In the past few months lenders have added new requirements for first time homebuyers.  One of the new requirements that affect everyone is 3% to 5% down.  While this new requirement may help the overall health of the lending industry, it creates a hurdle for serious buyers that didn't have time to adjust and save for a down payment.  
   We have come up with several solutions to keep up with these changes in real time.  These programs are some of the best solutions by helping borrowers come up with money for down payment and closing costs.  Here are just a few:

 

 The Nehemiah Program      

The Nehemiah Program provides gift funds for down payment and closing costs to qualified homebuyers that never need to be repaid.  There are no homebuyer or income limitations.

For more information about gift programs like this, contact Ben.

  Minneapolis Advantage

   This is a New Down Payment Program for select areas in Minneapolis.
There are no income or purchase price limitations.  
This 0% deferred loan is forgivable if the buyer stays in the home for 5 years.

For more information about Neighborhood programs like this,contact Ben.

     
Home Help & CASA

• Mortgage loans for qualified low and moderate income first-time homebuyers in Minnesota
• Low, fixed interest rates for the life of the loan
• Monthly Payment Assistance
• 30 and optional 40-year affordable fixed rate loans
• Lower mortgage insurance rates
• UP TO $14,999 TO HELP PAY FOR YOUR DOWN PAYMENT AND CLOSING COSTS
  

For more information on the Minnesota Housing Solution for you, contact Ben.

Ben London
Minnesota Lending Co.
952-426-7189