Increased affordability for First Time Homebuyers!

1. Mary Chris Gallo
Mortgage Consultant NM Mortgage Consultant NMLS #218092
D 952.851.8979
F 952.853.0280
MaryChrisG@Fairwaymc.com
www.MaryChrisGallo.com
“If you only have a hammer, you tend to see every problem as a nail.”
‐ Abraham Maslow
A NEW TOOL FOR First Time Hombuyers: Minnesota Housing Preferred Risk Sharing Program
We can help more First Time Homebuyers with this newly released program. This program is
offered through a coloabrative effort between Minnetoa Housing and Fannie Mae. Here are
some of the highlights:
 97% Loan to Value
 3% down payment (can be ALL gift)
 30 year fixed rate
 NO mortgage insurance!
What does this program offer your homebuyers?
 More affordability by eliminating Monthly Mortgage Insurance Payment
 More affordability by eliminating the need to finance an additional Upfront Mortgage
Insurance Premium in their house payment
 More affordability by eliminating any Homebuyer required contribution
 More affordability by eliminating any Homebuyer required reserves
You get the picture!
There are the income restrictions, BUT they’re very generous:
11 county Twin City Metro area 83,900
$
Rochester MSA $81,300
Balance of state $73,900
Some other features:
 It’s for single family homes only
 Borrowers must have a credit score of 680
 Seller contributions for closing costs are allowed up to 3%
 Homestretch Certificate required (by at least one borrower)
 No geographic restrictions
 Maximum purchase price limit in Metro area is $298,125
Monitor the rate at: http://www.mnhousing.gov/consumers/rates/index.aspx
This is an ideal tool for those who have managed their credit well. It offers increased affordability and
gets your buyers into a home with a down payment even less than that required on an FHA loan!
Fairway Independent Mortgage Corp NMLS #2289 ▪ 3001 Metro Drive #280 ▪ Bloomington, MN 55425