Can you believe that interest rate? 3.75% 30 year fixed in Minnesota

Can you believe that interest rate?

If you are not familiar with this program it is available to low and middle income families based on special underwriting criteria. This could be a great tool to help buy a home. I'm a MHFA qualified loan officer and Lender so please call me. They also have a new 100% financing program for those customer that will qualify as well. If you want further information about some of these great program you can go to their website at http://www.mnhousing.gov/index.aspx or feel free to call me about this wonderful homebuyer tool. I have detailed some of the information below for you.

Minnesota Housing Mortgage Loan Programs

What do our programs have to offer first-time homebuyers?

•· Mortgage loans to purchase a home through local lenders for qualified low and moderate income first-time homebuyers in Minnesota

•· 30-year loans with affordable, low, fixed interest rates for the life of the loan

•· Interest-free loans to help with downpayment and closing costs for eligible borrowers

You may be eligible for a Minnesota Housing mortgage if you:

•· Are a first-time homebuyer, meaning you have not owned a home in the past three years,

•· Have federal income tax return copies for the last three years,

•· Have acceptable credit,

•· Have an income at or below prescribed Minnesota Housing income limits

•· For basic first-time homebuyer program for a family of four, income limits are as follows:

11-County Twin Cities Metro Area - $84,000
Rochester MSA - $77,600
Balance of State - $73,100

•· Buy a qualifying home within prescribed purchase price limits as follows:

11-County Twin Cities Metro Area - $298,125
Balance of State - $237,031

Minnesota Housing Mortgage Loan Program Eligibility

To be eligible for a Minnesota Housing First-Time Homebuyer Loan, you must meet these requirements:

•· Be a first-time homebuyer, meaning you have not owned a home in the past three years.

•· Have acceptable credit

•· Meet the requirements for income limits

•· Purchase a home under the following home cost Limits:

11-County Twin Cities Metro Area	Balance of State
$298,125	$237,031

In addition, for clients who are ready to buy and interested in 100% LTV financing, consider using the new Affordable Advantage product, now at 4.500%.

Start offering your customers safe loans with below-market interest rates today. View all program rates and find upcoming training sessions for all Minnesota Housing programs on the website.

Please note, these rates are subject to change at any time, and this eNews is not an offer to enter into an interest rate agreement. Such an agreement may only be made pursuant to Minnesota Statutes Section 47.206, Subds. 3 and 4.

Phil Olson
Sr Mortgage Planner
Equal Credit Opportunity Lender
651-238-6748
www.callphilolson.com