Behind on Mortgage Payments?

Are you visiting Minnesota Rent to Own because you are or about to to be in foreclosure?

Before you give up on your current home we suggest you visit this page on our website created by in conjunction Minnesota Housing and Financial Services.

Minnesota Rent to Own has been working with MNHFS for the last few months, they have been able to help out many people we have sent thier way.

For more information on Minnesota Housing and Financial Services visit thier website at www.MNHFS.org

Great Resources for Home Ownership in Minnesota

There was a great article written at the Star Tribune about Leticia Brown's journey towards home ownership:

After being a renter for eight years, Brown was determined to fulfill an ambitious goal for 2007 -- to own her own home. "I wanted to do it for my children," she said.

In the article it mentioned a few programs that are great first steps for anybody looking for home ownership.

...nonprofit City of Lakes Community Land Trust (CLCLT) Home Buyer Initiated (HIP) program, which gives grants to qualifying low- to moderate-income families, and a deferred loan from the Home Ownership Made Easy (HOME) program, which helps Minneapolis, St. Paul and Metropolitan Council Public Housing and Section 8 families become homeowners.

Here are the links to the resources and programs mentioned in the article:

• CLCLT


• HOME Program
  
  view the article here

Step 1 - Road to Home Ownership

Step 1: Enter the Road - Evaluate Your Current Situation
We want you to know that home ownership is possible through MN Rent to Own. Before you begin your search for the perfect home you'll want to take a close look at your finances. This will help you determine what you can afford. By examining your income and monthly expenses you will get a better idea of what is realistic for you and your household.
When you qualify for a Rent to Own you are not qualifying with a bank, though eventually you will have to get approved for financing. This is why step 1 is important for you to understand and complete.

There are three primary things that are important on the Road to Home Ownership program. First is the amount of down payment you have to work with. This should typically be 2-3% of the purchase price of the property. Second, as a general rule of thumb, your household's monthly income should be 2.5 - 3 times the monthly rent. Third is your current credit situation, do you have to establish credit, maintain credit or vastly improve your credit?


to learn more about the Road to Home Ownership Program visit MN Rent to Own