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minnesota: NOT Just for Rural Areas - The ZERO DOWN PAYMENT USDA Rural Development Loan - 04/10/12 05:08 AM
ZERO DOWN USDA RURAL DEVELOPMENT LOAN - Not just for Rural Areas
St Paul, MN: One of the biggest challenges for most first-time home buyers is a lack of down payment, and not having the money to pay closing costs. Almost all "zero down payment programs" disappeared with the mortgage market meltdown that started in 2007, so in most parts of the country, the only true no money down programs are just the VA home loan for Veterans or the USDA Rural Development Loan. Guaranteed by the USDA (United States Department of Agriculture), this program might make you think that you … (0 comments)
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minnesota: Are Mortgage Rates Going Up? - 04/02/12 06:06 AM
ARE MORTGAGE RATES GOING UP?
Minneapolis, MN: Mortgage interest rates jumped up last week, putting a scare in those sitting on the fence, thinking about refinancing, yet waiting form rates to drop a bit lower. Lucky for them, Minnesota mortgage interest rates moved back down slowly to about where they have been holding for some time.
The big question is how long can mortgage rates remain this low?
Mortgage rates have been stuck at these amazingly low levels for the past five months. According to Freddie Mac weekly survey of mortgage rates, last week was the first time that … (0 comments)
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minnesota: Why you should wait until April to get a HARP 2.0 Loan - 02/27/12 05:26 AM
Why you should wait until April to get a HARP 2.0 Loan
Just a few years ago, consumers with weaker credit getting a conforming mortgage loan (one designed to be sold to Fannie Mae or Freddie Mac) got a great deal. If you barely qualified with a low 620 credit score, you got the exact same rate as someone with an excellent 800 credit score.
When the mortgage markets collapsed and the housing agencies started hemorrhaging cash, they instituted new fee policies known as Loan Level Pricing Adjustments (LLPA) and Adverse Market Delivery Charges (AMDC) as a means to fix their … (2 comments)
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minnesota: Can you get a VA Jumbo Loans Over $417,000? YES! - 02/04/12 09:41 AM
Can you get a VA Jumbo loan?
Yes, the Department of Veterans Affairs has allowed Jumbo VA loans for years. The basic VA rule is their loan limit follows the Fannie Mae conforming loan limit, which is currently $417,000 in most of the country.
VA Loans also allows for higher loan limits in certain higher cost counties in states like Hawaii, California, and Florida. Conforming loan limits in some of those area can be more than $417,000. You can check VA loan limits in your area here, (select the Fannie Mae option) but generally speaking, the bulk of the country … (2 comments)
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minnesota: No Closing Cost Loans Cost Money - 01/31/12 09:20 AM
I constantly receive requests for a No Cost loan. Sadly there is no such thing.
All loans have closing costs associated with putting the loan together.
Just like you, participants in the mortgage loan process don't work for free. The Appraiser, Title Officer, Title Insurance, County Recording Fees, Minnesota Mortgage Registration Tax, as well as your lender all need to get paid as part of the process.
Each of these parties charge fees for their service in processing and funding your loan. The Lender's responsibility is to explain to you what the services and costs are, and to give you an … (1 comments)
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minnesota: Down Payment Assistance Loans in MN - 01/24/12 08:56 AM
Homeownership Is Possible With Minnesota Housing Finance Agencies First Time Home Buyer Mortgage Programs Benefits of MHFA Mortgage Loans Below-market interest rates Interest-free loans to help for with down payment and closing costs (up to $8500) Minnesota Housing Mortgage Loan Program Eligibility To be eligible for a Minnesota Housing First-Time Homebuyer Loan, you must meet these requirements:
Be a first-time homebuyer (meaning you have not owned a home in the past three years). Have acceptable credit (640+ middle credit score) Meet the requirements for income limits (listed below) Have federal income tax return copies for the last 3 years. Have … (0 comments)
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minnesota: HARP 2 Refinance not ready just yet - Why? - 01/17/12 09:22 AM
HARP 2 - Not ready until March 15th, 2012
Minneapolis, MN: There is a lot of consumers interested in a HARP refinance in MN and WI. The Home Affordable Refinance program allows home owners who have lost value to still refinance their homes are today's low HARP refinance rates. HARP has been available since mid 2009. HARP 2, which was announced in November 2011 removes some restrictions, and should help many more home owners refinance their home loans.
Officially, the enhanced HARP 2 program started December 1. Unofficially, most lenders won't be offering it until after March 15th, 2012. Let's explore … (1 comments)
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minnesota: Mortgage rates about to go up due to hidden tax - 01/12/12 06:05 PM
All home mortgage interest rates are about to go up due to new hidden tax congress buried into all new mortgage loans. As part of the deal to extend a temporary reduction in payroll taxes, Congress last month approved a permanent increase in the fees borrowers pay on mortgages backed by Fannie Mae, Freddie Mac and the FHA. The increase is an annual charge of at least 10 basis points – equal to one-tenth of one percent of the loan amount. That’s equal to an additional $300 a year on a $300,000 mortgage, or an additional $25 a month. The increase … (1 comments)
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minnesota: FED leaves FED FUNDS RATE unchanged - 12/13/11 04:33 PM
THE FED LEAVES RATES UNCHANGED Minneapolis, MN: Today the FED (Federal Open Market Committee) voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
Mortgage bonds are mostly unchanged since the Fed’s announcement, giving mortgage rates in Minnesota and Wisconsin little reason to move significantly in any direction.
WHAT IS THE FED FUND RATE? It is the interest rate at which a depository institution (Bank) lends immediately available funds (balances at the Federal Reserve) to another depository institution (Bank) overnight. It has NO DIRECT BEARING on what you the consumer will get as a mortgage … (1 comments)
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minnesota: Have mortgage interest rates finally bottomed out? - 12/08/11 08:08 AM
Have mortgage interest rates bottomed out?
The most recent Freddie Mac's weekly Primary Mortgage Market Survey (www.FreddieMac.com) has the most recent average 30-year fixed rate mortgage at 4.00% - about the same as it has been for the past few months.
Over recent months, the average 30-year fixed mortgage rates have ranged between 3.97% and 4.02% with an accompanying 0.70% discount points, and standard closing costs. Closing costs can vary by state and 1 discount point is equal to 1 percent of your loan size. An example of state differences: Minnesota has a "Mortgage registration tax" of either .0023% or .0024% of the … (3 comments)
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minnesota: Adjustable Mortgages Hit New Low - 12/07/11 12:27 PM
Adjustable Mortgages Hit New Low
Historically in the United States, adjustable rate mortgages have always accounted for a small portion of overall mortgage loan choices. During the boom a few years ago, they jumped up dramatically, but still held just a small portion of the market.
Today, they hold an even smaller portion of the market share due to many factors, but most of them resulting from a misunderstanding, or lack of education on the borrowers part before taking one. For most people, they are considered too risky. Funny thing is, the rest of the world is just opposite. Almost everywhere … (1 comments)
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minnesota: HARP 2.0 Underwater Refinance Guidelines - 11/19/11 09:51 AM
The Federal Housing Finance Agency (FHFA), who oversees Fannie Mae and Freddie Mac, released the improved HARP program guidelines to lenders this week. The new HARP (Home Affordable Refinance Program) program is a concerted effort by the government to refinance more homes and reduce monthly payments for home owners that are underwater and can’t obtain a traditional refinance. This is being accomplished by expanding the guidelines to more accurately reflects the current state of the real estate market.
Now that lenders have HARP guideline guidance from FHFA they will develop their own guidelines, or “overlays”. An example of an overlay is … (4 comments)
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minnesota: HARP 2 guidelines released - Refinace program for underwater home owners - 11/16/11 04:23 PM
HARP II – The Home Affordable Refinance Program has released the updated program guidelines.
St Paul, MN: The HARP program, while not perfect, has been one of the few success stories in the governments attempt to help home owners. HARP has helped close to 1,000,000 homeowners refinance, and a few tweaks to the program have just been announced. No one who closely follows the mortgage industry is expecting HARP 2.0 to generate much in the way of additional refinance opportunities in the real world over the existing HARP program – but HARP IS STILL AN AWESOME PROGRAM for those who qualify.
… (1 comments)
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minnesota: 20% down payment is NOT Required! - 11/09/11 11:07 AM
I hear the question all the time, "Do I need 20% down payment"
NO, you DON'T need 20% down!
I saw it again on the news this morning. Some talking head "Real Estate Expert" was telling the national audience that lenders require 20% down payment.
Generally speaking, this couldn't be further from the truth, and needing 20% down is a huge misconception in the marketplace today. For the average home buyer, there are numerous options for obtaining financing with less than 20% down.
DON"T ASSUME! Contact a local licensed mortgage loan officer and let them professionally review your individual situation. Click … (2 comments)
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minnesota: What are you actually buying, a condo or a town house? - 11/04/11 09:07 AM
What are you buying, a condo or a town house?
Looks like a townhome, acts like a townhome - but its a condo, and that makes a big difference in mortgage financing!
People, including many Real Estate Agents, mistakenly assume a property legally platted and developed as a condominium is a town house. In the mortgage financing industry, there is a difference in both interest rates, and the time and ability to get a loan for a condo versus a town house.
When you buy a home, there are two major aspects:
The lender "credit qualifies" the buyer The lender "qualifies" … (1 comments)
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minnesota: Mortgage Shopping? How to protecting yourself against predatory lenders and mortgage scams - 10/31/11 12:27 PM
Protecting yourself against predatory lenders, mortgage scams, and Loan officers screw-ups
Mortgage rates are amazing. That's great news for veteran loan hunters.
But for inexperienced shoppers who don't watch their backs, the mortgage business can still be a scary place to travel.
The internet especially has made it easier for sly lenders to mislead and take advantage of naïve consumers using any number of tricks, from quoting bogus rates over the telephone to slipping gratuitous costs into their loans. To avoid these problems -- as well as other trip-ups posed by the confusing mortgage process itself -- consumers have to brush … (1 comments)
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minnesota: HARP II announced - Home Affordable Refinance program for underwater mortgages - 10/24/11 05:46 PM
FHFA, Fannie Mae and Freddie Mac Announce HARP Changes to Reach More Borrowers
Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac (the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants.
"We know that there are many homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach," … (0 comments)
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minnesota: Oops - you just missed the mortgage interest rate boat! ---- NOT !! - 10/10/11 03:39 PM
Oops - you just missed the mortgage interest rate boat... or did you?
St Paul, MN: The headlines are screaming... Mortgage interest rates just hit historic lows again for the forth straight weak. The morning talk shows are asking if it is a good time to refinance your home? So is it a good time to refinance? The answer is probably yes, but let's find out the truth about interest rates and how they work.
The main item to understand is simple. Mortgage rates go up and down everyday. Sometimes a lot. Sometimes a little. There are many factors that contribute … (1 comments)
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minnesota: Top refinance mistakes and how to avoid them - 10/05/11 08:54 AM
TOP REFINANCE MISTAKES
St Paul, MN: Mortgage interest rates are the best in years, and everyone is thinking "should I refi" my home mortgage loan? For most people, a home is the biggest investment they will ever make. However, few people do the research necessary to make a good buying decision. The home-purchase process is extremely confusing for most people. With a little bit of homework, and some advice from family and friends who have been through the process before, you can make this a little easier on yourself. There is no substitute for taking the time to educate yourself before … (0 comments)
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minnesota: Winning or losing in the mortgage interest rate game - 10/03/11 01:32 PM
Mortgage interest rates -- just like stock prices -- change price daily and you can win big or lose big if you don't know what you are doing.
#1 Mortgage Interest Rate and Lender Shopping Tip | MN and WI Mortgage Rates | Quote, Float, or Lock? |
St Paul, MN: For the typical home buyer that is "shopping" for a mortgage, or waiting for rates to fall, or just "hasn't gotten around to it", we suggest you almost always lock, and to do it quickly. The sooner you lock your rate, the less chance you have of losing in … (1 comments)
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Joseph Metzler MLO MMS NMLS # 274132
,
MN
More about me…
Mortgages Unlimited, Inc
Address: 33 Wentworth Ave E #290, Saint Paul, MN, 55118
Office Phone: (651) 552-3681
Email Me
Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use.
Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.
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