Purchase a Shakopee home for only 2% downpayment!

A good quality Shakopee loan officer I work with , Chris Aloisio, just wanted to send out a refresher email for a loan program she and Wells Fargo in Shakopee have to offer. The program is called the CDMP program if you want to mention it to her when calling.  This program that is unique to Wells Fargo is great for first time buyers. CDMP stands for Community Development Mortgage Program. Here are the highlights and information on the program:

Conventional loan–in house (not Fannie or Freddie), Not an FHA program either

2% down–NO MORTGAGE INSURANCE!!!

Income limit of $67,200 for a family of 4–income limits waived if buying within the city limits of Mpls or St. Paul

Down payment can be a gift

Owner occupied only

Homebuyer education is required UNLESS they have owned a home in the last 3 years and made their last 12 payments on time so do not have to be first timers

One debt ratio of 42% & can have a co-signer

Must be employed for one year

Self employment for 1 year with tax returns is acceptable (2 year requirement waived on this program)

Credit score of 620 with 3 tradelines

No cash reserve requirement

Home must be in decent shape, but cosmetic repairs are fine

One year rental history required

Todays rate, 6/3/11,  for this loan is 4.875% for a 30 year fixed.

This loan program is truely a great program. Although there are income limits to apply for the program your downpayment can be gifted which helps and credit scores can be as low as 620.  The biggest advantage to this program in my opinion outside of the obviously only 2% downpayment program is NOT HAVING MORTGAGE INSURANCE.  That portion can save you $100+ per month!

If you want more information about this program feel free to contact, Tom Scott of Remax Advantage Plus and the Twin City Real Estate Team at 612-384-2178

When purchasing a home, make sure to have your own representation. The person selling the home has their own representation

Incoming search terms:

  • cdmp loan
  • yhs-fullyhosted_003
  • wells fargo cdmp loan program
  • Wells Fargo 2% Down Program
  • cdmp loan wells fargo

Shakopee Homes Are Selling

If you are looking at the Shakopee real estate market and wondering what homes in Shakopee are selling you might be curious to find the homes under 200k are popping.

Looking at the current real estate market in Shakopee the listing inventory is down. Only 278 homes in Shakopee are listed on the Minnesota MLS; of those homes 171 homes are single family homes and 101 are Shakopee townhomes for sale. What a lot of buyers find frustrating are homes on the market the show as being active, but are actually sold. 64 homes listed as active in Shakopee currently have an accept contingent offer on them. Those homes sold may be subject to inspection, another home selling or bank approval. That brings down the total number of available homes to 214. I think there is a real lack of good homes out there right now. The current avergae days on market for those homes for sale is 163 days. Average sales price is resting at $227,978 with an average of around 2205 sqft.

Looking at homes for sale in Shakopee that have offers and are just waiting to close are considering Pending transactions. There are 85 pending homes in Shakopee. 32 of which are townhomes and 53 single family homes. The average days on market is only 126 days and the average overall listing price before pending is $180,398.

The sold Shakopee real estate statistics lay as follows:

  • 219 homes sold in Shakopee on the Minnesota MLS as of 1/1/11
  • 127 of those were single family
  • 92 homes were townhomes
  • Average final list price of all homes was $174,737 and sold price was $171,645
  • It took on average 149 days to sell those homes
  • Townhomes listing price averaged $115,295 and the selling price was $110,272
  • Single Family average listing price was $218,839 with the selling price at $216,104

SHAKOPEE FORECLOSURES AND SHORT SALES

The market continues to be burdened by the forclosure market. Of all active listings 115 homes were listed as a Shakopee foreclosure or a Short sale home on the MN MLS. That represented about 41% of the active inventory. Also take into consideration some agent do not disclose the status of their listing.

The sold homes on the MN MLS for the Shakopee real estate market represented even higher numbers. almost 58% of all homes sold from 1/1/11+ were shrot sale homes in Shakopee or foreclosures.

If you have any questios about the short sale process or how foreclosure listing work I would be happy to help. I am a CDPE (Certified Distressed Property Expert) and a SSFS (Short Sale Foreclosure Specialist). I work a lot with buyers and can walk you through step by step how to negotiate the best possible deal with banks. I recently had two clients purchase homes in multiple offers and have their offers accepted over offers that were higher. I also recently had a client who had his offer acceted over 23 others offers on the same property. There are ways to strategically place your offer in front of banks so you walk away with signatures.

Tom Scott

Remax Advantage Plus

Twin City Real Estate Team Leader

612-384-2178

TomScott@Remax.net