Minnesota Housing just announced it has increased the down payment assistance amounts for both its deferred payment loan and the deferred payment plus loan.  In addition MHFA has eliminated the requirement to calculate the maximum down payment based on 5% of the purchase price.

The announcement specifically mentions that MHFA understands that current market conditions are making it difficult for buyers to get sellers to contribute to the buyers closing costs.  This is a win for anyone looking for down payment assistance.

The new amounts are as follows:

  • Deferred Payment Loan: Up to $7,500
  • Deferred Payment Loan Plus: Up to $8,500
  • Monthly Payment Loan: Up to $10,000

To see if you qualify just email tim@timswierczek.com my team will get back to you and check your eligibility.

 

Tim Swierczek

NMLS #103522

{ Comments on this entry are closed }

Refinancing to Save Money Basics

May 2, 2016

In today’s home financing most people already have a great rate.  When looking to refinance your current loan to save money there are a few things you must know to potentially still save money.
Payback Period
In order to analyze the value of a refinance you must calculate the payback period.  In order to do this you […]

Read the full article →

97% Conventional Financing with Down Payment Assistance

April 19, 2016

Often buyers use FHA for their first time home purchase, particularly when they need down payment assistance.  The problem for these buyers is that some properties do not qualify for FHA financing.  In addition, when competing for properties in multiple offers sellers prefer conventional financing over FHA financing.  For these reasons, it’s sometimes prudent to […]

Read the full article →

FHA’s Deferred and Income Based Repayment (IBR) Student Loan Policy

April 18, 2016

In a somewhat surprising announcement FHA announced it was changing the way it underwrites student loan debt.  On the surface the move looks positive, however I think it will hurt lower income borrowers and it will help a few conventionally qualified buyers stretch their budget when needed and here’s why.
 
First, the positive is that FHA ‘s […]

Read the full article →

MHFA Deferred Plus Targeting Criteria 2016

April 14, 2016

First time homebuyers who qualify for the deferred payment loan from Minnesota Housing but need more than $5,500 in order to purchase may potentially qualify for up to $7,500 deferred assistance provided they meet what is called targeting criteria.  The additional amount s called the Deferred Payment Loan Plus or DPL Plus for short.
Borrowers should only […]

Read the full article →

2016 Minnesota Housing First Time HomeBuyer Income Limits

April 13, 2016

Click here for our Down Payment Assistance Finder!  
I’m often asked about first time homebuyer programs.  There are programs are designed specifically to assist buyers with little to no money but stable monthly income purchase a home, and for those buyers these programs are a great way to buy a home.  They are available to […]

Read the full article →

Down Payment Assistance Basics

January 20, 2016

When buyers ask about down payment assistance or even first time home buyer programs they inevitably think that the programs are either 1) better than if they were not a first time home buyer, or 2) the assistance is a free grant.  Unfortunately, neither of these beliefs are true.  First time home buyer programs are designed […]

Read the full article →

Defining Co-signer vs Boarder vs Renter vs Non-Borrowing Occupant Income

December 9, 2015

Consumers often confuse Co-signer vs Boarder vs Non-Borrowing Occupant income and they are treated differently. Let’s define the different types of income.
Co-signer
A co-signer is a person who is on the loan application with the primary borrower, but will not live in the property being financed.  Co-signers are usually relatives of the borrower and the presence of a […]

Read the full article →

DEAR TIM, You got us a FHA 203K can we now refi into a FHA 203B?

November 3, 2015

Hi Tim,
Pam has noticed there is a 203B loan you can switch to once the 203K rehab loan has been completed. Can you tell me what that is specifically, how we would go about changing loan types, and what any pros/cons there are to it if we were to switch to that would be?
Thanks! GRANT
 
Hey […]

Read the full article →

January 26, 2012 HOME HELP Update

January 26, 2012

Just announced:
Thursday, January 26, 2012
HOME HELP Program Updates
Increase in HOME HELP Amount
Effective for first mortgage Community Activity Set Aside (CASA) loan commitments on or after Monday, January 30, 2012, the HOME HELP amount is $10,000 up from $8,500.
MN Housing has also Revised HOME HELP Program Income Limits
Minnesota Housing has updated the HOME HELP Program income […]

Read the full article →