Not a foreclosure, but it is a good deal! 8718 Oregon Ave N Brooklyn Park MN

 

Not a foreclosure, but it is a good deal! 8718 Oregon Ave N Brooklyn Park MN

http://www.epropertysites.com/fprop.htm?id=1239899379&p=1243877158&s=s&l=v&kc=FFFFFF&bc=CCCCCC&fc=4F493B&t=Featured^Property“

Foreclosures and Short Sales in the Twin Cities Housing Market Quarter 4 2008 Update

Foreclosures and Short Sales in the Twin Cities Housing Market Quarter 4 2008 Update

Foreclosures and short sales are showing early signs of slowing. During the fourth quarter of 2008, there were 4.3 percent fewer new lender-mediated listings than in the third quarter. That’s the first quarter-to-quarter decrease since 2003.

As a result of this reduction in new supply and continued buyer interest in these properties, the total number of lender-mediated homes for sale dropped 600 units over the course of the quarter. This is only one quarter of downward movement, so time will tell whether the trend continues. Regardless, we are encouraged by this hopeful sign.

Foreclosures are properties in which the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. Short sales are unique arrangements where the financial institution and in-default homeowner work together in an attempt to sell the home before it is foreclosed upon.

For all the details, click here.

Calling all “Credit Challenged” Minneapolis Home Buyers

Calling all “Credit Challenged” Minneapolis Home Buyers

Project: Reclaim

Project: Reclaim is a homeownership tool to equip and support households to successfully own quality revitalized homes. If you are considering a purchase but think you can’t becuase of credit issues, check this out….

The goal of Project: Reclaim is to facilitate successful homeownership that helps create a healthy and vibrant community. It is designated for households that have been declined a regular mortgage due to credit challenges. This program creates an opportunity for people to affordably own a home and participate in a credit enhancement program and debt reduction. Project: Reclaim minimizes the homebuyers exposure to financial risks and real estate speculation.

Highlights of Project: Reclaim
• 3% interest rate
• Monthly payment will be approximately equal to a 6.5% conventional mortgage
• Home values range between $100,000 and $150,000
• 2% Reserve account established for the homeowner to use for approved purposes
• Rehabilitated home with great attention to detail and stringent construction standards
• Buyer support through mandatory credit enhancement program
• Contract for Deed with an initial term up to 24 months

Determine your eligibility for Project: Reclaim
• You plan to purchase a home in Minneapolis
• Household income greater than $36,000 annually
• Household income is less than the following amounts based on

• 1 Person $43,050
• 2 People $49,200
• 3 People $55,350
• 4 People $61,500
• 5 People $66,400
• 6 People $71,350
• 7 People $76,250
• 8 People $81,200

• You do not qualify for a conventional mortgage
• You need a credit enhancement program to minimize debt and increase credit score within the terms of the contract period

If you’re interested in learning more about the possibility of purchasing a home under this program, give us a call at 763-494-5545 or email info@smartmovemn.com.

Source: Urban Homeworks