When one is selling their home and subsequently buying another, it doesn’t necessarily come quickly to mind that it takes more than online home value calculators to provide an estimate of what you’ll make on the sale of your home. Even the online seller’s net sheet calculators can only provide an estimate of what your [...]
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Minnesota Home Prices Headed for a Double Dip? – Don’t Believe the Hype
January 27, 2011
3 Comments
If you’ve been watching the evening news or reading what’s been coming off the press, you might be thinking that the sky is about to fall on Minnesota home prices. You’ll hear a lot of doom and gloom and a lot about the S&P/Case-Shiller Home Price Indices. I assure you that the media will not [...]
Read moreI Want to Prequalify Myself
January 17, 2011
0 Comments
There are plenty of times that a home buyer just wants the basics, how much of a loan can they afford. They know quite well enough that it isn’t a firm set of numbers not is it any kind of assurance of financing but it serves well enough as an aid in the home searching [...]
Read moreSo You Want Constantly Updated Lists of Foreclosed Properties?
January 6, 2011
0 Comments
You’re smart enough to get pre-approved early and you know you need to know the market well in advance of buying your home. You want to get a good deal and to that end, you want to buy a foreclosed home but where can you get the best and most current lists of foreclosures? There’s [...]
Read moreSo You Want to Search Homes Without a Realtor Contract?
January 6, 2011
0 Comments
You’re smart enough to get pre-approved early and you know you need to know the market well in advance of buying your home. But perhaps, you don’t want to waste a Realtors time when you’re not ready to commit to using them just yet. Don’t get me wrong, you’d be a fool not to buy [...]
Read moreConventional Loan Pricing Scheduled to Hike Rates in Late Spring
December 28, 2010
0 Comments
As a follow up to Fannie Mae’s recent guideline changes, they will now be taking steps to make conventional loans more expensive across the board. A few years back, Fannie Mae instituted an aggressive round of Loan Level Pricing Adjustments (LLPA’s) and an Adverse Market Delivery Charge (AMDC) to add market risk into their loan pricing. AMDC’s [...]
Read moreForeclosure Homes Account for 25 Percent of all Q3 2010 Residential Sales
December 5, 2010
1 Comment
via RealtyTrac - Foreclosure Homes Account for 25 Percent of all Q3 2010 Residential Sales. IRVINE, Calif. – Dec. 2, 2010 — RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q3 2010 U.S. Foreclosure Sales Report™, which shows that foreclosure homes accounted for 25 percent of all U.S. residential sales in the [...]
Read moreFannie Mae Guideline Changes – Gifts, 97% Financing and Mortgage Insurance
November 27, 2010
3 Comments
There has been some recent excitement about Fannie Mae (FNMA) changing her guidelines on down payments and allowing gift funds as an acceptable form of down payment in lieu of a borrower’s own funds. Before we all get excited about FNMA getting a little FHA in her with respect to gift funds, we need to [...]
Read moreC’Mon Minnesota Legislature, . . Just Ban Deficiency Judgments
November 27, 2010
1 Comment
In some regards, the MN legislature was ahead of the curve on the mortgage and housing crisis. They regulated non-bank lenders and brokers in ways that other states hadn’t even considered. They got ahead of abusive practices towards distressed homeowners and shady loan modification companies. What they have unequivocally failed at is aiding homeowners who [...]
Read moreWhat Does SB931 Mean to Your Seller? . . . It Means That They’re a FHA Buyer!
November 27, 2010
0 Comments
California has taken, barring the stupidest veto ever, a clever step towards opening doors for homeownership. A primary intention of this bill no doubt was to flush the market of negative equity and aid struggling homeowners. It has an added benefit of streamlining continued homeownership for those who will do a short sale after January [...]
Read moreFHA vs. Fannie Flex 97 for Low Down Payment Buyers
November 2, 2010
0 Comments
For those of you who are such industry dinosaurs that you remember how to do a FLEX 97 loan with Lender Paid Mortgage Insurance (LPMI), you’re in luck because, aside from 95% conventional with single premium financed mortgage insurance (SPMI), the time has come where this is the best high loan-to-value product for purchases. Soon, [...]
Read moreIt’s High Noon on Shadow Inventory as Banks Halt Foreclosures
October 5, 2010
0 Comments
So Ally’s GMAC, Bank of America and J.P. Morgan Chase are halting foreclosures in 23 states. More importantly, Fannie Mae and Freddie Mac have stepped in to outline correct foreclosure processes and are demanding lenders adhere to them. What’s more, many more lenders are sure to follow the big 3’s changes. That’s great but what does it mean for us?
Read moreMinneapolis & Saint Paul Housing Show Signs of Improvement
September 24, 2010
3 Comments
With all the bad news coming in from Wall Street and repetitive dreary national news, it’s been easy to miss the housing recovery in Minneapolis and Saint Paul.
Read moreMortgage Technology – E-Docs Prove Key as Regulations Pile Up
September 3, 2010
0 Comments
via Mortgage Technology – E-Docs Prove Key as Regulations Pile Up. By Bonnie Sinnock Regulatory changes continue to largely drive automation for those on the production side, especially when it comes to documents, according to executives at DocMagic Inc., Carson, Calif., which does business as Document Systems Inc. Don Iannitti, president of DSI, told MT reg [...]
Read moreFHA Mortgage Insurance and Seller Concession Changes – Ramifications
September 2, 2010
0 Comments
HUD has regrettably increased the annual mortgage insurance premium and soon will have succeeded in reducing the allowable seller concessions. It’s easy to know that this will have a big impact but it will actually change the lending landscape.
Read moreOrigination News – The Silver Lining of Financial Reform
August 9, 2010
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desc via Origination News – The Silver Lining of Financial Reform.
Read moreUnsolicited Advice for a Loan Officer’s Evolution – Learn to Underwrite
May 30, 2010
0 Comments
Since mid 2007, the mortgage originator as we know it has ceased to be. The requirements for technical knowledge, industry awareness and precision have skyrocketed to the extent that a modern day loan originator is more of an “Under-iginator.”He/she must be 50% loan officer, 15% customer service/sales rep, 5% appraisal reviewer and 30% underwriter to [...]
Read moreBuying a Home after a Short Sale – Don’t Believe the Naysayers
May 30, 2010
137 Comments
I’ve written on this subject before but I want to be more thorough this time. There have been too many articles put out lately that discourage people from contemplating a home purchase after doing a short sale. These articles express cynicism about home sellers’ financial habits and Realtors alike. Most Realtors doing short sales know [...]
Read moreMonthly Private Mortgage Insurance – It Doesn’t Make Any Sense. . .
May 29, 2010
3 Comments
It is inevitable that FHA will play less and less of a role in the lending market. As this unfolds, it’s critical for loan officers, Realtors and borrowers alike to understand the many options in the improving private mortgage insurance market. In the distant days when home values were increasing, it made perfect sense for [...]
Read morePeak House Prices Will Return to Sand States after 2025: Fiserv
April 13, 2010
0 Comments
Peak House Prices Will Return to Sand States after 2025: Fiserv.
Read moreUpside Down on Your Home? – Here’s Your Playbook
April 4, 2010
0 Comments
In my home state of Minnesota, Minneapolis and Saint Paul have nearly 39 percent of homeowners under water. I’ve had the question, “I’m upside down on my home, what are my options?” so many times that I wanted to prepare a menu of options for people to reference. This article briefly outlines 9 potential solutions [...]
Read moreFHA “Short Refi” 115% Program
March 28, 2010
0 Comments
For details on this loan program, click here: http://iloanhomemortgage.com/borrowers/choosing-your-iloan-mortgage-program/fha-short-refinance/ FHA short refi 115 percent program.pdf
Read moreCityLiving Guide
February 23, 2010
0 Comments
cityliving-guide.pdf – Adobe Acrobat Professional.pdf
Read moreMortgage Qualification after Short Sales: Did Those Short Sale Classes Cover This?
January 2, 2010
0 Comments
Loan Guidelines for Clients with Previous Short Sales Freddie Mac requires, “Evidence on the credit report and other credit documentation that the Borrower has reestablished an acceptable credit reputation for at least the most recent 24 months after the discharge or dismissal of a bankruptcy, short payoff related to a delinquent mortgage obligation, deed-in lieu [...]
Read moreAre Realtors Ready for the New Self-Employed Borrower Guidelines?
January 1, 2010
0 Comments
For all loans this year where the borrower has ANY kind of self employed income feature, they will have extra steps to go through in 2010. This means that even if they have a very passive business or a rental property or anything like that, they’ll be put through the Spanish Inquisition of income documentation. [...]
Read moreNew HUD Booklet – Shopping for your Home Loan
January 1, 2010
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Shopping for Your Home Loan.pdf var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-7442442-14']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement(‘script’); ga.type = ‘text/javascript’; ga.async = true; ga.src = (‘https:’ == document.location.protocol ? ‘https://ssl’ : ‘http://www’) + ‘.google-analytics.com/ga.js’; var s = document.getElementsByTagName(‘script’)[0]; s.parentNode.insertBefore(ga, s); })(); google-site-verification: google3506ca2f10305cab.html
Read moreYour Local Lender
- Using a VA Insured Mortgage to Purchase a Home After a Short Sale
- Say Goodbye to the Lowest Mortgage Rates in History
- How to Choose and Calculate Your PMI (Private Mortgage Insurance)
- Understanding Agency (Who Represents Whom in a Real Estate Transaction) it’s Important, Overlooked and Misunderstood
- Purchase a HUD owned Home with the $100.00 Down Payment Incentive Program
- Buy House after short sale – Buy House | Top Appartments » Blog Archive: [...] options for buying home after short sale | I...
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Charles Dailey: This is a good one Amber. I ran into this once be...
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Amber: Hi Charles, My husband and I sold our home in M...
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Phil in Nebraska: Charles, We are in the process of purchasing a ...
- Buying a Home after a Short Sale – Don’t Believe the Naysayers
- Friends Don’t Let Friends Use Zillow, Trulia and Yahoo Real Estate to Find Homes for Sale
- FHA Mortgages: Enough Already!
- Minnesota Home Prices Headed for a Double Dip? – Don’t Believe the Hype
- Minneapolis & Saint Paul Housing Show Signs of Improvement
- Does Your Loan Officer Wear Lime Green Polka Dotted Underwear?
- Monthly Private Mortgage Insurance – It Doesn’t Make Any Sense. . .
- Wanna Be a Good Mortgage Applicant? . . Then it’s Time to Get Naked!
- Fannie Mae Guideline Changes – Gifts, 97% Financing and Mortgage Insurance
- First Time Home Buyers, Now that You’ve Opened “The Box”
- Using a VA Insured Mortgage to Purchase a Home After a Short Sale
- Say Goodbye to the Lowest Mortgage Rates in History
- How to Choose and Calculate Your PMI (Private Mortgage Insurance)
- Understanding Agency (Who Represents Whom in a Real Estate Transaction) it’s Important, Overlooked and Misunderstood
- Purchase a HUD owned Home with the $100.00 Down Payment Incentive Program
Authors
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Charles Dailey
- Using a VA Insured Mortgage to Purchase a Home After a Short Sale
- Say Goodbye to the Lowest Mortgage Rates in History
- How to Choose and Calculate Your PMI (Private Mortgage Insurance)
- Friends Don’t Let Friends Use Zillow, Trulia and Yahoo Real Estate to Find Homes for Sale
- FHA Seller Paid Closing Costs Reduction Announced
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Sherri Sherpy
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Steven Brand
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Deb - The Mortgage Lady
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Michael Dietrich
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Tom Garrity
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Joe Harvey MortgageJoe's Blog
- Understanding Agency (Who Represents Whom in a Real Estate Transaction) it’s Important, Overlooked and Misunderstood
- Purchase a HUD owned Home with the $100.00 Down Payment Incentive Program
- First Time Home Buyers, Now that You’ve Opened “The Box”
- Anyone you know struggling with mortgage payments due to unemployment?
-
Tim Swierczek
- No posts
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