Minnetonka introduces a generous down payment assistance program, making homeownership more affordable for first-time buyers. Eligibility requirements include income limits, credit score, and completion of a buyer education course. Assistance amount is based on income and purchase price, with up to $75,000 available. Loans have 0% interest and are forgiven by 5% annually.
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Home Prices Are Overall Climbing, Especially in These Top Cities!
Many people fear a housing market crash, influenced by sensational media headlines and clickbait. However, recent data shows that home prices are on the rise nationally, with 18 of the top 20 cities experiencing increases. For buyers, purchasing before prices rise further could be beneficial, while sellers may capitalize on high demand.
CAN I GET RID OF MORTGAGE INSURANCE TO SAVE MONEY?
Mortgage insurance removal varies based on loan type and property type. For conventional loans, MI can be canceled once equity reaches a certain level, or earlier with a home value increase. Multi-unit property rules differ, and additional conditions apply. FHA loans typically have ongoing MI, except with substantial down payments. Consult professionals for accurate home valuation and MI removal process.
Questions to ask (or not ask) your home inspector before hiring
Our guest author, Reuben Saltzman of Structure Tech Home Inspections, addresses common questions about selecting home inspectors. He emphasizes the importance of reviewing inspection reports as a basis for comparison, discourages asking about defining major problems, and advocates for clients attending inspections. The company’s internal training, liability insurance, and experience are also highlighted.
The Best Way to Keep Track of Mortgage Rate Trends
If you’re looking to buy a home, mortgage rates are crucial. Recent volatility in rates is due to various economic factors. Rather than delving into the details, seek professional guidance to understand market conditions and trends. Visual tools can illustrate how rates impact your monthly payment, emphasizing the need for expert advice in navigating real estate and mortgage rates.
Hennepin County Homebuyer Assistance Program
Hennepin County’s new assistance program offers up to $30,000 in interest-free, forgivable funds for eligible first-time homebuyers. Income limits and education requirements apply, and the program is exclusive to Hennepin County. Funds are available until depleted, so prospective buyers should plan ahead. Spread the word to potential buyers to take advantage of this opportunity.
The Top 5 Reasons You Need a Real Estate Agent when Buying a Home
Real estate agents provide invaluable expertise, guiding buyers through complex processes and ensuring their best interests are served. With industry knowledge, local insights, and negotiation skills, they help buyers make informed decisions and secure fair deals. In today’s dynamic market, their role is more crucial than ever. Trusting in their expertise is essential for successful real estate transactions.
The Best Week To List Your House Is Almost Here
Are you thinking about making a move? If so, now may be the perfect time to start the process. That’s because experts say the best week to list your house is just around the corner. A recent Realtor.com study looked at housing market trends over the past several years (with the exception of 2020, since it was an unusualContinue reading “The Best Week To List Your House Is Almost Here”
What’s the Latest with Mortgage Rates?
The recent decision by the Federal Reserve not to cut the Fed Funds Rate doesn’t mean mortgage rates won’t fall. Fed Chairman Jerome Powell still plans to make cuts, which historically impacts mortgage rates. Current rates depend on factors like credit score, and while waiting may seem uncertain, it’s advisable to consider expert advice before making a decision.
Your Home is a Powerful Investment – So What’s Keeping You from Buying?
In 2023, concerns about a housing market crash were widespread, but home prices actually increased. This trend is consistent with historical data, as home values generally appreciate over time. High mortgage rates have deterred some buyers, but experts predict rates will decrease, potentially below 6%, making it a favorable time to consider purchasing a home.
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