FHA received 2,008,157 single-family loan applications. That's up 161.2 percent over the 768,770 applications received in fiscal 2007.
More than 90 percent of applications were for existing home purchases or refinances. 977,550 borrowers applied to purchase homes 885,972 borrowers applied to refinance
Here in Minnesota there are some great loan programs for first time and low income buyers. This is a great time for first time buyers with a $1000 downpayment they can buy a home for about the same money they pay in rent ( a $110000 home with $1156 down and an FHA loan of $705 per month this is an example). There are several programs here in Minnesota: Minnesota Housing; Home Help; City Living specifically St. Paul and Minneapolis; FHA all available for homebuyers with low incomes less than perfect credit scores and who are first tme buyers.
I'm sorry landlords but this might be the time when a lot of your tenants move on and start to realize the joy of affordable home ownership.
If you are a first time home buyer there are lots of homes available for you to choose from,there are over 125 in Minnesota this is a good time to buy. Low interest rates low prices.
A Brit's view and musings on living in a place that is so unique. Minnesota. My take on what is happening in real estate here in the Twin Cities Metro area. News views and my opinions.
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