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Asked by Amy Wiger, Eagan, MN Sat Mar 9, 2013

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Answers

23
Mack McCoy, Agent, Seattle, WA
Sat Mar 9, 2013
Well, Amy, I think you didn't like it because you misunderstood it.

What Ron was saying is that there are no programs provided by real estate agents. There are (a few) borrowing programs for first-time home buyers, and that information would be properly found for you by a good loan representative.

All the best,
2 votes
Ron Thomas, Agent, Fresno, CA
Sat Mar 9, 2013
If he is a Family friend; why wouldn't you give him the benefit of the doubt;
Maybe he is sick, or had a death in the family, or had an accident.

The programs for First-Time Buyers have disappeared, across the Country.
And the Programs that we have seen, were FINANCING programs; available through Mortgage Officers, not Realtors.
So what you are asking him for, is a folder/file about the steps in the Buying process.
2 votes
Sherri Sherpy, , Saint Paul, MN
Thu Mar 21, 2013
Hi Amy,

As John had mentioned, the Preferred Risk Sharing program through MN Housing is an excellent product....the biggest advantage is not having monthly mortgage insurance. I know this program extremely well, as it is my #1 written loan. There is a caveat however! As with all MN Housing programs, eligibility is determined by income limits. The income limits are $83,900 for a family size up to 2 and $96,485 for a family size of 3+. If down payment assistance is needed for the 3%, that is available although it is not deferred assistance. In other words, it does require a monthly payment, but the interest rate is incredibly low. With these 2 products combined, you can literally purchase a home with only $1000 down or 1% of the purchase price, whichever is less.

If your income is too high, there is another option with as little as 5% down, with the end result of no monthly mortgage insurance.

Exciting stuff to help home buyers!

Sherri Sherpy
The MN Mortgage Mom
612-363-1106
Web Reference:  http://www.sherrisherpy.com
1 vote
good advice!
Flag Sun Dec 22, 2013
Sherri, do you know anything about the Step Up HFA Preferred Risk Refinance with cash-out?
Flag Sun Mar 24, 2013
John Pecchia, Agent, St Paul, MN
Mon Mar 11, 2013
Hi Amy, good question. I am currently working with a couple who, after looking into a few different first-time home buyer programs, decided against the idea!
There are great programs, such as down-payment assistance in the form of 0% or very low interest loans, but these programs often times just add to your monthly payment. As many of us live pay check to pay check, this is not super desirable.
There is a nice program right now that allows a first time buyer to purchase a home with 3% down without having to pay mortgage insurance. Mortgage insurance is designed to protect the lender not you, the home buyer and it is a terrible waste of money . If you were to purchase a $150,000 home, you could save about $100 per month!

Here are some highlights:

• No upfront or monthly mortgage insurance
• Only 3% downpayment needed
• Minnesota Mortgage Program income limits
• Lower financed loan amount
• Lower mortgage payment
• 30-year fixed rate
• Owner-occupied single-family dwellings
• Downpayment can be gifted funds

Hope this helps a little!
John Pecchia
http://www.welcomehomeproductions.net
1 vote
Amy Wiger, Renter, Eagan, MN
Wed Apr 10, 2013
Thanks Russ for the Great information!
I will call them soon :)
0 votes
Russ Douville, , Saint Paul, MN
Wed Apr 10, 2013
Amy
I'm not sure if they still do this, but the MN Home Ownership Center used to do a statewide list of first mortgage programs for use by local housing counselors. The list was about five pages long and took a year to compile or update. When I worked for a counseling agency in Hennepin County I tried to put together a list of assistance programs (down payment, affordability, rehab, etc), I worked on that list for over two years, and didn't capture every program.

As a lender, I am no longer intimately familiar with all the available programs (far too many in MN). Your best bet for up to date and complete information about all the available programs in Oakdale (and throughout Washington County) is to contact one of the home ownership conselors at the Washington County Housing and Redevelopment Authority: Heather 651-202-2809, Nicola 651-202-2808, or Nick 651-202-2810. They're all good.
0 votes
Amy Wiger, Renter, Eagan, MN
Wed Apr 10, 2013
How long do the lists take to get together, Russ? Our agent gave us his lenders email and he emailed me the mn housing website. I'm curious to know programs Oakdale has :)
0 votes
Russ Douville, , Saint Paul, MN
Wed Apr 10, 2013
Hello Amy!

There are a number of first time buyer programs available in Woodbury, and Oakdale for first time buyers. Some of them are great first mortgage programs and some are down payment assistance. These programs can be from state, county, or local governments, local non-profits, lenders, and others.

If your real estate agent took your request literally and tried to compile a list of programs, it won't be ready for a long time.

I've been helping first time home buyers as either a lender or housing counselor for over 20 years. My advice is always to start with a local housing counselor. In Washington County that would would be the HRA at http://www.wchra.com/homeownership.php or for a complete list of housing counselors in MN you can check out http://www.hocmn.org

One of the benefits of the home ownership counselor is that they aren't selling anything. Your lender will tell you about the great programs they have access to, but it's unlikely they will tell you about the other programs that are offered by other lenders. For example, the Wells Fargo loan officer won't tell you about USBank's American Dream loan, and the USBank loan officer won't tell you about Wells Fargo's CDMP loan. The local housing counselor will help you compare all the loans and assistance you're eligible for, and weigh the pros and cons of each.
0 votes
Amy Wiger, Renter, Eagan, MN
Mon Apr 8, 2013
Lol, no Susan you didn't! Thanks for the info. I wonder if Oakdale has programs like/similar to Woodbury?! And thanks Kawain for the helpful tips.
0 votes
Kawain Payne, Agent, Seal Beach, CA
Mon Apr 8, 2013
There are many different programs for first time buyers. Getting the info can take time, because these are usually government programs.

Navigating the websites as well as trying to reach a live person by phone can take some time.

Give your agent a little more time before you determine he/she is slacking:)

Much Success to you!

Kawain Payne, Realtor
0 votes
Susan Hoffla…, Agent, Shoreview, MN
Mon Apr 8, 2013
woops! Hope I didn't sound too flip about it!!

There are some great programs out there. There are/were some excellent programs in Woodbury for first time home buyers. I had a buyer who secured about $20,000 for downpayment money from City of Woodbury. It was one of those loans that, if you stay in your home for at least 5 years, you don't need to repay the loan. Otherwise, there are no monthly payments, but if it's less than 5 years, the money gets repaid upon the sale of the property.

I'm sure your lender can advise you about the programs available for your financial situation, too.
Web Reference:  http://www.homestosellmn.com
0 votes
Amy Wiger, Renter, Eagan, MN
Mon Apr 8, 2013
Thanks Susan. Our agent is a little high class (snobbish). He's my husbands choice since this agent has sold my husband and his family a few homes. Plus, he's a family friend.
0 votes
Susan Hoffla…, Agent, Shoreview, MN
Mon Apr 8, 2013
Hi, Amy!
Apparently, for this agent, it does!!!

Hopefully, you've found appropriate answers since this writing of this question that have helped you move forward.

Good luck!!
Web Reference:  http://www.homestosellmn.com
0 votes
John Pecchia, Agent, St Paul, MN
Mon Mar 11, 2013
The program is called Fannie Mae - HFA Preferred Risk Sharingâ„¢

I work with a great loan officer, Shelly Hanson w/ PHH Home Loans. She can get you hooked up. shelly.hanson@phhonline.com or 651-402-4883.

John Pecchia
651-338-1933
john@welcomehomeproductions.net
http://www.welcomehomeproductions.net
0 votes
Amy Wiger, Renter, Eagan, MN
Mon Mar 11, 2013
Thank you John Pecchia! What is that nice program called? It sounds great!
0 votes
Chris Block, , Saint Paul, MN
Sun Mar 10, 2013
Customer service is the #1 job of a realtor. At least that is my opinion. Some may say that when it comes to financing the responsibility falls directly on the loan officers shoulders, but from my experience it is pretty rare when loan officers know of every down payment program. Most only know the state for the most part. Regardless, a Realtor needs to be able to meet their clients needs. Communication, Trust, and honesty always need to be there. Go the extra mile for customer service.

The Woodbury program has been talked about many times on this platform and I know is the best one for the East metro currently, but a Realtor who works with buyers like you should be able to tell you what is available for the areas you are looking. I would also assume that if you have a Realtor than you should have a loan officer. Together they should be able to act quickly on these matters.

That is our job.

~Chris
0 votes
Amy Wiger, Renter, Eagan, MN
Sat Mar 9, 2013
I didn't like Ron Thomas' s response. Since when are there Not programs for first time home buyers?! Maybe in California, but in Minnesota there all around us. And No I'm not asking for "steps" in the buying process. I'm simply asking for a decent time frame from my husband's family agent and also programs that assist first time home buyers.
0 votes
Kelly and Kr…, Agent, Eagan, MN
Sat Mar 9, 2013
Hello Amy,
I have attached some links to various programs for first time home buyers. Are you specifically looking in Woodbury? Many of these programs have strict guidelines and income limits so it is important that you get in contact with your loan officer and they will help guide you to which loan program will best suit you. If you need recommendations for loan officers I am happy to provide you with a few.
Please feel free to call or email me if you have any questions or need a referral for a loan officer.
Thank you!
Kristin
612-618-5311
kristinlong@kw.com

http://www.ci.woodbury.mn.us/housing/loan-and-incentive-programs

http://www.minnesotafirsttimehomebuyer.com/washington-county.php

http://www.mnhousing.gov/consumers/home-buyers/index.htm
0 votes
Ryan Zywotko, , Plymouth, MN
Sat Mar 9, 2013
I believe she has said she is looking to move to Stillwater/Washington County, but perhaps I'm mistaken.

No it shouldn't take that long to get a response to any question or call, unfortunately their are some agents that are not very prompt, and many are only part-time agents. I would recommend you speak with a loan officer (for free) who can set you up with some preliminary information to help get you started. If you'd like I can happily recommend some for you.

Ryan
0 votes
Myke Laventu…, , Woodbury, MN
Sat Mar 9, 2013
I am available over the weekend if you have questions regarding programs. My website is http://www.mykelaventure.com. I am a mortgage planner in Woodbury.
0 votes
Amy Wiger, Renter, Eagan, MN
Sat Mar 9, 2013
Thanks for that. Maybe our agent is too busy or doesn't care. I might look for another agent:)
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Mar 9, 2013
no, it should be a matter of an hour. I agree that you may want to ask your loan officer that question though. A good agent will refer a good loan agent and let the agent hanlde the loan questions and the let teh agent handle the property an dbuying questions.
0 votes
Chase Lenz, Agent, Minneapolis, MN
Sat Mar 9, 2013
No. It might be a better question for a loan officer. Still, the agent should have a "go to' loan officer and
they should be able to provide them the list quickly. It would help if you have your area narrowed down to a few cities/ counties.


Chase
chase@sp-realestate.com
612-819-4474
0 votes
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