Great Time To Buy A Home In Minnesota
Do you believe in the Easter Bunny, the Tooth Fairy and, let us not forget, the Great Pumpkin? Do you believe all that doom and gloom balderdash about the housing “crisis” in Minnesota? Not to worry. We’ve got some astounding, never-before-seen, ocean-front properties for you in Kansas.
Fact: Some of the greatest fortunes in American history were made during the Great Depression of the 1930’s, a time when tens of thousands of people were standing in soup lines.
John Maynard Keynes demonstrated he knew far more about business than economics when he bought a struggling, near-bankrupt American utilities company in 1933 and turned it into a great fortune.
How could we exclude the legendary household name, Floyd Bostwick Odlum? Remember how Floyd took his last $39,000 and turned it into a $100 million empire?
Whenever savvy investors hear the word, “CRISIS”, their ears perk up. They know that “CRISES” are man-made phenomena, typically created by man for the sole purpose of making a buck. In contrast, “DISASTERS” are uncontrollable events, acts of God, which may, or may not, present and opportunity to make a buck. Whenever one hears the term “disaster” attributed to an obvious man-caused calamity, one must ask: “What’s wrong with this picture?” Somebody’s trying to make a buck unknowing to others.
The housing crisis in Minnesota is a “crisis” only because it affords home buyers the chance to acquire their piece of the American dream on the cheap. The logical person must ask: “Where is the crisis in participating in the American dream on the cheap?”
Fact: There is no housing crisis.
Prospective home buyers have a once in a lifetime opportunity, not seen in America since the Great Depression, to buy the home of their dreams at a rock-bottom price. Savvy investors want to keep this secret to themselves, for obvious reasons.
Fact: All levels of government (Federal, State and Local) have all sorts of programs and grants available in this time of crisis to assist home buyers, particularly first time home buyers, in acquiring the home of their dreams.
The state of Minnesota is at the leading edge, compared to other states in helping its residents acquire a piece of the American dream. We could write a book, getting rich in the process, on the myriad of Assistance Programs available in Minnesota to help its residents accumulate wealth during this so-called time of “crisis.”
At the Federal level, check out the FHA programs. Key features of FHA programs include: low down payment mortgages, energy efficient mortgages [FHA will finance energy saving measures to: (a) make older homes more affordable, (b) stretch debt to income qualifying ratios, (c) qualify for larger loans amounts], easier qualifications, less than perfect credit, more protection to keep your home.
Examples of the State of Minneapolis local government initiatives include:
City of Minneapolis – Minneapolis Housing Agency
- low cost loans for first time buyers
- low rate, fixed rate loans for the life of the loan
- interest free loans for down payment and closing costs
City of St. Paul – City Living Home Programs
- low fixed rate interest
- entry cost grants (3% of loan amount)
- loans for lower income households
- home buyer education and counseling
Dakota County – Down Payment Assistance Program
- up to $10,000 down payment assistance
Anoka County – Community Action Program
- down payment assistance up to $10,000
- FAIM – Family Assets for Independence in Minnesota – counseling and participatory savings scheme where Anoka County will kick in $1.00 for very $3.00 saved toward acquiring a home.
Summary
The best time to buy the home of your dreams is right now. Money is available courtesy of government. Home prices are at an all-time low. Interest rates are at a historically all-time low. Savvy investors are cashing in.
Why shouldn’t you cash in on this rare opportunity to participate in the American dream, an opportunity not seen since the Great Depression
Need help in navigating the maze of questions regarding buying your home in these times of “crisis?” We’re only a phone call or email away. Real estate is what we do.