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A new approach to affordable housing

Help the Renters, Too

For years, cities have struggled to help lower-income Americans find affordable housing. Many housing assistance programs approach this problem through making home mortgages more affordable. However, a new test program in Montana addresses an underserved area of the housing market affordable rental homes by making loans to help people move in.

To complement their efforts on homeownership, the Great Falls, MT, chapter of NeighborWorks America is trying out a "Ready to Rent" program to address low-income renters. This program targets those who need a bit more financial assistance and education to get them out of poor rental situations.

Landlords Taking Advantage

The target consumers have enough income to afford a better rental home but can't save up the necessary upfront money (security deposit and initial month's rent). In the meantime, they may settle for shady informal rental arrangements.

Unscrupulous landlords may lead these low-income renters to believe they are in a rent-to-own agreement without fully disclosing the details or the risks involved (such as the renter being responsible for his or her own home insurance).With an incomplete understanding, these renters are more likely to make mistakes that could cause their eviction without any return on the money that was already spent.

Mortgage rates in Minneapolis, Minnesota

No clear direction for other Minneapolis mortgage types

Breaking ranks with the 30-year conventional mortgage the average rate for 30-year jumbo mortgages fell this week, down 13 basis points to 4.25 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Minneapolis area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages slipped 7 basis points as well, dropping to 3.56 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates down, slipping $5.68 to $1,184.42.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more tempting to some homeowners.

The popular 5/1 adjustable-rate mortgage rate climbed 6 basis points this week, climbing to 4.25 percent. The most common type of variable-rate mortgage , 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

Real Estate - Short Sale Letter of Intent SCAM?

Okay.... So I have owned my home since July 2008. I know I owe more than what it is worth, but who doesn't these days? I am not more than 50K under water & am only 25 and have faith the market will come back in my lifetime.

Sounds like a scam to me. It's a good thing you took time to post this information and in a away, shared a warning.

What you can do is seek the help of a lawyer.

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