Foreclosures are rising, but numbers remain well below the levels seen during the 2008 crash. Current mortgage delinquencies are stable overall, with FHA borrowers more affected by economic shifts. Experts don’t anticipate a crisis, but monitoring is essential. Homeowners facing hardship have options, including repayment plans or selling to avoid foreclosure.
Tag Archives: home-buying
Many Veterans Don’t Know about This VA Home Loan Benefit
VA home loans have aided Veterans in purchasing homes for 80 years, yet only 30% are aware of the benefit of zero down payment. This program offers numerous advantages, including no mortgage insurance and limited closing costs. Awareness of these loans is crucial for Veterans and their families to achieve home ownership.
How To Buy a Home Without Waiting for Lower Rates
Many buyers anticipate a drop in mortgage rates before purchasing a home, but experts forecast only a modest decline. Current predictions suggest rates will stabilize around 6.5%. Alternative financing options, such as mortgage buydowns, adjustable-rate mortgages, and assumable mortgages, can help buyers navigate affordability challenges in the market.
Breaking Into the Market: Smart Moves for First-Time Buyers
Aspiring homebuyers are facing rising living costs, including home prices. Many wrongly believe their first home must be their forever home, but it can be a stepping stone to build equity. By expanding their search area and working with a knowledgeable real estate agent, buyers can find more affordable options and start their homeownership journey.
Mortgage Forbearance: A Helpful Option for Homeowners Facing Challenges
Mortgage forbearance allows homeowners facing temporary financial challenges to pause or lower mortgage payments. Despite misconceptions, it remains available beyond the COVID-19 pandemic, particularly aiding those impacted by recent natural disasters. While forbearance rates have recently increased, they are still well below pandemic levels, offering crucial support to prevent foreclosure.
What To Save for When Buying a Home
When buying a home, it’s essential to budget for key costs like the down payment, closing costs, and earnest money deposits. While a 20% down payment is common, many loan options require less. Understanding these expenses and working with professionals will help you navigate the process confidently.
Minnetonka First Time Home Buyer Assistance
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.
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.
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.
New First Generation Homebuyers Assistance Funds Coming Soon!
In spring 2024, Minnesota will launch two new buyer assistance programs for first-generation homebuyers, aiming to boost homeownership and wealth-building. The First Generation Homebuyers Community Down Payment Assistance Fund offers up to 10% of the home’s purchase price as a 0% interest loan, potentially helping at least 3,125 buyers. The First Generation Home Buyer Loan Program provides up to $35,000 in assistance. These programs require attending approved homebuyer education classes.
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