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 rate quote, call Scott Teigland at 612-919-2119

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

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

FHA Down Payment Asssistance 100% financing--Nehemiah Program

The 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.

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.

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 Foreclosures, Negoatiate with Mortgage Lender

Prevent MN Foreclosures, Negoatiate with Mortgage Lender

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 lowered close to $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.

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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

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.