Amendment to St. Louis County Ordinance 55, Section 17

St. Louis County Environmental Services Department, in response to the Minnesota Pollution Control Agent requirements, is in the process of re-writing the St. Louis County Ordinance regarding septic systems.

Click on the links for more information:

Point of Sale Program

Summary of Proposed Changes to Ordinance #55

Proposed Draft Ordinance

Fact Sheets and Point of Sale Information will be available at the meetings.  They welcome your review and comments on these issues at their blog site:  http://slcenvironmentalservices.blogspot.com

Bringing the Dream of Homeownership

Within Reach...

It's your time to take advantage of the $8000 First-Time Home Buyer Tax Credit.

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Who Qualifies?

First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Click here for additional information on the Tax Credit including the following: Which Properties Are Eligible? How Much Will the Credit Be? If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit? and Will the Tax Credit Need to Be Repaid?

HUD: Tax Credit Can Be Used on Closing Costs

FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.

Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.

The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.

Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent down payment.

There remain many sources of assistance for buyers needing help with the 3.5 percent down payment, including many state and local government instrumentalities and nonprofit lenders.

In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their down payment. These programs are separate from what HUD announced today.

The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.

Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

Source: Robert Freedman, REALTOR® Magazine Online

HOMESTRETCH

Home Buyer Educational Program

Conducted by Neighborhood Housing Services of Duluth

Each workshop consists of eight hours of information and separate individual counseling session to assess readiness in purchasing a home. Completing the workshop and one individual counseling session earns a certificate needed to meet eligibility for various affordable lending products throughout Minnesota.

Course Schedule - May 2009 through December 2009

Workshop Registration