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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Friends Don’t Let Friends Use Zillow, Trulia and Yahoo Real Estate to Find Homes for Sale
January 29, 2012
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If you live in MN and you want to use one of these sites to find your next home, you should know that approximately 20% of the homes for sale are not being shown to you. Because these sites are riddled with data inaccuracies, Edina Realty decided to pull their listings from these third party [...]
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 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 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 moreTwin Cities Off-Leash Dog Parks – My Dog Blog
September 9, 2011
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If you’re a dog lover like I am, you don’t consider a move without contemplating neighborhood amenities for your dog. In my considerations for a move recently, I had a bit of a time trying to locate most of the off-leash dog parks in the twin cities metro area. After collecting some information I’d thought [...]
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 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 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 moreWhat are Compensating Factors When Qualifying for a Mortgage?
April 24, 2011
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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 moreHome Buyer Search Tool Tour
March 27, 2011
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Try It In Full Screen Mode by Clicking on the Button in the Lower Right Charles Dailey – iLoan – NMLS ID# 79048 – CA DOC, MN DOC & WI DFI – 612.234.7283 The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, a licensed national real estate brokerage service company, [...]
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 moreIf You Are Not Doing a 90 Day Burn Now, When Are You Going to Start?
March 7, 2011
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If you are not doing a 90 day burn now, when are you going to start? Ok, we can all stand around the water cooler and compare our successes and frustrations with our current real estate market, and sometimes that is a great way to get and share ideas. However, if you are finding yourself [...]
Read moreHOME BUYERS: GET A REALTOR, PLEEEEZ! A Loan Officer Rant
February 26, 2011
1 Comment
The MN Mortgage Mom is on a rant. I’m a little crazy right now. ATTENTION BUYERS! Long gone are the days of easy real estate, no doc financing and everything in between. Let me direct your attention to “today’s world”: Short sales, foreclosures, banks and asset managers…are you really equipped to deal with these realities? [...]
Read more10 Home Renovations That Don’t Necessarily Add Value
February 26, 2011
0 Comments
Some people assume that all renovations done to the home will add value. As a matter of fact most people spend thousands of dollars on expensive upgrades and renovations over a period of time. What these people forget is that the next owner may not like the renovations. Everybody needs to remember that your home [...]
Read moreTwo Thirds of Minnesotans Will be Affected by Flooding in 2011 – Act Now!
February 19, 2011
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If homeowners don’t act in ways not common in the past, many will stand to lose a fortune due to flooding in Minnesota in 2011. It’s likely that sandbagging won’t do it this time and we need to start thinking about flood insurance and in some cases act quickly on flood insurance. According to expert [...]
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 moreThe Importance of an Updated Comparative Market Analysis (CMA) to Your Pre-Approval
February 4, 2011
0 Comments
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 [...]
Read moreMinnesota 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 moreDoes Your Loan Officer Wear Lime Green Polka Dotted Underwear?
January 19, 2011
3 Comments
Okay, perhaps that’s a little TOO much information! Perhaps you really don’t need to know what splash of color your loan officer is bestowing on his or her bloomers on any given day. But what you SHOULD know is who your loan officer IS. Let’s see….scum bucket, slime ball, scammer, fraud frog…any of these ring [...]
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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