The mortgage industry has seen much blood shed in the last 2 years, particularly in the last year. After reading a very interesting magazine article, I began to think about the future…the eminent future and a big question arose, “Who the heck is going to write these loans”? What is the MN Mortgage Mom rambling [...]
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Fannie 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 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 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 moreUnsolicited Advice for a Loan Officer’s Evolution – Learn to Underwrite
May 30, 2010
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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 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
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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
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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 moreInterest Rate and Market Forecasts for 2010
December 28, 2009
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MBA 2010 Forecast.pdf cantor rates outlook 2010.pdf
Read moreAmended Tax Return for First Time Home Buyer Credit Basics
November 18, 2009
0 Comments
2009 Homebuyer Tax Credit Changes.pdf FTHB Tax Credit Q&A.pdf
Read moreSummary: (Senate Bill) Restoring American Financial Stability – Discussion Draft
November 15, 2009
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FinancialReformDiscussionDraft111009.pdf
Read moreSo Banks Think There’s No Such Thing as “Too Big to Fail” – The Audacity of Dopes
November 14, 2009
0 Comments
On Friday the 13th, the Chairman and CEO of J.P. Morgan Chase decided to weigh in on whether a bank could be too big to fail. I’m sure you’re on the edge of your seat wondering which side of this argument he’d be on. I know I’ve been breathlessly waiting for one of the titans [...]
Read moreFiling amended tax return for first-time homebuyer credit
October 20, 2009
0 Comments
This was a post from a “Ginger L” on Trulia that I thought was fantastic and wanted to share it with you. “I bought my home on 5-15-09. I amended my return and called the IRS to make sure that I didn’t need any additional forms or proof of purchase. A rep stated that all [...]
Read morePetition to Extend the $8,000 1st Time Home Buyer Tax Credit
October 20, 2009
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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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