New Partnership Simplifies Finding Down Payment Help in Minnesota

The Minnesota Homeownership Center is proud to announce a new partnership with Down Payment Resource, the first web-based down payment assistance search tool to help both home buyers and Real Estate professionals seeking down payment and entry-cost assistance programs in Minnesota!

Beginning today,  the Center will offer direct access to Down Payment Resource through our website, and use our local expertise and existing partnerships to ensure the ongoing integrity of Minnesota-specific program information within the service.


REALTORS™ and other real estate professionals: imagine being able to print out a list of all possible down-payment and entry cost assistance programs to use as a handout at your open houses... or in your Buyers' Packets.  You can!  Visit the Center's website for a link to the new tool as well as other tools the Center has that can help YOU as you assist clients on their road to successful and sustainable homeownership.



Here are links to a couple of testimonials of the service... one from the perspective of a homebuyer, and one from the perspective of a REALTOR™ that uses the system to promote her listings and help her clients.


This is not Down Payment Resource's (DPR) first partnership in Minnesota... nearly two years ago, DPR began working with the NorthstarMLS which became the first MLS in the country to offer links to the DPR service. DPR aggregates down payment assistance information into its online platform and integrates that information into the NorthstarMLS (and other MLS systems throughout the country).  The tool helps connect eligible homebuyers and eligible properties with assistance, bridging the down payment gap for homebuyers, as well as moving real estate transactions forward in a difficult lending environment.

Many first-time buyers are unaware that they may qualify for down payment or other assistance programs in Minnesota.  It can be especially challenging to understand the requirements, benefits and application process for multiple programs.  This new partnership combines the Center's focus on sustainable homeownership through education and outreach with the content-rich and easy-to-use online platform from DPR.  Consumers that are looking for additional information about homeownership or any of the assistance programs, are connected to the FREE non-profit counseling services available through the Homeownership Advisors Network directly from the system.

Here's what DPR has to say about the partnership (from our press release): 
“We are thrilled to work alongside partners that share our goal of empowering consumers with information on down payment and closing cost assistance," said Rob Chrane, president of Workforce Resource. "The Minnesota Homeownership Center's leadership in housing, statewide expertise and relationships across Minnesota with affordable housing stakeholders will help increase program awareness across the state."

We're excited to be working with Workforce Resource / DPR too!


Have you used the system (either through the current arrangement with the NorthstarMLS or the new tool)? Let us know in the comments!

NEO: The Matrices Have Been Updated

The Minnesota Home Ownership Center strives to provide information and resources that will assist Minnesotans begin, and maintain, home ownership. 

In November of 2009 we introduced our "Entry Cost Assistance Matrix" that outlines the down payment programs, closing costs assistance and other funds available to first-time buyers in Minnesota. We've now updated the Matrix for the first quarter of 2011! To view the most recent version of the matrix, click here.

The Matrix is organized geographically, which allows readers to quickly find the area of the state that they are most interested in.

As a quick reminder, funding for down-payment assistance and entry-cost help is FLUID. The information may change. Please contact a program administrator to see if funds are available, and, if not, if there is a waiting list that you or your client can use to access funds in the future.

In addition, the Center has also updated its "Affordable Loan Product matrix".   The Affordable Loan Product Matrix is designed to inform housing counselors and industry professionals of affordable mortgage loans and programs available to their clients.

Home ownership is expensive and first-time buyers should never base their home-buying decision on a down-payment program or access to a specific mortgage. There are MANY other factors when deciding whether home ownership is right for YOU or not. Before purchasing YOUR first home... take a Home Stretch Workshop (pre-purchase education workshop) to learn what's involved, and speak with a non-profit Housing Counselor to see if you might qualify for any down-payment assistance or other first-time buyer programs. For more information, click here.

Down Payment Help and Affordable Loans in Minnesota

Earlier this week, Minneapolis Mayor R.T. Rybak and Saint Paul Mayor Chris Coleman announced that $41 million in new funding is available for first-time homebuyers to purchase homes in Minneapolis/St. Paul, and other organizations and municipalities have made similar announcements recently. 

The Minnesota Home Ownership Center has information about these programs and DOZENS of others that can be used to assist YOU or your clients purchase a home in Minnesota.  In November of 2009 we introduced our "Entry Cost Assistance Matrix" that outlines the down payment programs, closing costs assistance and other funds available to first-time buyers in Minnesota.  We've now updated the Matrix for the first quarter of 2010!  To view the matrix, click here.

The Matrix is organized geographically, which allows readers to quickly find the area of the state that they are most interested in.

Remember: Funding for down-payment assistance and entry-cost help is FLUID. The information may change. Please contact a program administrator to see if funds are available, and, if not, if there is a waiting list for access to the funds.

The Center has also updated its Affordable Loan Product matrix.  The Affordable Loan Product Matrix can be accessed here.
 
Home ownership is expensive and first-time buyers should never base their home-buying decision on a down-payment program or tax credit. There are MANY other factors when deciding whether home ownership is right for YOU or not. Before purchasing YOUR first home... take a Home Stretch Workshop (pre-purchase education workshop) to learn what's involved, and speak with a non-profit Housing Counselor to see if you might qualify for any down-payment assistance or other first-time buyer programs.  For more information, click here.

Entry Cost Assistance Matrix Released

The Minnesota Home Ownership Center is pleased to announce the release of its much-anticipated "Entry Cost Matrix". The Matrix outlines down-payment and entry cost assistance programs that are available to residents of the state of Minnesota. The Center would like to thank the Minnesota Assocation of Realtors for their financial support of the creation of the Matrix.

While the Matrix is available to anyone... we recommend that if you're thinking of purchasing your first home in Minnesota - and are looking for down-payment help or entry cost assistance, that you speak with a certified Home Stretch (pre-purchase) counselor. Remember, homeownership is a HUGE undertaking.

The Matrix is organized geographically, which allows readers to quickly find the area of the state that they are most interested in.

Funding for down-payment assistance and entry-cost help is FLUID. The information may change. Please contact a program adminstrator to see if funds are available, and, if not, if there is a waiting list for access to the funds.

OUR ASK OF YOU: If you are aware of an error on the Matrix... or if you know of any additional programs, funds or assistance that are NOT included in the Matrix, please contact the MN Home Ownership Center with that information. Together we can help break down the barriers to first-time home ownership!

The Matrix can be downloaded here.

Third Annual EMHI Summit

New This Year: Entry-Cost Assistance Training!

The Minnesota Home Ownership Center is pleased to announce that the 2009 Emerging Markets Home Ownership Initiative (EMHI) summit has been scheduled for November 9th, 2009 at the Continuing Education and Conference Center on the University of MN Campus.

The Third Annual EMHI Summit, and the first since the MN Home Ownership Center adopted EMHI programming earlier this year, is a hallmark of the Center’s dedication to the EMHI mission of working to promote homeownership parity by leading and convening industry and community stakeholders to develop tools, resources, and best practices to increase homeownership opportunity for Minnesota’s emerging markets.

The event is designed primarily for realtors, lenders, non-profits, elected officials, and others working in the homeownership arena. The agenda will include:

• Keynote address from St. Paul City Council Member Melvin Carter III and State Representative Jeff Hayden. They’ll discuss the impact of homeownership on their constituency base and address public policy topics that support EMHI’s mission.
• Michael Grover, community affairs manager from the Federal Reserve Bank of Minneapolis, and John Patterson, director of research and evaluation at Minnesota Housing, will provide a comprehensive analysis of the current status of emerging marketing homeownership in Minnesota using the soon to be released American Community Survey data. A traditional part of the EMHI Summit, this presentation will offer thought-provoking insight into the status of emerging markets homeownership and how the current environment has impacted efforts.
• Representatives from the industry, including Michael Haley, Assistant Commissioner of Minnesota Housing; Teddy Bagley, Affordable Housing Manager for Guaranteed Rate; Umbelina Cremer, Emerging Markets Officer for Achieve Homeownership; and Kim Quayson of MidCountry Mortgage. Panelists will offer practical insights into how their organizations have successfully emerging market homebuyers and the lessons they’ve learned.
• Jacqueline King, Assistant Vice President and Community Affairs Officer at the Federal Reserve Bank of Minneapolis and founding board member of the Emerging Markets Homeownership Initiative, will close the agenda with a call to action and partnership to the industry to continue striving for EMHI’s mission.

CEU credits have been applied for.

To register, or for more information, click here.

Premiere training: taking the confusion out of entry cost assistance programs and affordable loan products

Following the EMHI Summit and a networking lunch on November 9th, the MN Home Ownership Center, in partnership with the Minnesota Association of Realtors, will be hosting a training and unveiling newly developed tools offering comprehensive information about entry cost and affordable loan programs throughout the state. As Minnesota begins to recover from the recent foreclosure crisis, municipalities, lenders, non-profits, and others have developed programs designed to promote homeownership. This proliferation of programs has led to confusion among industry professionals at they attempt to keep current on optimum opportunities for their clients.

This 3-hour training session will include:

• Details about accessing and using the MN Home Ownership Center’s brand new Entry Cost Assistance Matrix, including a panel of speakers highlighting some of the most frequently used programs in the state. Neighborhood Stabilization Programs will be featured.
• Information about accessing and using the MN Home Ownership Center’s Affordable Loan Product Matrix. Recently released to the public for the first time, the matrix includes valuable information about first-time homebuyer and other affordable loan programs. Lending representatives will be on hand to discuss their programs.
• The Entry Cost Assistance Matrix and Affordable Loan Product Matrix are is the first of their kind in Minnesota and highlight the Center’s commitment to working in partnership with Realtors®, lenders and other professionals to enhance home buying for Minnesotans.

Space is limited and registration is required.

CEU credits have been applied for the afternoon session as well.

To register, or for more information, click here.

Affordable Loan Product Matrix Available Online

For over a decade the MN Home Ownership Center has produced the “Affordable Loan Product Matrix”, to inform non-profit housing counselors of affordable loan programs available to their clients.

Designed to assist low- to moderate-income homeowners with the purchase of their first home, the matrix generally includes loan programs that have flexible underwriting guidelines, allow higher LTV limits, lower buyer investment and require homebuyer education and/or counseling.

Now, for the first time, the Center is making the Affordable Loan Product Matrix available to the general public - - and will be an especially helpful tool for real-estate industry and lending professionals.

The matrix can be found on the Center's website here.

If you are a homeowner interested in purchasing your first home... feel free to browse the matrix - - but we also recommend that you speak with a housing counselor to see which, if any, of the programs listed are best suited for YOU. A non-profit housing counselor (also known as a Home Stretch Counselor) can work with you to make sure that you are ready for successful home ownership. For more information, click here.

The Center continues to develop an Entry Cost Assistance Matrix (Down-payment and closing cost assistance, grants & programs) as well. More information will be posted soon.