During the fall of 2011, all HUD owned properties that are under the jurisdiction of the Denver and Atlanta HUD Homeownership Centers are eligible for the $100.00 down payment purchase incentive. What this means, home buyers in Minnesota, Wisconsin and the additional states under Denver & Atlanta’s jurisdiction can purchase a HUD Owned Property with [...]
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FHA Seller Paid Closing Costs Reduction Announced
January 22, 2012
1 Comment
To much fanfare, FHA announced measures to better protect their insurance fund in a recent Final Ruling published in the Federal Register. Slipped in as a footnote to this announcement was a declaration that FHA is deaf to the concerns of the real estate industry. They are taking aim to again attempt to reduce the [...]
Read moreFirst Time Home Buyers, Now that You’ve Opened “The Box”
January 18, 2012
2 Comments
As a First Time Home Buyer it is like opening up a new IPad you just received from Santa. You are excited to open the box, fire it up, but once it is out of the box you don’t even know what you don’t know about your new IPad. The same generally apply’s to First [...]
Read moreFHA Mortgages: Enough Already!
January 13, 2012
4 Comments
Borrowers are going to pay more for an FHA loan in 2012. FHA mortgage insurance premiums are going up AGAIN. This change could possibly take an approved loan file straight to the DENIED bin. The recent, signed legislation to extend the payroll tax deduction means an increase in FHA’s mortgage insurance premium. The FHA (Federal [...]
Read moreMortgage Interest Rates, Closing Costs and Mortgage Calculators
January 11, 2012
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You are in your jammies, its 1:00 AM and visions of new homes are dancing in your head. How much is this going to cost? What interest rate will you get? Who are you gonna call? No need, my friend…the internet has got you covered! Information is GOLDEN. And if you are like most, you [...]
Read moreHARP 2.0… Getting Prepared
January 11, 2012
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If you’re among the more than 7 million of US home-owners who are expected to qualify under the expanded guidelines, there are several preparatory steps you need to take to ensure your application is reviewed first. Our assumption is that lenders will be absolutely DEVASTATED with new refinance applications in the coming months, underwriters will [...]
Read moreFannie Mae Homepath Mortgage Loans…NO Appraisal, NO MI and NO Condo Certification!
January 10, 2012
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Fannie Mae HomePath Mortgage Loans… NO Appraisal, NO MI and NO Condo Certification! Looking for a fix up property… with mortgage financing readily available? You believe you are either a handy person when it comes to home fix up projects or maybe you know someone who is handy. Shopping for foreclosed homes seems like a [...]
Read moreThe Mortgage Process Put Simply
January 8, 2012
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Understanding the mortgage process is a constant frustration for consumers. One can search the web and find all kinds of long articles breaking the mortgage loan process into anywhere between 6 and 9 individual steps. Upon reading these, a consumer gets even more confused since each individual step is confusing in and of itself. Unfortunately, [...]
Read moreFannie Mae and Freddie Make Mac Move to NO Loan to Value Limit Loans on HARP
October 24, 2011
2 Comments
The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac, has announced a series of changes to the Home Affordable Refinance Program (HARP). This program was designed to be able to help people who were in a position of negative equity. Now, it someone is upside down on their home, there will be no [...]
Read moreDo I Need to be Late My Mortgage to Qualify for a Short Sale? – Don’t Take Yes for an Answer
October 7, 2011
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I have a lot of people call me to get pre-qualified to purchase a home using FHA financing after a short sale. Early on, not a lot of these scenarios panned out but these days, more and more of them do. When they don’t, the number one reason is because they took bad advice from [...]
Read moreGetting Married? Buying a house? Why not use your registry for a Down Payment Registry?
October 7, 2011
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If you are planning on getting married soon and buying a home – then why not use your registry as a Down Payment Registry. This is a nice way to help add to your down payment funds. FHA has a Bridal Registry Program that allows the funds you receive as wedding gifts to be used [...]
Read moreCriteria NEEDED by all Loan Originators to quote you a rate.
September 7, 2011
1 Comment
The lending environment has changed. I’m sure we’ve all heard this on the radio and TV for years now… right? We also know that the Government wants to make “mortgage rates” a commodity and make it EASY to shop for. But the problem arises when someone calls up and says “whats your rate?” and truly expects to [...]
Read moreFHA Loan Limits going DOWN in the Mpls/St Paul metro on October 1st!!!
September 7, 2011
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Well… as we all know our economy is looking SO GOOD that it may make lots of sense to LOWER the current FHA loan limits in less than a month right? Here in the Mpls/St.Paul MSA borrowers purchasing power with FHA loans is being reduced by almost $50,000 very soon. The loan limit for MOST [...]
Read moreFHA Short Refi Program
August 29, 2011
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The FHA Short Refinance Program has always existed in an unofficial form but became a formal program on December 16, 2009 with Mortgagee Letter 09-52. It was “refined” on August 6th of 2010 with Mortgagee Letter 2010-23. It was designed to provide more mortgage options to those that owe more than their house is worth. [...]
Read moreHow Often Do Seller’s Pay Closing Costs? . . . . . Never.
August 26, 2011
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The role of closing costs in a purchase agreement can be confusing both for buyers and sellers. In the present market, it is customary for there to be sales concessions. A real estate sales concession can be many things including but not limited to price, repairs and yes, . . closing costs. Asking the seller [...]
Read moreBuying After a Short Sale is an Excellent Mortgage Credit Risk
August 7, 2011
1 Comment
While lenders will admit that it’s technically possible to provide mortgages to homebuyers who recently had a short sale without a waiting period, most lenders are not offering this product. Because of the complexities of the process involved with closing these loans that creates perceived risk, most lenders elect not to do them and fail [...]
Read moreDo Credit Inquiries Hurt Your Credit Score?
August 4, 2011
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Reblogged with Permission Via: http://www.mtgprofessor.com/A%20-%20Credit%20Issues/do_inquiries_hurt_your_credit.htm Posted September 18, 2000, Revised January 29, 2004, Revised November 18, 2004, November 16, 2006, March 26, 2011, August 1, 2011 Borrowers in distress often contact many lenders hoping to find one who will approve them. For this reason, multiple inquiries can have a negative impact on a consumer’s credit [...]
Read moreDid HVCC Expire Completely? – Nope, it Still Lives On – Fannie Mae’s Appraisal Policy Broken Down
July 21, 2011
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Breaking Down Fannie Mae’s Appraisal Rules Have you heard of the Home Valuation Code of Conduct (HVCC)? If you are a lender or Realtor, of course you have. What I wanted to do with this post is breakdown Fannie Mae’s policy now that HVCC has expired. Basically the Code lives on and has been slightly [...]
Read moreShould I Stay or Should I Go Now?
June 16, 2011
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Should I Stay or Should I Go Now? The million dollar question, should I stay, and continue renting, or should I go, and become a homeowner? Sometimes, I think first time homebuyers are looking at this question as a million dollar question, and really, it is not. Are we at the bottom of the declining [...]
Read moreSeller Contributions Towards Closing Costs on a Home Purchase
June 16, 2011
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Doesn’t the Seller Pay for All of Our Closing Costs? We all have to remind buyers that they are responsible to pay the required down payment percentage (3.5% for FHA or 3-10% etc for Conventional) AND their closing costs/pre-paids too. Even if you stipulate that the sellers contribute towards “closing costs and pre-paids” in the [...]
Read moreThe Mortgage Loan Process – From Shopping to Closing
June 12, 2011
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It’s not hard to search and find bland descriptions of the mortgage process that paints in broad strokes. For the more information hungry home buyer, I’ve tried to collect snippets of audio and video that go into greater depth on this topic covering everything from shopping for your home loan to closing on your new [...]
Read moreWhat’s the Difference Between an Appraisal and an Inspection?
June 10, 2011
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A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. An inspector will check the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, electrical, and many other aspects of buildings looking for improper building practices, those items that require extensive [...]
Read moreCan I Buy a Home While I’m Getting Divorced in Minnesota?
June 6, 2011
1 Comment
It has been widely and wrongly asserted that someone who is getting divorced in Minnesota cannot purchase a home prior to finalizing a divorce decree and at the same time prevent their soon to be ex-spouse from being entitled to marital property rights in the newly purchased home. This used to be a serious problem [...]
Read moreThe Statistical Relevancy of the 7/1 ARM vs. the 30 Year Fixed
June 4, 2011
1 Comment
Each person’s personal circumstances and long term objectives determine the type of mortgage they choose. For the past couple of years, the clear favorite has been the 30 year fixed rate mortgage because the yield curve between short term and long term bonds has been flat. When this happens, there is very little difference in [...]
Read moreWhat are Compensating Factors When Qualifying for a Mortgage?
April 24, 2011
0 Comments
Although we wouldn’t know it from watching the six o’clock news, mortgage underwriting guidelines and mortgage insurance underwriting guidelines have been in a pattern of loosening, not tightening. This trend started in late 2009 and continues today with such examples as lower minimum credit scores for mortgage underwriting guidelines and fewer declining markets for mortgage [...]
Read moreWhat are “extenuating circumstances”?
March 23, 2011
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Many people trying to buy a home after a short sale find it difficult to navigate through loan programs that they may be eligible for and various waiting periods that may be applicable. If late payments occur, most people are told that the waiting period for buying a home after a short sale is 3 [...]
Read moreContract for Deed (CFD) – Preparing for a Real Mortgage –
March 15, 2011
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I’m going to explore with you some ideas on how to structure a contract for deed when buying a home so that when it comes times to ditch the CFD and refinance into a regular mortgage you can choose your path. First thing you should consider is an attorney to assist in writing up the [...]
Read moreMortgages for Saint Paul, Minnesota Community Land Trusts (CLT) Housing
March 12, 2011
1 Comment
Community land trusts are created to preserve long-term affordable housing by purchasing homes in their communities, then leasing the land using a long-term ground lease to low-income and moderate-income families at affordable monthly ground rents. Community Land Trusts (CLT) have had a foothold in the Twin Cities for decades. More broadly, the leasehold form of [...]
Read moreBuying a Home on a Lease with Option to Purchase – Rent to Own
March 12, 2011
0 Comments
Since the housing crash and great recession, there have been swelling ranks of people that have had credit damaged but have increased their savings and reduced their consumer debt. Many of these people, in a reasonable timeframe will qualify for conventional, VA, FHA, or Rural Development loans but at this time, do not. For those [...]
Read moreYour Local Lender
- Purchase a HUD owned Home with the $100.00 Down Payment Incentive Program
- Friends Don’t Let Friends Use Zillow, Trulia and Yahoo Real Estate to Find Homes for Sale
- FHA Seller Paid Closing Costs Reduction Announced
- First Time Home Buyers, Now that You’ve Opened “The Box”
- FHA Mortgages: Enough Already!
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Joe Harvey MortgageJoe's Blog: Kim, Good information in Who is Buying Homes. Tha...
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Who is Buying Homes? « Midwestliving's Blog: [...] First Time Home Buyers, Now that You’v...
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Charles Dailey: Who is was determined to be responsible for the mo...
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April: Hi Charles, Thank you so much for this informat...
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Aida: You may be in luck based on the lmitied facts you ...
- 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!
- Minneapolis & Saint Paul Housing Show Signs of Improvement
- Monthly Private Mortgage Insurance – It Doesn’t Make Any Sense. . .
- Fannie Mae Guideline Changes – Gifts, 97% Financing and Mortgage Insurance
- Wanna Be a Good Mortgage Applicant? . . Then it’s Time to Get Naked!
- Does Your Loan Officer Wear Lime Green Polka Dotted Underwear?
- Minnesota Home Prices Headed for a Double Dip? – Don’t Believe the Hype
- First Time Home Buyers, Now that You’ve Opened “The Box”
- Purchase a HUD owned Home with the $100.00 Down Payment Incentive Program
- Friends Don’t Let Friends Use Zillow, Trulia and Yahoo Real Estate to Find Homes for Sale
- FHA Seller Paid Closing Costs Reduction Announced
- First Time Home Buyers, Now that You’ve Opened “The Box”
- FHA Mortgages: Enough Already!
Authors
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Charles Dailey
- Friends Don’t Let Friends Use Zillow, Trulia and Yahoo Real Estate to Find Homes for Sale
- FHA Seller Paid Closing Costs Reduction Announced
- The Mortgage Process Put Simply
- A PETITION – Bolster Homeownership and the Housing Market by Reforming Regulations Concerning Short Sales
- Fannie Mae and Freddie Make Mac Move to NO Loan to Value Limit Loans on HARP
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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
-
Tim Swierczek
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