Minneapolis, MN

Does Fannie Mae offer Rehab loans...Of course they do

Scott Teigland (Uptown Financial Corporation) — Wed, 06 Aug 2008 01:22:31 -0500

Fannie Mae offers Rehab loans...MN homebuyers take advantage rehab loans

Fannie Mae HomeStyle Renovation is great for MN Investment properties, MN first time homebuyers, MN homeowners.

With the growing number of MN foreclosures and MN fixer uppers on the market, MN rehab loans have become more popular than ever. The Federal Housing Administration (FHA) offers home buyers and homeowners the FHA 203K (steamline) rehab loan. To learn more, click here.

In addition to the FHA rehab loan, the Fannie Mae HomeStyle Renovation Mortgage also lets you buy a MN home and repair/improve it with just one loan. You can also use it as a refinancing tool to refinance an existing mortgage and borrow funds for the improvement/repairs to your MN. Both loan programs provide a great opportunity for home buyers to buy a more affordable house that needs work and improve the home up to their standards.

The Fannie Mae HomeStyle Renovation mortgage borrowers can be individual home buyers, homeowners, investors, nonprofits or local government agencies.

Fannie Mae HomeStyle Renovation

ELIGIBLE PROPERTY TYPES:

--One to four unit Owner Occupied units

--One unit second homes or investment properties are permitted.

--Approved (Fannie Mae-warrantable) Condominium, Cooperative, and PUD units are eligible.

--Manufactured housing is not permitted.

MINIMUM CREDIT SCORE

PRIMARY RESIDENCES AND SECOND HOMES:

• LTV greater than 80%: 700 minimum credit score.

• LTV less than or equal to 80%: 680 minimum credit score.

INVESTMENT PROPERTIES:

• Salaried borrowers: 720 minimum credit score

• Self-employed/commissioned borrowers: 740 minimum credit score

LOAN AMOUNTS

Loan amounts must be within the following limits:

Minimum: $50,000.

Maximum: Maximum conforming loan limit.

PROPERTY VALUATION

PURCHASE:

Loan amount is based on LTV derived from the lesser of: 1) “as-is” purchase price, renovation costs,

contingency costs (if financed), eligible soft costs and interest reserve or 2) the “as-completed” value of the

home.

RATE/TERM REFINANCE:

LTV is based off appraised value (subject to). Loan amount not to exceed 100% of costs (total of liens on

property plus costs of improvements and closing costs). Cash out it not allowed.

TERM

15 or 30 years..

Fannie Mae HomeStyle Renovation

Other things to know:

--All loans must have an appraisal obtained from the Lender’s approved appraisal management companies.

--A contingency reserve is required for a 2-unit, second home or 1-unit investment property. The contingency reserve is equal to ten percent (10%) of the cost of the renovations. Contingency reserves

must be deposited in the renovation escrow account, to cover unforeseen problems.

Borrower will make a full PITI payment (based on full mortgage amount) both during and after

renovation.

--Soft costs are limited to three percent (3%) of loan amount or $5,000.

--PUDs and condominiums: renovation project must be permissible under the bylaws of the owners

association (or have written approval from owners association). In addition, condominium renovation is

limited to the interior of the unit (includes installation of attic fire wall).

--Second homes/investment property: Borrower is limited to four additional financed properties.

--Construction is to be completed within six months from closing date.

--Homebuyer education is not required.

--Soft costs such as architectural services, engineering and permit

fees may be financed.

REFINANCE:

Divide the new loan amount by the after-improved value amount. If the resulting LTV is over 80.0%,

mortgage insurance is required.

To learn more about FHA 203K (steamline) Rehab loan, click here or email:

Scott@UptownFinancial.com

To learn more about the eligible improvements for the FHA 203K Rehab loan, click here or email:

Scott@UptownFinancial.com

To learn more about Fannie Mae HomeStyle Renovation loan, email:

Scott@UptownFinancial.com

Disclaimer: Not every Fannie Mae approved lender has this program available for their clients.

Hail Damage in Minnesota--10 questions to ask the Door to Door Salesperson

Scott Teigland (Uptown Financial Corporation) — Fri, 13 Jun 2008 15:19:50 -0500

MN Hail Damage, Door to Door Salesperson

MN Hail Damage

In the recent months, damaging thunderstorms have rocked many MN homes. On one particular Saturday early evening, a damaging storm unleashed it's golf ball sized hail for a time period of 20 minutes; It felt like an hour. We were a victim of MN hail damage. The next day we noticed new faces in the neighborhood pounding on the door.

Things to ask from the door to door salesperson.

1. Are you licensed, insured, and bonded?

2. Do you have a Business Card?

3. Do you have a flyer, brochure, or deliverable?

4. Can you direct me to one of my neighbors that would recommend your work?

5. May I visit your office?

6. How long will it take to replace my roof?

7. How do you determine the cost of a new roof?

8. Are you competitive on performance and costs with other companies?

9. Does my home owner's insurance cover the costs for a new roof?

10. Do I make the payouts or does my insurance pay you directly?

Some of these questions may not be practical for you. I didn't visit the company's office, and I didn't seek out a recommendation from my neighbors. By asking these questions, I developed an idea of the company, the door to door salesperson, and the process. A good salesperson should be able to answer your questions confidently and handle the conversation with respect. If the salesperson is can only answer three of the 10 questions, then I would suggest you ask him to return when he can meet your request or tell him/her 'sorry for not doing business with you'.

I went another route in determining a professional contractor that is right for me. I used the internet to research various MN Contractors in my area. My research led me to

www.haildamagepros.com

Hail Damage Pros holds our contractor database to standards above and beyond industry standards. We here at Hail Damage Pros are committed to working with only the best MN Hail Damage Companies in each area we service. Among the criteria we use to determine if the MN contractors are fit to work with Hail Damage Pros are:

* Hail Damage Pros 'Code of Ethics'
* Background Checks
* Licensed | Bonded | Insured
* Time Line Quality Control Standards
and many more.

Please contact us Today @ Info@HailDamagesPros.com to get our Team working for YOU!

Hail Damage Minnesota | Hail Damage St. Louis Park | Hail Damage Edina | Hail Damage Minneapolis | Hail Damage Maple Grove | Hail Damage Golden Valley | Hail Damage Crystal | Hail Damage Bloomington | Hail Damage MN

Does FHA offer a Rehab Loan...Of course they do (Part Two)

Scott Teigland (Uptown Financial Corporation) — Tue, 20 May 2008 15:02:58 -0500

Eligible Improvements for the FHA 203K Rehab Loan

What type of improvements qualify for the FHA (203K) Rehab Loan?

Since my last blog posting (Who needs a Rehab loan from FHA), I have received many calls and emails regarding to many features of the FHA (203K) Rehab loan. Our lender who offers the FHA Rehab loan, is a nationwide lender. I am not clear on how many states they have a license, but I do know that they lend in MN, WI, OH, CA.

The most recent request derived from a realtor seeking more information for his buyers. He has a classic example of a home missing its copper piping. What commonly happens to homes missing their copper piping is that the water is not shut off. This could result in water damage.

You can use the FHA 203K Rehab loan for homes missing their copper piping, but I would be worried about cost over run....for things that come up when you open up the walls and find water damage from the pipes that are missing.....the lender does NOT escrow 1.5 times the bid to cover overruns...what the contractor tell us on the bid is all we put in the loan....NO OVERRUNS.....be careful of the type of work under the umbrella of plumbing. Remember, the mortgage advisor is the one to manage this work until done. Then you submit the invoices for finished work, order title update, and get the appraiser to back out ---take pictures of the completed work. Then you turn all this in to the underwriter that approved your loan to begin with...then she writes the checks to the contractors.

If your customer borrows 15,000 but the contractor runs into damaged wood or mold...if that was not part of the original bid your borrower is now on the hook for that. NOT GOOD!!

The lender wants to know everything that has to be fixed and it must be accounted for....or they don't pay it....PERIOD. If the customer is looking at a property that needs major work...then get a sworn construction statement. This binds the contractor to everything. Make them sign and state that there will be no overrun and that what is on their bid is all that needs to be done....so if they have to rip open walls to inspect and verify that they are ok...then they better do it.

Replacing all the plumbing is very tough. The potential for other damage and mold is HUGE.....get a contractor to verify that there is not one single board of the framed walls that needs to be replaced and no flooring structural pieces then we are now willing to at least look at the total project.

What improvements are eligible under the FHA 203K Rehab loan program?

**Repair/Replacement of roofs, gutters, and downspouts
**Repair/Replacement/Upgrade of existing HVAC systems
**Repair/Replacement/Upgrade of plumbing (missing copper piping?)and electrical systems
**Repair/Replacement of flooring
**Minor remodeling, such as kitchens (no structural repairs)
**Painting, both exterior and interior
**Weatherization, including storm windows and doors, insulation, weather stripping, etc.
**Purchase and installation of appliances, including free-standing ranges, refrigerators, washer/dryer, dishwashers and microwave ovens.
**Accessibility improvements for persons with special need
**Lead-based paint stabilization or abatement of lead-based paint hazards
**Repair/Replacement/Add exterior decks, patios, porches
**Basement finishing and remodeling (no structural repairs)
**Basement waterproofing
**Window and door replacements and exterior wall re-siding
**Septic system and/or well repair or replacement

What improvements are ineligible under the FHA 203K Rehab loan program?

**Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall
**New construction (including room additions)
**Repair or structural damage
**Repairs requiring detailed drawings or architectural exhibit
**Landscaping or similar site amenity improvements
**Any repair of improvement that require more than two (2) months payment per specialized contractor

For thoughts, suggestion, or questions on the FHA 203K (Rehab loan), email scott@uptownfinancial.com or call 612-919-2119

For immediate information on the FHA 203K (Rehab loan), click here

For additional information on the FHA 203K (Rehab loan), click here

MN Foreclosures...What can we do to help MN Foreclosures

Scott Teigland (Uptown Financial Corporation) — Fri, 16 May 2008 00:26:26 -0500

MN foreclosures…and your capacity to help MN foreclosures

Now more than ever, we awake each and every morning to witness another MN foreclosure stick out on our neighborhood streets. As I drive thru North Minneapolis, St. Paul’s Dayton’s Bluff area, or thru a small town like Belle Plaine, I can’t help but think what the next step for these families is after they have vacated their MN foreclosed home. Although MN foreclosures may appear to be more concentrated in certain areas, I would bet that everybody in Minnesota has seen a foreclosure, heard about a MN foreclosure, or read about a MN foreclosure. I would hope that everyone in Minnesota knows how to spell the word ‘foreclosure’. How can Minnesotan not know about the seriousness of MN foreclosures when we hear the word every single day on the radio, in the newspaper, or day to day conversations? Learn and listen about this MN homeowner’s foreclosure process from the ‘cold call’ to almost ‘homelessness’ , click here.

As Minnesotans, we tend to forget that a MN foreclosure can often equate to homelessness. The bigger picture is that a strong percentage of the ones most deeply affected are our children. We will never be able to correct every personal housing situation, but we can make a difference by lending support. Non-profit organizations that aid homelessness are seeing a huge demand for support. Because of the surge of families seeking support from organizations, food shelters are drying up, housing assistance is at max capacity, and displacement starts to take a toll on your mind. Read and Learn about Homeless children in MN, Click Here.

How can Minnesotans help other Minnesotans? We need to save money in order to give money to non-profit organizations. Most Minnesotans are already feeling the financial pinch due to rising gas prices and food costs which is preventing them to give more to helping others

Here are some suggestions and thoughts to save:

--To battle the sky rocketing gas prices, let’s start carpooling. Ask your company/building to start a carpooling campaign to develop a network of energy minded participants.

--We all can take fewer trips to the grocery store. I am guilty of going to the grocery store about 5 times throughout the week. My family has now schedule two trips to the grocery store to decrease our usage in gas, energy, and time. Our key to success is ‘planning ahead’.

Here are some suggestions and thoughts to gvie:

--Reach out to your MN neighbors. Get to know them. Start a ‘Street drive’, where all the houses on the street collect one can of food a month and deliver that to the local food shelf in your neighborhood.

--Connect with your neighbors on your street. Organize a ‘Swap & Donate’ drive by displaying your items for your neighbors (for free) and donate the remaining clothes to the local shelter.

If you found this information helpful or mildly inspiring, please send me your comments at Scott@UptownFinancial.com

Down Payment Assistance, MN--Online Seminar

Scott Teigland (Uptown Financial Corporation) — Wed, 14 May 2008 09:02:44 -0500

Nehemiah--Down Payment Assistance for MN First Time Home Buyers

MN First Time Home Buyers Learn About Down Payment Assistance via Online Seminar.

We have had a lot of interest recently from Minnesota first time home buyers inquiring about down payment assistance programs such as the Nehemiah program (down payment assistance), so we have scheduled a free online seminar where we will explain how the down payment assistance program works and how to find out if you qualify. Simply click on the link below to register.

Down Payment Assistance Programs In Minnesota

Join us for a Webinar on May 31

Space is limited.
Reserve your Webinar seat now at:
https://www2.gotomeeting.com/register/453570788

Learn about Down Payment Assistance programs available to Minnesota Home Buyers

Title:		Down Payment Assistance Programs In Minnesota

Date:		Saturday, May 31, 2008

Time:		11:00 AM - 11:30 AM CDT

System Requirements
PC-based attendees
Required: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista

Macintosh®-based attendees
Required: Mac OS® X 10.3.9 (Panther®) or newer

If you would like to schedule a one-to-one seminar via phone, please contact me:

Down Payment Assistance: 612-919-2119
Down Payment Assistance:scott@uptownfinancial.com

Does FHA offer Rehab Loans...of course they do

Scott Teigland (Uptown Financial Corporation) — Thu, 01 May 2008 15:41:35 -0500

Who needs a Rehab Loan from FHA

Do you need a Rehab Loan Program from an FHA approved lender.

The FHA 203(k) streamline program is the Federal Housing Administration’s primary program for the rehab loans for single family dwellings. The FHA 203 (k) Rehab loan program allows Minnesota homebuyers and Minnesota homeowners the capacity to purchase/refinance single family homes and finance the basic repair costs into a FHA Rehab loan. Minnesota first time home buyers may use the FHA 203 (K) Rehab loan along with the Nehemiah Program (down payment assistance).

The FHA 203 (k) Rehab loan program highlights:

Allowed on purchases and refinance transactions for single family dwellings including those where the property is owned free and clear.

-Can be used for the repairs and improvements on purchases of HUD homes.

-Basic repairs cannot exceed $35,000. Only two draws will be allowed.

-Owner occupancy required. 1-4 Units (Existing property must be at least one year old)

-Fixed 30 year term only; no buydown option available.

-All repairs and improvements must be completed within 6 months.

The FHA 203(k) Rehab loan includes the following steps:

A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with their real estate professional. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender.
The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal showing the scope of work to be done, including a detailed cost estimate on each repair or improvement of the project.
The appraisal is performed to determine the value of the property after renovation.
If the borrower passes the lender's credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs.
At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.

I have successfully used the FHA 203(k) Rehab loan program in partnership with a nonprofit organization, such as the Nehemiah Program (down payment assistance) to rehabilitate properties in Minnesota. Due to the rising number of foreclosed properties in Minnesota, we feel it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities to Minnesota Home buyers. Not only is the FHA 203(k) rehab loan great for MN homeowners and home buyers, but we suggest that other FHA approved lenders get on board.

To sum up my comments, Minnesota homeowners have the capacity to use this program on their existing home. Perhaps MN homeowners can consolidate their first and second mortgages in to a FHA loan while repairing/replacing their appliances, patio/deck, or flooring/windows. Minnesota first time home buyers have the capacity to buy a home, fix it up and receive down payment assistance with the Rehab loan.

If you have questions about the FHA 203(k) Rehab loan program, we suggest that you get in touch with us to learn more. Scott Teigland --612.919.2119

Disclaimer: Not every FHA approved lender has this program available for their clients.

If you found this information helpful, send me your comments or contact me at scott@uptownfinancial.com ; 612.919.211

Minnesota Mortgage Rates Update

Scott Teigland (Uptown Financial Corporation) — Tue, 29 Apr 2008 11:31:04 -0500

Minnesota Mortgage Rates are falling!!

Minnesota Mortgage Rates are on the decline this week!!

These Minnesota mortgage rates update is brought to you by Uptown Financial Corporation, an education-based Minnesota mortgage company in Minneapolis.

Minnesota mortgage rates have moved down slightly over the past two days. With the expected rate cuts by the Federal Reserve Bank coming on Wednesday, April 30th, 2008, we will wait and witness how these rate cuts will affect Minnesota mortgage rates.

Below is the past two days of of 30 year fixed Minnesota mortgage rates.

Monday (April 28th) = 5.875%, APR = 6.025%
Tuesday (April 29th) = 5.75%, APR = 5.900%

Below is a day by day history of 30 year fixed Minnesota mortgage rates for the week ending Friday, April 25th.

Monday = 6.00% , APR = 6.15%
Tuesday, = 6.00% , APR = 6.15%
Wednesday = 6.00% , APR = 6.15%
Thursday = 6.125%, APR = 6.275%
Friday = 6.125% , APR = 6.275%

For a current Minnesota mortgage rates quote, call Scott Teigland at 612-919-2119

For a current Minnesota mortgage rates quote, email scott@uptownfinancial.com

For a current Minnesota mortgage rates quote, visit our website www.UptownFinancial.com for a Quick Quote.

100% Financing with FHA and Nehemiah Program

Scott Teigland (Uptown Financial Corporation) — Wed, 23 Apr 2008 23:12:57 -0500

FHA Down Payment Asssistance 100% financing--Nehemiah Program

Nehemiah program and FHA mortgages help many MN first time home buyers.

The Nehemiah Program which is a down payment assistance program has helped over 250 million Americans purchase homes. MN First time home buyers can seek down payment assistance from the Nehemiah Program (down payment assistance program supported by a non-profit organization). The intention’s of the Nehemiah program is lend a hand to first time home buyers who qualify for an approved FHA loan. Those MN first time buyers without a substantial down payment might consider a mortgage backed by the Federal Housing Administration (FHA), because down payment assistance is available to borrowers who qualify for a FHA loan. Read more about Nehemiah Program and eligibility.

The Nehemiah program offers:

Up to 6% of the final contract sales price for down payment and/or closing costs.
Available for first-time and repeat home buyers.
No geographical restrictions.
No repayment of gift money.

Not only is the application process simple for Nehemiah program, but the Nehemiah program is facilitated by a mortgage advisor. Contact a Mortgage Advisor.

Steps for the Nehemiah program:

Tell your realtor you want to buy the home using the Nehemiah program.
Find a house and make the seller an offer.
When the offer is approved, contact your mortgage advisor.
Your mortgage advisor applies to the Nehemiah program on your behalf.
Nehemiah down payment assistance will be sent before you close on the home.

Down payment assistance programs require the seller to pay a flat fee to participate. This fee is considered a payment for services rendered and not a tax-deductible charitable contribution. Read more about the Nehemiah participation process.

If you found this information helpful, please send me your comments.

FHA, Nehemiah, and First Time Home Buyers

Scott Teigland (Uptown Financial Corporation) — Tue, 22 Apr 2008 13:30:29 -0500

First Time Home Buyers exploring FHA loans

First Time Homebuyers, FHA, and a Down Market

First time Homebuyers are becoming more educated about real estate and mortgages (FHA) by allowing themselves more time to get comfortable with all the elements. First time home buyers have been taking notice. First time buyers with strong credit histories and a sizable down payment are the best positioned to buy right now. Read more about conventional mortgages and eligibility.

Those first time buyers without a substantial down payment might consider a mortgage backed by the Federal Housing Administration (FHA). FHA loans require only a 3% down payment, which can be a gift from friends or family; First time home buyers can also seek down payment assistance from the Nehemiah Program (down payment assistance program supported by a non-profit organization). Down payment assistance is available to borrowers who qualify for a FHA loan. Read more about Nehemiah Program and eligibility.

The numbers of FHA borrowers have been growing substantially. So has the number of mortgage companies who are eligible for originating an FHA loan. Approved FHA mortgage companies are held to a higher set of standards to ensure compliance and transparency. Ask your mortgage professional if s/he is FHA approved. Read more about the FHA loans.

After you become more educated about the real estate and mortgage industry, first time home buyers should always begin the process by asking for referrals from family and friends. Ask other homeowners about their first time home buying experience. I encourage you to contact me with any questions.

You may contact me at scott@uptownfinancial.com or 612-919-2119

If you found this information helpful, please send me your comments.

What do First Time Home Buyers, College Students, and Second Homes have in common

Scott Teigland (Uptown Financial Corporation) — Thu, 17 Apr 2008 16:05:55 -0500

First Time Home Buyers take advantage of housing market

MN First time home buyers in a Buyers' Market

With so many homes on the market, MN First Time Home Buyers have the luxury of finding the perfect home. There is no need to rush an important decision or compromise your expectations. More and more first time home buyers are viewing this housing crisis as a way to live the American dream.

Combine the abundance of MN Real Estate inventory, declining home prices, and historic low interest rates, these reasons make now a particularly good time to buy for MN First time home buyers. Although banks/lenders have tightened up on lending guidelines and parameters, they are still multiple programs that encourage and support first time home buyers ability to qualify.
MN First time home buyers are not the only ones finding a bargain. Affluent baby boomers are ready to make a bid on that long awaited second home. One Edina Realty agent in the infamous Brainerd Lakes Area (MN) has witnessed a surge in lake home purchases. Her weekends are booked up for the next month due to Minneapolis /St. Paul residents looking at lakeshore property.

MN college students are also taking notice of this real estate trend. More and more students are replacing their monthly rent check with a monthly mortgage check. With the support of their parents in regards to down payment assistance, students are building equity over the course of their college career. At colleges all around Minnesota, students (homeowners) can still fulfill their heavy course loads and work a part-time job because they have roommates pay for rent which covers the mortgage payment.

If you found this information helpful, please stay tuned for my blog.

Please feel free to contact me at scott@uptownfinancial.com or 612-919-2119

Prevent MN Foreclosures, Negoatiate with Mortgage Lender

Scott Teigland (Uptown Financial Corporation) — Tue, 15 Apr 2008 11:44:32 -0500

Prevent Foreclosures, Negoatiate with Mortgage Lender

Prevent MN Foreclosures, write a simple letter to your lender/bank.

The other day, an article from CNNMoney.com featuring a success story about preventing foreclosures caught my eye and inspired me to comment on it. A single mother wrote a simple letter to the bank explaining that she couldn't afford her monthly payments if her payments go up due to the adjustable rate mortgage. She also followed up with a few phone calls to the bank to speak with bank representatives. It took two months before she recieved a letter from the bank explaining that her rate was lowered and fixed for 30 yrs. You can imagine her excitement. Her payment was decreased by a $1,000/month. Listen to this success story

Minnesota Homeowners need to become proactive about knowing the terms of their existing mortgage. The honeymoon is over. There is so much media about foreclosures and Adjustable Rate Mortages that you would have to be living in the foothills of the Himalayas in order to not hear about our housing crisis.

It is not OK to let your most valuable possession disappear without a fight, inquiry, or writing a simple letter. Minnesota Homeowners should be able to recite their interest rate and terms (fixed or adjustable) within 20 seconds if anyone should ask.

Mortgages should be treated like your 401Ks. Minnesota Homeowners should contact their mortgage professional to review their mortgage every year. The mortgage professional will be able to compare it today's market rates, current appraised value, and future forecasts. Become educated about your mortgage by contacting a trusted professional in your neighborhood.

Please do not sweep the nasty word 'foreclosure' under the rug. Foreclosures are tragic in regards to losing your home, damaging your credit score, and disrupting your family/business life.

I hope this sheds a ray of sunlight on your day. I was truly inspired by this single mother who took the bull by the horns and experienced success.

If you find this information helpful, please subscribe to my blog

Please feel free to contact me with any thoughts and suggestions about preventing foreclosures @ scott@uptownfinancial.com or 612-919-2119

FHA, Foreclosures, and the White House

Scott Teigland (Uptown Financial Corporation) — Fri, 11 Apr 2008 10:02:52 -0500

FHA, MN Foreclosures, and the White House

As I catch up on Friday's news headlines, I notice the United States Senate passes a foreclosure bill that will encourage Minnesota Home Buyers to buy a foreclosed home in Minneapolis/St. Paul real estate inventory. Under the new plan, Minnesota Home Buyers would be eligible to claim a $7,000 tax credit for the purchase of foreclosed homes.

The Bush administration countered those plans with its own proposal. It would target existing Minnesota Homeowners already facing large rate hikes or foreclosure in the future. The Bush administration is calling for the Federal Housing Agency (FHA) to expand it's loans programs to allow more MN homeowners the ability to refinance.

Although there are a variety of proposals coming from the Federal government, we should all try to pitch in and offer thoughts/suggestions on the local level. Specifically, Minnesota Home Buyers should be active within their community, such as attending city board meetings, community gatherings, and neighborhood meetings. We all need to raise awareness about the issues facing communities that are disrupted by MN foreclosures.

We need to continue to spread the word about housing programs designed to help Minnesota Home Buyers, such as the Nehemiah Program which offers first time home buyers down payment assistance. The Nehemiah Program provides gift funds to qualified homebuyers who purchase participating homes using an eligible loan program. The Nehemiah program is approved to provide gift funds by the FHA (Federal Housing Agency).

Also, Minnesota Home Buyers should look at the Minneapolis Advantage loan program which is a downpayment and closing cost assistance program to help rebuild the housing market in key neighborhoods that have experienced higher than normal levels of mortgage foreclosures and a rapid decrease in home ownership. The program offers a $10,000 zero-percent interest loan that is forgivable over five years to anyone buying a home in which they will live in these key neighborhoods.

I hope this sheds some light on a our troubled, but recovering housing crisis. Also, please appreciate the warm sunlight and green grass in your neighborhood, because MN still has snow on the ground and experiencing multiple forms of precipitation on this Friday morning.

If you have any questions, comments, or suggestions, then please Scott Teigland @ scott@uptownfinancial.com or 612.919.2119.

Minneapolis, Minnesota--Twin Cities Habitat for Humanity

Scott Teigland (Uptown Financial Corporation) — Tue, 01 Apr 2008 20:15:46 -0500

Twin Cities Habitat for Humanity
Minnesota residents have another option to giving back to the community. It is as easy as dropping off your unused, household items at your local Twin Cities Habitat for Humanity retail outlet. The will even pick up and transport your unused items.
Twin Cities Habitat for Humanity (http://www.tchabitat.org/) builds homes in partnership with families who demonstrate need and willingness to work with Habitat for Humanity by helping to construct their own housing.

What I think is fascinating about Habitat for Humanity is that they have retail outlets named "Restore" where quality new and like-new building materials are sold at discounted prices. The ReStore sells vendor return, scratch and dent, over stock, and items donated by individual donors. They have 4 retail outlets in Minnesota, and 400 retail outlets across the nation and the ReStore platform has been very successful.

You can donate your unwanted/old household items (ex. washer & dryer, doors, lighting fixtures, etc.) to a local Minnesota retail outlet. I like the way Habitat for Humanity has developed a national platform to recycle, reduce, and reuse.

The purpose of the Minneapolis/Minnesota ReStore is to generate revenue to fund Habitat homes, along with providing low cost building materials to the public, reducing the waste of building materials, and to expand the spectrum of donations.

The Minnesota or Minneapolis 'Restore' locations and driving directions can be found at http://www.tchabitat.org/.

If you have any questions about Twin Cities Habitat for Humanity, then please contact me @ 612.919.2119 or scott@uptownfinancial.com

Nehemiah Program--Down Payment Assistance

Scott Teigland (Uptown Financial Corporation) — Fri, 28 Mar 2008 14:09:51 -0500

Nehemiah, FHA, and Minnesota Home Buyers

Minnesota Home Buyers, primarily those with moderate to low income, got a big break recently as a federal judge ruled that HUD did not adequately explained their decision to reverse a policy allowing seller-funded down-payment assistance on FHA-backed loans.What this means for home buyers nationwide is that 100% home financing is still available through a combination of the FHA and down payment assistance (DPA) companies like Nehemiah.

What is the Nehemiah Program?

Answer: The Nehemiah program is the nation's largest privately funded down-payment assistance (DPA) program, helping thousands of people achieve their dream of homeownership. The Nehemiah Program provides gift funds to qualified homebuyers who purchase participating homes using an eligible loan program. The Nehemiah program is approved to provide gift funds by the FHA (Federal Housing Agency) which allows charitable organizations to provide gift funds toward downpayment and closing costs.

Here are some of the features of the Nehemiah program:

Gift funds up to 6% of the final contract sales towards your downpayment and/or closing costs.
Gift funds for both first time and repeat homebuyers.
Gift funds for both new construction and resale homes.
No repayment of gift money.
No income or asset limits.
No geographical restrictions.

If you are a qualified homebuyer using an eligible loan program, such as an FHA loan, you may be able to move into your new home with zero cash out of pocket! The Nehemiah Program can help you become a homeowner!

For more information or to see if you qualify, call Scott Teigland at 612-919-2119 or scott@uptownfinancial.com