What are “extenuating circumstances”? - 03/23/11 09:50 PM
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 years because that’s what FHA requires if late payments occur. Then they learn that that Fannie Mae will back a loan for someone after a short sale after 2 years with a 10 percent down payment if there are “extenuating circumstances.” But what are extenuating circumstances? … (7 comments)

Mortgages for Saint Paul, Minnesota Community Land Trusts (CLT) Housing - 03/12/11 08:28 PM
 
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 homeownership is more common in Minnesota than many would think.  It is a market that Realtors would do well to be skilled in.  More especially, it is a market that is crying out for more readily available, quality financing through Fannie Mae.  For the most … (0 comments)

Buying a Home on a Lease with Option to Purchase – Rent to Own - 03/12/11 05:08 PM
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 who have their finances situated, saved money and increased their capacity to cover their housing payments, a Lease with Option to Purchase is a great choice.
A Lease with Option to Purchase is really two contracts that, by referencing each other in their respective agreements, constitute … (3 comments)

 
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Charles Dailey - NMLS ID#79048

Charles Dailey

Saint Paul, MN

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iLoan - NMLS ID#4474

Address: 2324 University Avenue West, Suite 202, Saint Paul, MN, 55114-1843

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