So, it sounds like 100% Loan To Value financing is back again (around Aug 16 2010).  Obviously, there are restrictions and you need to talk to a qualified lender to make sure this is the right mortgage product for you.  A couple of lenders I recommend are:

Cornerstone Mortgage (Rob Bonahoom) in Burnsville Minnesota

Bell Mortgage (Alec Grebis) in Bloomington Minnesota

Conventional 100% financing now available

680 minimum credit score

45% Debt-To-Income ratio or less

NO Mortgage ins needed with this program

Must be first time home buyer (not owning a home in the previous 3 years)

Up to 3% in seller paids allowed

Income limits of $83,900 a year for a family of 1-4 people

This program was just unveiled today and it sounds like lenders can not lock anyone in until August 16th so that gives you plenty of time to get out and find the perfect home!  Home inventory in the traditional first time buyer price range (under $200,000) is very high especially in the under $150,000 range.  Just a few months ago investors were going crazy buying up cheap bank owned houses (especially in North Minneapolis) and remodeling them.  Now, because the federal tax credit expired, these sellers are sitting on inventory that they want to sell fast!  Now, don’t get me wrong…it does not mean you can throw out low ball offers all day long, it just means that many of these houses are priced to sell!

For more information about 2 beautifully remodeled homes in North Minneapolis, click on the links below – these houses are move in ready – just about everything is NEW (including most of the plumbing and electrical!).

3318 James Ave N Minneapolis

3842 Humboldt Ave N Minneapolis

Call or email me with any questions!

Jen McKinnon

Real Estate Agent / Investor

AGENT REFERRAL NETWORK

Member of the #1 MN Real Estate Team

612.384.1073

jen@mnrealestateteam[dot]com