The market is at a turning point for the worse due to growing worries about inflation. While it is not a problem right now (although the consumer price index did just rise the most in 10 months), there are several strong economic factors emerging that typically lead to higher prices to the consumer and thus [...]
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Purchase a HUD owned Home with the $100.00 Down Payment Incentive Program
February 19, 2012
1 Comment
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 [...]
Read moreFHA 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 moreDo I Need to be Late My Mortgage to Qualify for a Short Sale? – Don’t Take Yes for an Answer
October 7, 2011
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
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
0 Comments
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 moreSeller Contributions Towards Closing Costs on a Home Purchase
June 16, 2011
0 Comments
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 moreWhat’s the Difference Between an Appraisal and an Inspection?
June 10, 2011
0 Comments
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 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
0 Comments
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
0 Comments
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 moreDo’s and Don’ts with Credit During the Home Buying Process
February 5, 2011
0 Comments
When buying your next home, changes to your credit (additional accounts, closing accounts, fluctuating credit card balances) can result in the lowering of your credit score. If your credit score changes, that can affect your interest rate and even the loan approval itself. Therefore, it is imperative that there are no major changes to your [...]
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 moreWanna Be a Good Mortgage Applicant? . . Then it’s Time to Get Naked!
January 11, 2011
3 Comments
Qualifying for a Mortgage, we went from one extreme to the next! 3 years ago, if you had a social security number, stated your income and ordered an appraisal (with practically a stated value), you were good to go. Today, when The Mortgage Lady meets with a potential client, one of the opening statements is [...]
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 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 moreWaiting Periods on Bankruptcy, Foreclosure and Short Sales
November 2, 2010
1 Comment
Since late 2007 and the MORTGAGE MELTDOWN started we’ve had many “inquiries” from prospective MN & WI buyers who’ve wanted to get into a new home or BACK into home ownership. The last couple years have been hard on many people even though the Federal Government says that the recession is behind us. People have [...]
Read moreHEY… remember that $8000 tax credit??
November 2, 2010
0 Comments
I just closed a purchase transaction last week that was a SHORT SALE that was accepted WAY BACK in March. They buyer was hanging there partly because he wanted to get his $8000 tax credit and of course he REALLY liked the house. Amazing how much red tape we had to get through to get [...]
Read moreReady To Sell That Flip? Not So Fast, Big Guy…
October 2, 2010
0 Comments
Flipping a home…how to successfully sell your home to the FHA buyer.
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 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
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