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.
Tag Archives: own a home
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.
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.
Why There Won’t Be a Recession That Tanks the Housing Market
Amid recession concerns, economist Jacob Channel asserts the current strength of the economy. A survey by the Wall Street Journal indicates a reduced recession projection, supported by low unemployment rates. Future unemployment rate projections also indicate stability. Overall, experts believe a recession is unlikely in the next year, alleviating fears of a housing market crash.
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.
Thinking About Buying a Home? Ask Yourself These Questions
If you’re considering buying a home, it’s crucial to assess future home prices and mortgage rates. Experts foresee home prices increasing for at least the next 5 years, potentially leading to greater equity. As inflation moderates, mortgage rates are expected to fall, enhancing affordability for homebuyers. Staying informed is key to making an informed decision.
2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers
Mortgage rates have fallen, presenting an opportunity for homeowners to sell and move. The decline means being less locked into current rates and more affordable relocation. Lower rates also entice more buyers into the market, increasing demand for homes. This trend suggests that now may be the time to consider selling.
How to Turn Homeownership into a Side Hustle
To combat rising costs and make homeownership more achievable, especially for younger individuals, two strategies were presented: purchasing and revamping a fixer-upper and buying a house with the intention of renting part of it out. Both these strategies help in not just affordable homeownership but also in building equity and generating income.
Top 3 Housing Market Questions Right Now!
The current housing market is often perceived as uncertain. However, trends suggest that mortgage rates, linked to inflation, may decrease in the near future. Home prices are predicted to continue rising, though at a slower rate. Also, an increase in home sales is anticipated, possibly spurred by lower mortgage rates. Despite past predictions, experts believe a recession is increasingly unlikely. Therefore, the outlook for the housing market in 2024 is generally optimistic.
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