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Whether you are trying to buy a home or refinance your current home – sometimes thinking outside-of-the-box will help you achieve your goals

You’d like to buy a home and take advantage of today’s low rates, but you do not have enough money saved for the down payment.  What can you do?

1. Ask a parent or grandparent to “gift” you the funds.  Some programs allow your employer to “gift” you money too.

2. Take a loan againsts your retirement account – you will pay yourself back every month tax free and the debt is not used against you in qualifying. 

3. See if the community you’d like to live in has a down payment assistance program.  Currently the City of St. Paul/Mpls and Dakota County have down payment assistance loans. 

4. If you are a Veteran – you do not need a down payment.  Ever!

As the housing crisis looms, home owners are finding it more difficult to pull equity out of their homes to complete normal home improvements like getting their roof repaired, replacing old windows or purchasing a new furnace.  Shoreview, Minnesota is offering up to $20,000 for residents seeking to complete  energy improvements.  If residents remain in the home for 10 years the interest is forgiven. 

Money, low rates and added tax incentives for new windows makes this a win-win-win solution.  Some income and loan size restrictions apply.  Check out the details.  Here’s a link to Shoreview’s website.  http://www.shoreviewmn.gov/news/new-home-improvement-loan

City of Saint Paul just expired their program offering up to $6500 to home owners making energy improvements. 

Here’s what to do…google your City’s name.  Look under their “resources” tab and see if they have a home improvement program available in your area. 

In the future, I’ll keep you posted here too.