203K loans and Brainerd MN Real Estate

Are you looking to buy your first home and what is available in your area is not in a condition you like ? Many REO/foreclosed properties are being sold "AS IS"  with the lender(owner) not offering any repairs prior to purchase. An FHA 203K loan with as low as 3.5% down payment of the after renovation value may be the answer for you.

Government Real Estate Score Card for May

The Administration’s goal is to stabilize the housing market and provide security for homeowners. To meet these objectives in the context of a very challenging market, the Administration developed a broad approach implementing state and local housing agency initiatives, tax credits for homebuyers, neighborhood stabilization and community development programs, mortgage modifi cations and refi nancing, housing counseling, continued Federal Housing Administration (FHA) engagement, support for Fannie Mae and Freddie Mac and increased consumer protections. In addition, Federal Reserve and Treasury Mortgage-Backed Securities purchase programs have helped to keep mortgage interest rates at record lows over the past year. More detail on the Administration’s efforts can be found in the Appendix. May 2012 Scorecard on Administration’s Comprehensive Housing Initiative The President’s housing market recovery efforts began immediately after taking office in February 2009. The May 2012 housing scorecard includes the following key indicators of market health and results of the Administration’s comprehensive response, as outlined above: • Market data show promise as indicators continue to show signs of stability, though officials caution that the overall outlook remains mixed. Sales of existing homes rose 2.4 percent in April, increasing in every region of the U.S. In addition, the inventory of newly constructed houses increased for the first time since April 2007. Since sales outpaced inventory levels, the supply of homes on the market dipped to 5.1 months in April from 5.2 months in March and a peak of 12.2 months in January 2009. Experts consider a six month supply of homes for sale to be a balanced market. However, distressed sales remain a key factor as the impact of serious delinquencies and underwater mortgages continue to temper market gains. • The Administration’s foreclosure programs are providing relief for millions of homeowners as the housing market continues to recover from an unprecedented crisis. More than 1.1 million homeowner assistance actions have taken place through the Administration’s Making Home Affordable Program, while the Federal Housing Administration (FHA) has offered more than 1.3 loss mitigation and early delinquency interventions. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals nearly 2.9 million proprietary mortgage modifi cations through April. • More than 1.1 million homeowner assistance actions were granted through Making Home Affordable. Eligible homeowners entering HAMP continue to demonstrate a high likelihood of long-term success in the program. As of April, more than one million homeowners have received a permanent HAMP modification, saving approximately $535 on their mortgage payments each month, and an estimated $12.7 billion to date. Eighty-six percent of homeowners entering the program in the last 22 months have received a permanent modification, with an average trial period of 3.5 months. Seventy percent of non- GSE customers entering HAMP in recent months have received some form of principal reduction with their modification. Those participating in the HAMP Principal Reduction Alternative (PRA) have seen a median principal reduction of $68,267 – or 31 percent. The April Monthly Report can be found at: http://www. treasury.gov/initiatives/financial-stability/results/MHA-Reports/ Pages/default.aspx Given the current fragility and recognizing that recovery will take place over time, the Administration remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market. If you are falling behind on payments and need to sell- contact Kathleen Lordbock, Real Estate Broker at Brainerd Lakes Short Sales/Keller Williams Realty 218-831-8001 or KLordbock@kw.com