the aisles and watch your childrens’ faces light up as the story unfolds. The event is free and offers some of the best gingerbread cookies at the end (for a cost), baked by Mrs. Clause’ herself, and a chance to meet Santa. Lines are often long on the weekends so go on a weeknight, or better yet, call you children in sick from school and going during the day. Event runs until December 30th. Click here for hours.

Wells Fargo WinterSkate
Winter is notoriously filled with cookies, pies, candy, and other delicious treats. So why not get a little exercise and head to the Wells Fargo WinterSkate in St. Paul? Positioned in Landmark Plaza, adjacent to Rice Park in downtown Saint Paul, the rink is Minnesota’s version of New York’s historic rink at Rockefeller Center. The unique setting, coupled with fireworks and a tree lighting ceremony, is perfect for a romantic date or an unforgettable family outing. The best part of this rink? An artificial chilling system ensures warm weather will not ruin your outing. Make it a day by heading down the street to the Science Museum. Entrance is free, skates cost $2 to rent or are free for those who have a Wells Fargo credit or check card. Event runs through February 6th.

IBEW Holiday Lights in the Park
Enjoy looking at elaborate Christmas light displays draped across houses throughout the Twin Cities? Save some gas money and head to Phalen Park in St. Paul for the IBEW Holiday Lights in the Park instead. Load up the car with your family and plenty of hot chocolate and enjoy the show from the warmth of your car. The half mile cruise brings you through a maze of more than fifty flashing moving sculptures. Event runs through New Year’s Day. Cars cost $10 and proceeds benefit local charities.

For those of you who prefer to add a little adventure or relaxation to the holiday season, here are a number of close winter trip ideas for you and your family to take during during Winter Break:

Take a Weekend Trip to a Ski Resort
Minnesota has a number of ski and snowboard areas but Lutsen Mountains is a short four and a half hour car ride from the cities and is widely known to be home to the best skiing in all of Minnesota. It has nine lifts with more than ninety runs for skiers and snowboards of every level and provides excellent views of Lake Superior from the slops. Lutsen also offers Nordic skiing, gondola service, snowshoeing, and sleigh and sled dog rides, spas, and on-site dining and entertainment which helped it to be named Best Winter Sports Resort by City Pages. Its location is perfect for exploring the best of northern Minnesota which includes excellent casual and formal dining, shopping opportunities, and some of the most scenic views in all of Minnesota. A number of affordable and luxurious lodging options are close by which that make it a perfect place for a holiday trip.

Go Snowmobiling
Minnesota is home to some of the best and longest snowmobiling trails in the nation. In fact, Minnesota has nearly 20,000 miles of well groomed trails ready for your enjoyment. The Brainerd Lakes Area has become a hub for snowmobiling because of its expansive trails, resorts, and restaurants and bars. From Brainerd, an intricate web of trails spans out around Gull Lake, Nisswa, Breezy Point, Pelican Lake, Cross Lake, and the Whitefish Chain of Lakes which provide some of the best winter scenery in the state. Its prime location to the Twin Cities makes it a short drive and offers plenty of lodging opportunities. In fact, its one of the most popular cabin areas in the state which means there are plenty of private residences available for rent if you or your friends don’t own a one in the area. There are also a number of resorts to choose from including Madden’s, Grandview Lodge, Cragun’s, Breezy Point, and Kavanaugh’s.

Visit the Gunflint Trail
In the summer, the Gunflint Trail is a fishing and wildlife enthusiasts haven as it is a popular starting point for many entering the Boundary Waters Canoe Area Wilderness. In the winter, there may be even more possibilities as the area consistently gets some of the most snowfall of anywhere in the state. The wildlife, particularly birds, deer, moose, bears, along with pristine forests, provide the perfect backdrop for photographers, artists, bird watchers and other winter fun. The Gunflint Trail is ideal for cross country skiing, dog sledding, ice fishing, sleighrides, snowmobiling, and snowshoeing and a number of businesses will cater to your every need. Use the small town of Grand Marais for your headquarters, or travel deeper into the area to resorts such as Bearskin Lodge and Golden Eagle Lodge or visit Poplar Creek Guesthouse; a B&B catering to cross country skiers. There are a number of lodging opportunities in Grand Marais including B&Bs for those who prefer the small town feel. There are also numerous shopping, and dining opportunities for those who prefer to stay indoors.

Relax at a Destination Spa
For those of you who don’t embrace Minnesota winters, or simply need some ‘me time’ during the hectic holiday season, try a spa. But skip your local spa and head to a destination spa with your significant other or best friends. The whole idea of a destination spa is to get away from whatever is causing you stress. At these spas you will be able to to truly forget your problems and relax and maybe even put a little romance back into your marriage. Try Birdwing Spa, one of Minnesota’s only true destination spas. Located in Litchfield, just an hour and a half from the cities, Birdwing Spa offers massages, detoxifying mud treatments, vitamin C facials, rose body wraps and detoxifying pedicures in addition to fitness programs such as yoga and hiking. There’s also “The Stork” package for expectant mothers and a spa bridal shower. Lodging options at Birdwing include rooms in the main house overlooking the lake or in spacious “Barn Suites” in a restored 1900 barn. Only have one day and don’t feel like wasting it traveling? Try Just For Me ‘the Spa‘ located a short ride in Stillwater. Just For Me offers a range of services including stone therapy massage, facials, manicures, pedicures and facials, and their signature-the river sok. Just For Me has a number of lodging possibilities including a cottage and log cabin. Nestled in Deerwood is another destination spa, the Fine Line Salon and Spa at Ruttger’s Bay Lake Lodge. The Fine Line is an Aveda Concept Salon featuring a full line of Aveda products and provide hair color, design, style, manicures, pedicures, facials, skin care, make-up consultations, body wraps, several different types of massage, and yoga. Lodging includes gorgeous newly constructed lakeside villas, condos, and many more. All Three spas will ensure you will leave energized and ready to handle to rest of winter.

From www.startribune.com

Most folks decorate for the holidays in the good, old-fashioned way. But if you want your decor to reflect the latest looks, here’s what’s hot this season:

New hues: “I’m so tired of red and green,” said Melinda Nelson, editor of Mpls.St.Paul Home, who recently led a seminar at Gabberts on nontraditional holiday palettes. “The holidays are a perfect time to play with color.”

Turquoise, Pantone’s “color of the year,” is a force this holiday season, according to Tina Wilcox, CEO and creative director of Black Retail of Minneapolis. “Expect to see more of that color as a substitute for green.”

Nelson showed turquoise with ivory, gold and chartreuse: “It’s sophisticated and modern, very old Hollywood,” she said.

Brown is a fresh holiday hue, said card and invitation designer Bonnie Marcus, of the Bonnie Marcus Collection. “For years, brown evoked ‘dirty,’” she said. But today, people see brown as “rich and robust. It evokes a homey feeling of cupcakes and chocolate.”

Even black is getting into the holiday rotation. No longer dreary, it’s now “more like a little black dress,” said Michelle Lamb, a home furnishings forecaster with the Trend Curve of Eden Prairie. She likes it paired with other deep colors, such as midnight blue and dark peacock. “It’s really sophisticated and dramatic.”

Wilcox also is bullish on black. “Black and white has been one of the hottest color combinations for fashion and home,” she said. It’s now popular for ornaments, gift wrap and even Christmas trees. “We bought one last year for the agency.”

Even those sticking with red and green are putting a fresh spin on that combination. Instead of bright Santa red with pine green, this year’s look is orange-red paired with lime or apple. Berry shades, from pink to purple, paired with frosty sage, are another hot combo, according to Lamb.

Metallics: Softer, lighter metallics, such as champagne and pearl, are on the rise, said Lamb. And mixed metallics, such as silver with copper and bronze, and shiny with matte finishes, also are popular, according to Wilcox.

Going green: “The eco trend is more chic than ever,” said Lamb, with natural elements such as birch bark, pine cones, grasses, acorns and moss showing up in more holiday decor.

Spots: Leopard print for Christmas? Why not, asks Nelson. “To me, leopard is a neutral.” It adds a festive, glamorous touch to the golds and browns that many of us have in our homes, she said. Marcus’ best-selling holiday card features a leopard-print shoe. “For the past few years, fashion-driven stationery has been hot,” she said. “It’s the economy. People can’t spend $200 on shoes, but it’s a fun way to be fashionable without purchasing a big expensive item.”

For original article click here

Antique Holiday Ornaments
Wednesday, December 1 6:30-7:30 pm
Location: Gabberts Great Room
Fee: free
Join Kent Gebhard as he discusses styles from the 19th century to today. Guests are invited to bring favorite pieces for Kent to identify. No appraisals Reservations requested for events above.
Register below or call us at 952.928.3123

For more information visit www.gabberts.com

Purcell-Cutts House
the Minneapolis Institute of Art’s Prairie-School style Purcell-Cutts House, designed in 1913 by William Gray Purcell and George Grant Elmslie for Purcell and his family, is decorated for the holidays to reflect the upper-middle-class, “progressive” lifestyle of the Purcells around 1915.

Throughout the holidays, visitors can enjoy lively tours by costumed docents emphasizing the gifts, toys, food and social traditions of each period. Tours of the Purcell-Cutts House, given on weekends from November 28 through January 3, can be reserved at (612) 870-6323 or online
For more information visit www.artsmia.org

Making Spirits Bright

Want to make holiday ornaments using objects from your back yard? For inspiration, check out the Minnesota Landscape Arboretum’s Great Hall of Trees, all decorated with handmade natural ornaments created by volunteers and arboretum gardeners. The exhibit opens November 26th, as part of the “Making Spirits Bright” holiday event, which runs through Jan. 2. Also featured will be a display of gingerbread structures and the “Windows on Water” exhibit of garden enhancements. Live holiday music on weekends will add to the festive spirit. The arboretum is at 3675 Arboretum Dr., Chaska.

For More visit www.arboretum.umn.edu

Paperwhite pots for kids
Children will learn about these winter-blooming beauties when they decorate a pot and plant paperwhite narcissus bulbs. The free event, recommended for ages 3 to 10, will be held from 10 to 11 a.m. Dec. 4 at Bachman’s, 6010 Lyndale Av. S., Mpls. Registration is required. Call 612-861-7600.

For more Visit www.bachmans.com

Bachman’s Holiday Ideas House
Enjoy a self-guided visit to Bachman’s new Ideas House – a historic home at Bachman’s Lyndale location. Tickets must be picked up at the Lyndale Gift Counter on the day of your visit. Tickets are limited daily, so buy yours now. 20% of proceeds will benefit Children’s Home Society & Family Services.

$5 Tour – Pre-Registration is Required by ordering online or calling 612-861-7311. Nov. 11 – Dec. 12th (closed Mondays)
For more visit www.bachmans.com

Horticultural Open House
There will be decorating demonstrations, homemade holiday merchandise and a used garden book sale at the Minnesota State Horticultural Society’s headquarters on Dec. 4. At 10 a.m., you can learn how to use natural elements such as evergreens, berries and cones to decorate inside and out. Another demonstration at 1 p.m. will cover DIY floral design. The free open house runs from 9 a.m. to 3 p.m. at 2705 Lincoln Dr., Roseville. For more information, call 651-643-3601 or go to www.northerngardener.org

Minnesota Deed in Lieu of Foreclosure

Article from metrominneapolismnhomes.com

Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. The Minnesota deed in lieu of foreclosure great news for homeowners facing financial distress.

I hope you’ll review these options carefully and pass this information along to those who may need it. I commend your efforts to finding a solution Minnesota deed in lieu of foreclosure to the difficult financial situation that you or someone you know is currently facing. Providing the best advice and information on Minnesota Deed in Lieu of Foreclosure in your time of need is my priority.

Let me help you evaluate your options and get you back on track to a secure financial future.

The state of the U.S. economy and real estate market has brought many homeowners from security to uncertainty. But within this uncertainty, solutions have been created to assist those who need help. If you or someone you know is struggling to pay the mortgage, it is vital to understand the options available.

The pressures of an upside down mortgages are not just felt by the home owner. Lenders are looking to avoid foreclosure and work with homeowners to find solutions to their financial situations. Lenders are not in the real estate business, do not wish to take ownership of a home, and do not want a house to sit idle on the market.

Of you or someone you know is facing foreclosure and the damages it will cause to credit scores, employment or security clearance, you should consider a short sale or a Deed-In-Lieu of Foreclosure. These options could allow you to sell and walk away from your home without incurring liability for deficiency.

What Are Your Options?

Foreclosure

By definition, foreclosure is the termination of all rights held by the homeowner covered in a mortgage. The process, in which the lender claims ownership of the property, begins when the homeowner fails to make mortgage payments at the appointed time- this is called delinquency. Typically, a formal demand for payment is issued from the lender through a notice of default. Although this varies by state, the lender will often issue this notice when the homeowner has been there three months.

Foreclosure Can

- Remain permanently as public record on a person’s credit history for 10 years or more.

- Lower credit scores anywhere from250 to more than 290 points

- Deem you ineligible for a Fannie Mae- backed loan for up to seven years

- Challenge current and future employment

- Put homeowners at risk of high deficiency judgments

- Become an issue against security clearance if applicable

Short Sale:

In a short sale, a seller works with their lender to accept a price that’s less than the amount owed on the home. This results in the seller avoiding foreclosure, and allows the lender to avoid taking ownership of the property.

Minnesota Deed-In-Lieu Of Foreclosure Process

A deed-in-lieu is a process in which a property is given fully to the lender because the homeowner can no longer make payments. The lender then sells the property in order to retrieve a part, or whole of the loan balance owed. In most cases, the home homeowner must attempt to sell Minnesota deed in lieu of foreclosure the home at fair market value for at least 90days before a mortgage company will consider a deed-in-lieu. This may not be an option if there are other liens on the property, such as a second mortgage, judgments from creditors, or tax liens.

In both a short sale and in a deed-in-lieu, your lender can claim you owe a deficiency judgment on your remaining balance. This means the lender may have the right to pursue a deficiency judgment. It will remain on your credit history for tens years or more.

During negotiations for both short sales and deed-in-lieu transactions, it is imperative to understand whether your lender reserves the right to pursue a deficiency.

What Are The Possible Tax Consequences?

When it comes to the tax implications of a short sale or deed-in-lieu transaction, you will need to consult a tax professional. As a general rule, any debt forgiven Minnesota deed in lieu of foreclosure by the lending institution will be considered income. Lenders are required to file a 1099-A with the I.R.S showing the deficiency. Which could have tax implications for you. Once you have received Form 1099-A, you will need to complete IRS Form 982 to report how much of the debt was forgiven by the lender.

Again consulting with a Tax Professional is a vital part of this process, and can save you from future financial difficulties.

With 1 in 7 US homeowners not affording their mortgage, its clear that no one is immune to the current economic situation.

Article from Trulia
5 MORE Foreclosure Myths – BUSTED!

Four years into the housing crisis, myths about foreclosure still litter the minds of even the smartest of real estate consumers. When it comes to matters as high stakes as your home, confusion can cost you thousands – or even your home. Whether you’re a buyer looking at foreclosures, a homeowner struggling to keep your home or a seller concerned making sure your home can compete with the foreclosed homes on your block, these foreclosure myths are prime for the busting, with no further ado.

Myth #1: Foreclosure happens fast. With unemployment and underemployment still affecting nearly 1 in every 4 Americans, no one is immune from fears that a pink slip might quickly turn into a foreclosure notice. According to NeighborWorks America, nearly 60 percent of families seeking foreclosure counseling cited a lost job or cut wages as the reason they were facing foreclosure.

While the Obama Administration’s Home Affordable Programs haven’t been nearly as effective as predicted in actually preventing foreclosures, they have had the effect of extending the foreclosure process for many families. Even though the legal process of foreclosure can happen in as few as 6 months in most states, it is currently taking much longer for the average foreclosure to get to completion. Recently, JP Morgan Chase revealed that their average borrower who loses a home to foreclosure has not made any payments in 14 months nationwide; 22 months in FLorida and 26 months in New York.

To be sure, some see this as a good, others view it as unnecessarily dragging out the overall market’s recovery. Many insiders will point out that these delays in foreclosure may be calculated to save the banks the costs of owning and maintaining foreclosed homes, not to help homeowners. In any event, the fact that foreclosure does not happen nearly as fast, in many cases, as expected does give families who are temporarily down on their luck some extra time to try to get back on their feet and save their homes.

Myth #2: Buyers can’t get clear title or title insurance on foreclosed homes. When the foreclosure robo-signing scandal first hit, there was widespread concern that buyers would not be able to get clear title on foreclosed homes, because the former foreclosed owners might be able to come get their homes back when the improprieties in the bank’s foreclosure documentation processes came fully to light. At the same time, several of the country’s largest title insurance companies publicly balked at issuing policies on bank-owned homes until the issue was resolved. At this point, the banks claim they have revamped their processes, and all banks have stated that they have found not a single borrower whose home was repossessed without them having missed the requisite number of mortgage payments. Nevertheless, a number of governmental investigations are still in progress.

The fact is, buyers of bank-owned properties in nearly every jurisdiction are protected from later title attacks by foreclosed homeowners by the bona fide purchaser rule, under which courts would prefer to simply award cash damages to be paid by the culpable bank to a wrongfully foreclosed-on homeowner, rather than reversing the sale or ownership to the new, innocent buyer. Additionally, the title insurers have now changed their tune and restarted issuing insurance policies on bank-owned homes which protect buyers’ interests, after working with the banks for them to take responsibility in the event a former homeowner prevails in a wrongful foreclosure suit.

While there are still many intricacies of title to be resolved for foreclosure buyers who purchase homes at trustee sales and auctions, or for cash buyers who often went without title insurance in the past, on the average, Trulia-listed, bank-owned property purchased with an average mortgage and title insurance, the chances a buyer’s title will later be successfully challenged by the foreclosed homeowner on the basis of robo-signing? Exceedingly slim.

Myth #3: Buyers should wait for the shadow inventory to be released. Many a buyer, discouraged with the homes they see on the the form in their price range, has decided to sit still and wait for the banks to release for sale what is called their “shadow inventory” – rumored to be anywhere from 4 to nearly 6 million homes that have already been foreclosed, but not listed for sale, or will be foreclosed in the near future. The fact is, to the extent that the banks have acknowledged the existence of a pool of homes they own but are not selling, they have expressed that their reasoning for holding the homes off the market is to avoid flooding the market and driving home values down any further. For that reason, buyers should not expect to see a massive influx of these shadow homes onto the market anytime soon – if ever.

The banks’ current modus operandi is that as they sell a home, the replace it with another home in that market – if they sell 50 homes in a town that month, they’ll put another 50 on the next. So, don’t hold your breath waiting for a fabulous new flood of homes. Instead, set up a Trulia alert to notify you when homes that fit your search criteria come on the market, and be ready to call your agent and go visit any and every one that looks like it might be a good fit.

Myth #4: If you’re looking for a deal, you’re looking for a foreclosure. Despite what they may say, no buyer’s heart’s fondest desire is to buy a foreclosure. But almost every buyer dreams of buying a great home – and getting a great deal on it. Many people think that to get a great value on their home on today’s market, it means they must buy a foreclosure. As a result, the value and other advantages of buying an individually-owned home on today’s market are frequently overlooked. Individual sellers with homes on the market right now are generally quite motivated, and understand that their homes are competing with discounted short sales and foreclosed homes. Many of these sellers are slashing prices in an effort to get them sold – the most recent Trulia Price Reduction Report revealed that 27 percent of homes on the market across the country have had at least one price reduction. Now that’s what I call a sale!

Further, individual owners are often much more negotiable on a wide range of contract terms than a bank which owns a foreclosed home. You can work with non-bank owners on things like repairs, closing dates, choice of escrow provider, closing costs and even included personal property much more flexibly than you can when the bank is on the other side of the bargaining table. On top of that, many individually-owned homes are in pristine, move-in condition; that is much rarer with foreclosures. So, don’t underestimate the value of the deal you might be able to get on a non-foreclosed home. Just get clear on what you can afford and look at all the homes that are available in that price range, without discriminating against non-foreclosures.

Myth #5: Having a foreclosure on your credit history means it’ll take years and years before you can buy again. One of the most Frequently Asked Questions in the Trulia Voices Community by homeowners who are facing or have just lost a home through foreclosure is how long it will take before they’ll be able to buy again. Until recently, the standard wisdom was that 5 years, minimum, would have to have elapsed between the foreclosure and the new home purchase. Now, though, borrowers can obtain an FHA loan with the low, 3.5 minimum down payment requirement as soon as 3 years following a foreclosure. To do so, though, all your other ducks must be in a row.

Post-foreclosure buyers need a credit score of 620-640 to qualify for an FHA loan; higher for a non-FHA loan – given that the foreclosure itself usually dings anywhere from 100-150 points off the credit score (not necessarily counting a full year or more of pre-foreclosure missed payments), former homeowners who want to buy again need to ensure they have no other late payments or credit dings after they lose thier home. You must have clean credit with no derogatory marks like late credit card payments following the foreclosure, and you may also be required to document 12 to 24 months straight of on-time rent payments after the foreclosure.

Further, the bank may impose a lower debt-to-income ratio on post-foreclosure borrowers than on borrowers who have not had a foreclosure, in an effort to keep your mortgage payments low, keep you from overextending yourself and boost the chances you’ll be a successful homeowner over the long-term this time around. The bank will also need to see 2 years of continuous employment history in the same field, and documentation that you meet other loan qualification requirements.

Courtesy of PHH Home Loans:

BORROWER and PROPERTY ELIGIBILITY
To be eligible for a Minnesota Housing First Time Homebuyer loan, borrowers must meet the following requirements:
• 1st Time Homebuyer; defined as anyone who has not had ownership interest in a principle residence for 3 years
• Borrower must contribute $1,000 of their own funds to the transaction
• Borrower must attend a homebuyer education class
• Federal Tax Returns for the past three years
• Property must be principle residence located in Minnesota
• Occupy property within 60 days after closing
• Single Family, Townhomes, Condo’s, and PUD’s
• No personal property
• Maximum purchase price of $298,125

Minnesota Mortgage Program
• FHA Program, 3.50% down payment, 30 year fixed rate
• 620 credit score
• 6% seller paid concessions
• Household income limit of $84,000

CASA Program
• FHA program, 3.50% down payment, 30 year fixed rate
• 620 credit score
• 6% seller paid concessions
• Household income limit of $67,200
• Down payment assistance of $5,000

Affordable Advantage Program
• Conventional 100% loan, 30 year fixed rate
• 680 credit score
• 3% seller paid concessions
• Household income limit of $84,000
• No Mortgage Insurance

For more mortgage information visit our mortgage page.
Want to know how much your mortgage payments will cost? Visit our mortgage calculator.