Foreclosure
The legal process a lender starts when you do not make your mortgage payment?
Foreclosure
The document that shows all of your tradelines that have been active in the last 7 years.
Credit report
First step in the homebuyer process.
Homebuyer Education
The loan that USDA offers for low and very low-income households.
Direct Home Loan
Document filed on your primary home to receive a lower property tax rate.
Homestead Exemption
This happens to your credit score if you go through a foreclosure.
It goes down
Three credit reporting agencies
Transunion, Experian and Equifax
The 4 C's of credit.
Capacity, credit history, capital, collateral
The official document that states the lender can take your home if you do not pay.
Mortgage
As of June 5th, the average rate on a 30-year fixed mortgage.
6.85%
The number of years you can get a mortgage after foreclosure.
3 years
A licensed financial professional who acts as an intermediary, or "middleman," between borrowers seeking a home loan and mortgage lenders.
Mortgage Broker
Monthly amount that is collected by lender for taxes and insurance.
Escrow
The number of days you have to receive your closing disclosure before closing.
3 days
The number of HUD Certified Counselors at the SWMHP?
3
The time frame after the foreclosure sale when the homeowner can buy it back.
Redemption period
Determines value of the property.
Appraisal
Class hours to receive a certificate.
Eight
The max amount of loan a homeowner who participate in Small Cities Development Program.
$25,000
The current overall rate of homeownership in Minnesota
72%
Redemption period length on agricultural land.
What is 12 months
Recommended percentage of income for your housing payment.
30%
Percentage of your credit score is impacted by your payment history.
35%
The percent of new BIPOC homeowners with the MMCDC Down Payment Assistance.
92% (877 BIPOC Homebuyers)
Rate of homeownership for Black/African American households in Minnesota.
30.5% (2015-2020 study) - White households at 77.5%