White Bear Lake, Shoreview & Roseville, MN Home Renovation Loans

Do you own a rental or owner-occupied home in White Bear Lake, MN, Shoreview, MN, Roseville, MN, or in any of the cities within Ramsey County MN? If so, there are three great MHFA loans available to help you improve or remodel your property. This may even be a great opportunity to prep your White Bear Lake or Shoreview homes for sale. The HousingResource Center – NorthMetro (HRC) offers an improvement loan just for this purpose. The program is called “MHFA Rental Property Loans”. It offers loans up to $100,000 to finance improvements or repairs (that improve market value) for rental properties, depending upon the type of the property. For example, the program offers loans up to $25,000 for a single-family home or duplex, or $10,000 per unit in a multi-unit building, where a maximum of $100,000 is available. The interest rate is set at 6.0% and amortized up to 15 years giving the borrower some flexibility to help make the loan payments fit into their financial plan.MHFA also offers two other loans for White Bear Lake, Shoreview and Roseville, MN homes, but they are for owner occupied properties. The first is called “MHFA Rehabilitation Deferred Loan”. This is a zero percent (0%) loan for up to $24,999 in permanent repairs to an owner-occupied home. But this doesn’t mean that it applies only to single-family homes. Properties eligible for this loan include: single-family detached homes, duplexes, condominiums, townhomes and mobile/manufactured homes. What’s more is that this loan is completely forgiven if the homeowner remains in the home for 20 years after receiving the loan (15 years for manufactured homes). To qualify, the borrower’s household gross annual income must be at or below 30% of the specific city’s median income.The second MHFA owner-occupied loan is called “MHFA Fix-Up Fund Loan”. This is a low-interest, fixed rate loan that carries a maximum of $35,000 and a maximum term of 20 years. Similar to the MHFA Rehabilitation Deferred Loan, this Fix-Up Fund Loan is available to eligible owner-occupied single-family homes and duplexes, but it also is available to triplexes and fourplexes. To qualify, the borrower’s household income must be at or below $96,500. What’s nice here is that most improvements qualify under this loan except for luxury items.In summary, these three loans provide investors and home owners alike flexible and freedom to remodel, renovate, and improve their homes in which to live long-term, or to prep their White Bear Lake Homes for Sale, Shoreview or Roseville homes for sale.

Beautify Your Yard and Increase Home Value

When you hear the word “garden,” what is your first impression? For many, it’s how much work is involved and maintenance in terms of upkeep, weeds, and pests that will eat the produce. However, there are options you can choose that simply offer beauty for any kind of real estate.Homebuyers are willing to pay more for a developed property than they will for a basic lot. If you invest a little time, you don’t have to invest a lot of money to get some great results.Not only will it increase the curb appeal, but you’ll also find you enjoy the real estate more each day you stay there. You’d be surprised at how many great choices are available based on what season it currently is.Keep in mind that you don’t have to wait for plants to grow to show off their beauty. Instead, you can purchase mid-size to full-size plants and change the look of your yard in just a few hours.Specifically, with fall upon us, you’ll be looking more at hedges that offer beautiful leaves instead of flowers. In the Spring, their look may change as they bloom and grow to their full potential. Some of these flowers however, have a combined blooming season and will do very well with the proper care. Find out how much plant food and water each of them need so they don’t diminish or die early.However, in the meantime, you’ll find that with the right food and watering cycles, they will do just fine, even in the cooler temperatures. The key to this is to protect growing plants with tarps or other covers so they won’t freeze.The intangible result that you get from adding any kind of garden, whether just plants or food-producing, is the type of environment it creates. There is a very cozy atmosphere to a house that has a garden and either a back yard or a front yard seating area.It automatically helps the potential homebuyers see themselves living there and raising their children in that same space. If you can accomplish this with just a few hours’ effort, then it’s all worth it in terms of potential sale value later on.Rather than the amount of work, these factors above should be thought about first when you talk about gardens. Then, you’ll be more motivated to spend some time and effort on your property and earn it back in a real estate sale.

Reasons For Home Foreclosure

Many people are falling victim to foreclosure; their homes are being repossessed by financial institutions because they have fallen behind on payments. If you are one of these people, you may want to consider looking into a loan modification program. It could save your home and ease the stress of your bills.There are quite a few reasons for homes going into foreclosure. I listed a few of the main reasons below.Reason number one: sickness. As people get more and more stressed at their jobs, their health begins to fail and they become sick.If a person’s health problems are serious, their medical bills can get extremely high. This can lead some to use their mortgage money to pay their medical expenses. When you add this to the lack of income caused by the sick person not being able to work, you get a house that ends up not being paid for.Untimely deaths are another reason people fall behind on payments. Not only do they bring grief and sadness, but the death of a person who provided the primary financial support for their family can leave people unable to support themselves and unable to make payments on their home.Property just isn’t worth as much as it used to be. In the United States, property values are falling at an alarming rate and the average working person just can’t afford to pay the interest.People are being laid off left and right. Today’s unemployment rate is terrible; the economy is finding itself unable to support the population. There just isn’t enough money to go around.Having your loans modified can help your finances find some room to breathe. Loan modification programs change the terms of your loans, possibly lowering your monthly payments by refinancing and consolidating your different loans together. So look into it if you are having a hard time right now; it could be your saving grace.