First Time Home Buyer’s Random Questions
Another round of the fun questions that you are asking and searching for online. This is just a random sample of some search terms people are finding the blog for.
- “Help Owning a Home”
- There is plenty of help when you look to buy a home. Tons of industry professional are there to help you get the information you need to know when and what kind of house to buy. The most important 2 people are going get help from are your Realtor and Mortgage Officer. These two professionals are going to help you find loan programs, grants, and assist with your search so you don’t pay to much for your house.
- “Earnest Money Amount in MN”
- Not matter what state you live in, a good minimum Earnest Money Deposit is $1,000 depending on the price of the home. If you’re making an offer on a $400,000 Lake Home, you’ll probably want to have an Earnest Money Check of 1%, or $4,000. The ABSOLUTE Minimum amount is $500, but in this Market seller’s (especially bank-owned homes) will want $1,000 minimum. The more your Earnest Money Amount, the better chance you have of getting the home. And unless you back out for a non-contingent reason, you will get the money back at closing.
- “Typical Minnesota Contingency”
- If you aren’t sure, a contingency is a clause in the contract that will allow you to back out of the purchase if those particular aspects are not to your standards. The two most common contingencies are the Inspection Contingency and Financing Contingency. If you opt you have an Inspection, then you will write this contingency with your agent, and if something comes up that you don’t like with the inspection, then you can back out and get your Earnest Money back. Same thing with the Financing Contingency – if you can’t qualify for the loan at the time of closing, you’ll get that Earnest Money back also.
- “Minnesota First Time Home Buyers Tax Credit”
- This has been a big question for people since the Obama Stimulus Bill was passed a couple weeks ago. There is no big tax credits for just the state of Minnesota, but the national bill has the $8,000 Tax Credit if you buy a home between Jan 1st 2009 and Nov 30th 2009. This money will go to you when you file for your income taxes, and is NOT part of the HUD statement at closing. You must still qualify for a loan and be able to make your closing costs and monthly payment to buy a house. This money is just a bonus from the IRS and Federal Government.
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