Hi, Here is the pdf link for the Silver Lining:
http://www.dakotacda.org/pdf/Silver_Lining_Brochure.pdf

And the web page, wich is fCDA from Dakota County:
http://www.dakotacda.org/homebuyers.htm

Buy!

Benito.

Jenny:

That is a good question. There are programs out there but the one that seems most popular now for down payment assistance is the Silver Lining Loan program. No payments, no interest for qualified buyers. Feel free to contact me for more information to get started. Please visit our website for my contact information.

Jenny, if either you or your husband is a veteran, you may qualify for a VA loan, which, at the moment, is the only program out there that does not require a down payment, and your realtor can always negotiate to have the seller pay all of your closing costs.

Local city or county programs may or may not exist where you're buying, I'd check those links that Benito sent, but if they're funded by the sale of municipal bonds, even if they DO exist, they have not have any funds avaialble at the moment.

Your best best if you're not veterans, is to get the minimum FHA investment of 3.5% from a relative and get your closing costs paid for by the seller.

I don't know about Minnesota, but Illinois also has programs where we can monetize up to 6000 of the credit, but with only a few weeks before the deadline, I think we're running out of time to process the extra paperwork and still get the loan closed by the Monday after Thanksgiving.

Take this class:
Home Stretch® Homebuyer Education Program
Home Stretch teaches potential homebuyers about the entire homebuying process and the responsibilities of homeownership. Topics covered include: Budgeting and Credit Issues, Financing and Qualifying for a Home, Shopping for a Home, The Purchase Process, Closing on a Home and Life as a Homeowner.

Home Stretch is taught by professionals in the homebuying field. Participants must attend all nine hours of Home Stretch to receive a completion certificate.

The Dakota County CDA provides monthly Home Stretch classes and is a HUD approved housing counseling agency.

2009 Dakota County CDA
Home Stretch Schedule

November 12, 16 & 19 6 - 9 p.m.

The cost to attend the class is $15 per household for Dakota County residents and $25 per household for non-residents.

Pre-registration is required either by phone or online.

Online Home Stretch Registration

To register by phone, contact Rachel Smith at (651) 675-4471

Dakota County Down Payment assistance program.


http://www.dakotacda.org/homebuyers.htm#DPA

http://www.co.dakota.mn.us/HomeProperty/HomePrograms/default.htm

I hope these links are helpful.

Benito.

I don't know about any first time home buyer programs in your area. Your realtor should be equipped with the local information on this. It's beginning to look like the first time home buyer tax credit will be extended. In Texas, a state agency had been allowing the home buyer to monetize the tax credit before they got it back from IRS refund with a soft second. See if you have a state agency or perhaps one of the larger banks in the area (Wells Fargo, Bank of America, etc.) they might have a program to monetize the tax credit. Remember that if you are using FHA type financing, they allow all of the funds needed to close to come from a gift from a relative or someone with a clearly defined relationship. Also remember that you can borrow the funds needed to close if they are borrowed against an asset that you own, i.e 401 k, stock etc. I've even seen a home buyer refinance a free and clear car to get their downpayment. In some cases a loan against an asset will also cause the loan payment to be counted in your debt ratio so ask your loan officer for advice on any loan possibility. Good Luck!

Hi, there are a number of government back programs state and county wide that you might want to check for in your area. For the downpayment (3% -3.5%) you can also use gift funds from a realtive or significant others. For the closing costs you can base your purchase offer on the seller paying your costs to close includint pre-paids up to 6% with FHA.

Hi, you need to take a First Time home buyers class by a non profit organization.

Also check:

http://www.mnhousing.gov/

Good luck and best.

Buy!

Benito.