Twin Cities Mortgage And Real Estate News

Twin Cities MN Jumbo Loans-Minnesota Jumbo Loan

Venture Development Inc — Sun, 29 Nov 2009 14:29:39 -0600

We all know options for Jumbo financing is limited. The government programs in existance today to help homeowners don't include Jumbo loans (a jumbo is a loan over 417K)

Call us at 952-285-4319

WE have a solution!!! One of our investors offers great deals on Jumbo loans. Here is what we can do!

JUMBO LOANS-----JUMBO LOANS----JUMBO LOANS----JUMBO LOANS

Home Equity Lines Of Credit-up to 85% of the homes value-Maximum of $350K-NO cash out limitation

Rate & Term refinance Plus NO mortgage insurance

1st Mortgage loans-up to 90%-Maximum of $800K

1st Mortgage loans-up to 80%-Maximum of $900K

1st Mortgage loans-up to 70%-Maximum of 1.2M

1st Mortgage loans-up to 60%-Maximum of 1.5M

- Interest only available up to $900K
- Cash out allowed up to $200k pending LTV
- One day off MLS
- No fee Escrow available
- Pay off debts to qualify allowed
- Use of gift funds allowed for purchase or refi transactions
- No mortgage insurance required regardless of LTV

Qualifying For Homebuyer Credit| Rules For Home Buying Credit

Venture Development Inc — Sat, 14 Nov 2009 22:34:51 -0600

Breaking news last week is that the credit to purchase a home has been extended and expanded. Now you have until 04/30/2010 AND you don't need to be just a first time home buyer. If you have owned your existing home for the past 5 years and intend to buy a new home, you will qualify for up to a $6500 tax credit. The dollar amount of the credit for first time buyers is still $8000. Home values are still extremely low and interest rates are at 50 year lows. NOW is truly one of the best times to think about purchasing a new home. If you've considered buying, there are many reasons to do it now. I have a found a link from the National Association Of Home Builders that will answers many of your questions. Like all credits, terms and conditions apply. Read these FAQ's and see if you qualify. Minnesota homebuyers should "get moving" as the credit will disappear soon.

http://www.federalhousingtaxcredit.com/faq2.php

Here are some fireworks to celebrate!!!!

Veteran's Day 2009| Minnesota Mortgage Broker

Venture Development Inc — Wed, 11 Nov 2009 12:40:42 -0600

Venture Development, Inc., Minnesota's Premier Mortgage Broker, would like to say Thank You to all the Brave men and women who have served our Country. We realize that your time served was not without sacrifice. It is not enough to simply to say thank you for the freedom that we enjoy everyday in this great country.

We specialize in working with the VA loan which offers 100% financing to Veterans. Please click on the link below for more information on the VA Loan.

http://www.slideshare.net/mnguru/minnesota-va-home-loan-minnesota-mortgage-broker-presentation

Call Patti mazzara 952.285.4319 for MN VA Loans

MN Homebuyers get a tax break | MN Homebuyer Tax Credit Extended and Expanded

Venture Development Inc — Fri, 06 Nov 2009 13:40:12 -0600

The first time homebuyer tax credit has been extended into the spring! Qualifying homebuyers just need close on their home before May 1, 2010 to get a tax break. Homebuyers who are selling a home that they have owned for at least five years will also receive a tax credit.

Minneapolis homebuyers who are buying their first home (or who have not owned a home in the last three years) will qualify for a tax credit up to $8000. Minnesota Homebuyers who have owned their current for at least five years and buy their new home before the May 1, 2010 deadline will qualify for up to $6500.

This is a great opporunity to use Minneapolis and St. Paul MN's local down payment money for Twin Cities neighborhoods in addition to the tax credit. Imagine using a Minneapolis or St. Paul Homebuyer program that helps with your down payment and getting the tax credit for making the purchase after the fact.

Homebuyers in the Edina MN, Woodbury MN, Richfield MN, and Minneapolis Minnesota could get that extra help they have been waiting for to make the move to homeownership.

Visit my website www.VentureLoanApp.com for the tools that will help get you started toward your home purchase. We have added the IRS tax credit form along with questions and answers as a quick resource for consumers.

Minnesota Homebuyers can learn more about how our FHA, VA, Rural Development, and Conventional programs can work for you by calling me, Patti Mazzara, at 952.285.4319. If you have less than perfect credit and you aren't sure of what steps to take to become ready for homeownership we have resources that can help guide you to better credit and better credit habits.

MN First Time Home Buyer and Minneapolis Home Buyer Alert!

Venture Development Inc — Thu, 29 Oct 2009 16:47:03 -0500

Tax Credit Expires 11/30/09 - Don't Get Left Behind

MN Mortgage Broker, Patti Mazzara, warns MN First time home buyers not to miss out on the first time home tax credit that is about to expire. The first time home buyer tax credit which can be used on a Minneapolis home loans when Minneapolis home buyers close before November 30, 2009.

Unless you have either been under a rock for the past 12 months or you never work with first time homebuyers (FTHBs), you are no doubt aware the clock is ticking on the IRS tax credit for FTHBs. My purpose here is to give you some additional information on what you can do to move listings, motivate buyers, and more importantly close deals.

General Points to Consider - Buyer and Seller
The expiration date of the tax credit is November 30, 2009. Close December 1, as of now, and any qualifying buyer will not receive the tax credit. With the 30th falling on the Monday following Thanksgiving, where possible work towards a closing date of November 24th. This will provide some cushion if anything pops up in the closing process that could delay a closing.

Recent legislation mandates that if the Annual Percentage Rate or APR changes outside acceptable tolerances from the initial application, some documentation needs to be re-disclosed and time needs to pass before the closing can occur. Items that can impact APR can include a change in interest rate or fees required to close. If a buyer delays locking the application and interest rates increase during the loan process, this could delay the closing. This is just one reason to plan accordingly and schedule an earlier closing date than the last possible day.

Protect your clients on both sides with extended closing dates of 45-60 days. Expectations are high that more FTHBs will be going under contract in the next month. Interest rates have fallen to levels not seen since May. The result is that many lenders' pipelines will be swelling with people seeking to take advantage of lower rates and the tax credit. Where feasible, work to get people under contract soon and plan accordingly to allow for any processing delays that could result.

Seller Points to Consider
Many FTHBs are motivated to purchase but may lack the necessary funds to close or may fall short in qualifying income. One way to assist with either or both situations and make the property more attractive is to promote that the seller will pay to reduce the borrower's interest rate and/or closing costs. In many cases, this will not only cost the seller less than a price reduction but also bring additional prospects to consider the house.

Most FTHBs today are choosing to obtain loans that are guaranteed by the FHA, VA, or USDA. In the case of both FHA and USDA loans, the seller can pay up to 6% of the sales price or appraised value. For VA loans, the maximum seller concession is capped at 4%.

MN Mortgage Broker explains new legislation that could make for a longer process for home purchase

Venture Development Inc — Thu, 29 Oct 2009 15:58:22 -0500

Recent Federal legislation can impact your closing date. When completing your Purchase Agreement, even if you areprepared to move forward and close quickly, a more conservative timeframe of at least 30-45 days from the time of the contract acceptance would be a more realistic expectation at this time.

Listed below is information on two pieces of legislation that stand to impact your closing date, and a few bullet points that explain the reasoning behind and effects of each measure.

HVCC: Home Valuation Code of Conduct
HVCC was designed to ensure that appraisals are conducted objectively and without pressure from parties with an interest in
the transaction. Under HVCC:

The appraisal and selection of the appraiser will be ordered by someone not directly involved in the origination of the mortgage. This could be either someone else within the mortgage company or a third-party appraisal management company.

A copy of the appraisal must be provided to the homebuyer/borrower no less than three days before closing.
The minimum time expectations for receipt of the appraisal should be a few weeks and not days. (While receipt of the appraisal may be received in shorter timeframes, conservative expectations are warranted.)

Communication between the appraiser and the originating mortgage professional is prohibited. It is imperative that the agents involved in the transaction be prepared at the time of inspection to offer supporting value information if warranted.

HERA: Housing and Economic Recovery Act
HERA was designed to ensure that the borrower(s) involved in the transaction are given accurate disclosure information (Truth in Lending Statement pertaining to Annual Percentage Rate or APR) regarding the loan they are applying for and adequate time to re-evaluate their decision to proceed in the event of any changes that would impact their costs to finance.
Under HERA:

No fees may be collected for the transaction other than those for running a credit report at the initial time of application. Additional fees may be collected only after four business days.

Should the APR change by more than .125% on a fixed rate loan or .250% on an adjustable rate loan, the lender must disclose the new APR and the borrower must have a minimum of three business days to review the information before the transaction may proceed.

Items that can trigger re-disclosure requirements include a change(s) in the loan amount, closing date, loan program, any fees that impact the APR or interest rate from the rate indicated on the original loan application.

In cases where documents are sent by mail to the borrower related to re-disclosure of APR and/or providing a copy of the appraisal, anticipate six business days (three to allow for mailing and three to allow adequate time to review them) before a closing can occur.

Minneapolis MN Mortgage Broker discusses benefits of Home Ownership for Renters

Venture Development Inc — Thu, 29 Oct 2009 00:23:52 -0500

Edina, MN - Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.

Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you're helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase 5% every year, then over the next five years you will pay your landlord $66,309. If you are currently renting a house, you may be paying much more than that each month. Either way, you gain no equity by shelling out this monthly housing expense and you certainly won't benefit when the property value goes up!

However, if you were to purchase your own home or condominium, you would be well on your way toward building equity within that same five-year period. By choosing a fixed-rate loan program, you can have the comfort of knowing that your monthly mortgage payment will never go up. In fact, you would have the option of refinancing to a lower interest rate at some point in the future should interest rates drop, and this would cause your monthly mortgage commitment to go down.

In addition to building equity, there are tax advantages that come into play with home ownership. Depending on your tax bracket, owning a home is often less expensive than renting after taxes. Interest payments on a mortgage below $1 million are tax-deductible, and your mortgage consultant should help you evaluate the tax advantages of various loan scenarios, and share this information with your tax consultant to glean feedback on your behalf.

To find the loan program that is right for you, Patti Mazzara, a Twin Cities Mortgage Broker will evaluate your monthly household income, current assets and savings, as well as any monthly obligations you may have for credit card payments, car payments, child support, etc. These prequalification factors, along with the report of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also important to let your mortgage consultant know what your future goals are, because this will help narrow down which loan option is the best fit for your long-term needs.

Venture Development offers both FHA and VA loans which have minimal down payment requirement. VA loans allow for "no" down payment while FHA requires the borrower to provide just 3.5 percent of the purchase price as down payment. FHA lenders rule that the mortgage payment, including principal, interest, taxes and insurance (PITI) should not exceed 31 percent of your gross income, and the PITI plus other long-term debt (car payments, etc.) should not exceed 43 percent of your gross income.

Housing is an expense that takes a big bite out of the monthly budget. If you are a renter and feel that "home" is more than just someplace to hang your hat, think about the advantages of purchasing real estate. It may be time to take the step into building your personal net worth as a home owner.

Reverse Mortgage Video Explained

Venture Development Inc — Wed, 28 Oct 2009 09:20:44 -0500

On the AARP they recently featured a 30 minute video that explains a reverse mortgage. It is excellent and gives the an expanded explanation on the product and how it works. There are several ways to utililze a reverse mortgage proceeds-lump sum, monthly payments, or drawing on a line of credit. There is mandatory counseling, so you can't get this loan until you sit with HUD certified counselor. We are able to broker reverse mortgages, so if you think this might be of benefit to you or you'd like to learn more, simply call us at 952-285-4319

View the Video Here

http://www.aarp.org/aarp/broadcast/reverse_mortage_inside_e_street/

Helpful Hints to Save Money & Slash Your Debt

Venture Development Inc — Tue, 06 Oct 2009 20:52:18 -0500

10 THINGS YOU CAN DO IMMEDIATELY TO SLASH DEBT AND SPENDING

Any financial planning process begins with a change in financial behavior and expectations. The degree of change varies based on financial priorities, but in the end, it's about adopting new habits and abandoning others.

Before you take any of the following steps, it makes sense to talk to an expert who can help you see your whole financial picture. A CERTIFIED FINANCIAL PLANNER^TM professional can examine all your sources of income and expenses and find the most efficient ways to cut expenses, pay off debt and boost the money you have for saving and investing.

In the meantime, here are some ideas:

Refinance if you can: Mortgage rates are still at historically low levels. You'll need at least 10 percent equity (20% of equity will save you the PMI insurance cost) in your home and a credit score exceeding 720 to qualify for the best rates. Visit us online at http//www.VentureLoanApp.com

Track your spending for a week: Either on paper or on the computer, write down every dollar you spend in the average week (and cut off credit card use during that week). At the end of that week, start marking out non-essential items just to see how much you could live without. Start with coffee and restaurant or carryout meals and work backward from there.

Make a budget: Once you've established how your income covers the essential expenses you must plan for, and a few inexpensive treats that should stay in, build a budget that includes specific amounts you can allocate toward debt. Keep a running total of your spending going forward, and revisit how that budget is working on a monthly basis until you start to see some positive results, and then you can review the performance of that budget a little less frequently.

Reset your entertainment expectations: Find ways to save money with friends - cook more meals at home or rent a movie instead of going out to see one. Also, get used to checking entertainment listings for free events that interest you.

If you can do it safely, take over home and auto maintenance yourself: The do-it-yourself movement is in a new phase with the economic downturn. For any home or auto maintenance chores you may have during the year, learn as much as you can about those tasks and estimate the cost of materials and your time before doing them yourself. Previous generations made do-it-yourself a necessity. See if that option is right for you and you might save considerable money doing it. Also, for bigger jobs, pair up with friends and family and you can help each other save money.

Set a new gift policy with your adult friends and family: Does everyone on your gift list over the age of 21 really need a present for birthdays and major holidays? Suggest to family and friends to have a gift drawing, a budget limit, a moratorium on gifts, or some other alternative where you trade off gifts for quality time. Even though the holidays are a few months away, it's not too early to think about reining in the traditional holiday overspending.

Go debit: Debit cards wearing a bankcard logo are typically welcome at most stores where credit cards are accepted. This way, you pay cash without carrying cash. If you don't have such a card, you can get one from your bank to replace your traditional ATM card, but remember to tell them to limit your buying power on the card to only what you have in your account. And use the overdraft protection to avoid fees.

Revamp your shopping list: Give this a shot: start a central weekly shopping list on a single piece of paper and add a dollar value for each. Write everything you think you need to buy on that single sheet, from groceries to clothes for the kids. That way, you'll see all your proposed spending in front of you, and you can get a closer look at what your true priorities are. You'll be surprised at all the "essentials" that are not really that essential that you can cross off before you spend.

Talk to your family about spending: When you're talking to kids about budgeting and lowering your expenses, you have to walk a fine line between discipline and fear. But setting money priorities is part of growing up, and it's essential to discuss and agree upon them as a family.

Buy used for yourself: Make someone else's poor luck your good luck. If you need clothing, a car or a new watch to replace the old one that's past fixing, it might be worthwhile to buy second-hand. The best places to find these gems are on the internet on places like craigslist. Plenty of people have unloaded items in relatively good shape to bring in cash during the recent downturn. You might do very well, and if anyone asks, don't call it used; call it "vintage."

October 2009 - This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by John Mazzara http://www.Investments.mn 952-929-2577, a local member of FPA.

Minnesota Refinance - LOW INTEREST RATES AVAILABLE TODAY ON CONVENTION, FHA, VA

Venture Development Inc — Tue, 06 Oct 2009 12:02:52 -0500

If you missed the last opportunity to refinance your mortgage into a low 30 yr fixed rate NOW is the time to refinance. Conventional, FHA and VA mortgages are low and won't be staying low for long.

Venture Development Inc, a MN Mortgage Broker offers competitive interest rates and we close loans. Work with a long time Twin Cities Mortgage Broker for a refinance experience that will not only get you into a low fixed payment but provide service throughout the process and get your loan closed. Patti Mazzara and John Mazzara of Venture Development in Edina MN help make sense out of what came seem like a complicated process.

Visit www.VentureLoanApp.com to apply online and call us directly to see why we are Minnesota's Premier Mortgage Broker.

Down Payment Assistance for MN Home Buyers

Venture Development Inc — Tue, 06 Oct 2009 11:51:53 -0500

If you are looking for help with a down payment on your home purchase consider the following areas of Minnesota that have help for home buyers.

Brooklyn Center

Brooklyn Park

Champlin

Crystal

Edina

New Hope

Richfield

Woodbury

Each area's program is a little different so MN Mortgage Broker Patti Mazzara will help you to make sure that your income and property type/location fit the guidelines. Some of these programs require the applicant to be a First Time Home Buyer buying a foreclosed property but there are programs that do not. Some areas of the Twin Cities are actually offering money from more than one program allowing home buyers to qualify more down payment money than one program might allow.

Call Patti Mazzara at Venture Development Inc. located in Edina MN and visit www.VentureLoanApp.com. We have a link on our website to fill out an application online.

Inflation IS coming-Refinance or Purchase NOW

Venture Development Inc — Tue, 29 Sep 2009 23:10:19 -0500

Get your debt in order!!

There was an article out today that explains why the government will SOON start to raise interest rate because they want to control inflation. Basically, I see two reasons why we may not be able to stop inflation and higher rates once things start to move. Here are the catalysts: HUGE trillion dollar debt coupled with an international decline in the desire to purchase our debt by China and Japan. In order to induce others to buy our debt, rates must be higher. If we have an incident involving the middle east, expect rates to increase dramatically, and the way things are going, it looks like something could happen by the Spring of 2010.

http://finance.yahoo.com/news/Officials-Fed-will-need-to-apf-1511169380.html?x=0

Visit us online at http://www.ventureloanapp.com -Your Edina mortgage broker and begin your loan application now for a Minnesota mortgage.

Minnesota Purchase and Refinance Transactions are getting slowed down in the pipeline at lenders due to new Government Regulations

Venture Development Inc — Thu, 24 Sep 2009 12:08:32 -0500

Government Regulation Clogs the Pipes

It's no secret that many facets of lending and real estate have changed as a result

of the credit crisis. In addition to tightened lending practices that resulted from

rising mortgage delinquencies, Washington has been heavily involved in altering the

way lenders do business today.

Two individual pieces of legislation impacting our business need to be taken into

account when determining closing dates for purchase transactions.

Home Valuation Code of Conduct - The Home Valuation Code of Conduct (HVCC) went into

effect May 1, 2009. Intended to shield appraisers from undue influence from loan

officers and lenders, this legislation installed a "firewall" between those

individuals directly involved in the origination of the loan from the selection of

and contact with appraisers.

HVCC also requires that borrow

ers receive a copy of the appraisal a minimum of three

days in advance of closing. Part of the kicker here is that "received" is

considered, in effect, three business days after the appraisal has been mailed to

the borrower.As HVCC requires a firewall between the originator and the appraiser,

the time to receive an appraisal has increased, in some cases by as much as two

weeks or more. While this may not always be the case, it is important to take into

consideration when considering closing dates. Today, conservative closing dates are

mandatory to properly manage expectations of all parties.

Housing and Economic Recovery Act - The Housing and Economic Recovery Act (HERA)

amends and impacts several aspects of obtaining a mortgage, the disclosures required

for borrowers, and the timing of their delivery. This impacts the minimum time

required to close, and should any changes be made to a loan application that could

impact the Annual Percentage Rate (APR), this could impact the closing date.

Other than paying for a credit report, lenders may not accept any additional fees

from a borrower until four business days after disclosures have been provided to or

mailed to a borrower. This has the potential to delay several aspects of the

application process.

Finally, upon making application, a borrower is provided a Truth in Lending (TIL)

statement, detailing the total expected costs that could be incurred over the life

of the loan. Should anything change in the loan application that could change the

APR by more than .125%, a new TIL must be reissued to the borrower a minimum of 3

business days before closing. Items impacting the APR could include a borrower

accepting a higher interest rate than initially qualified by floating their rate at

application, a change to the loan amount, a change in product, a change in closing

date, and any changes to fees.

Minnesota Mortgage Broker, Patti Mazzara, recommends that purchases are ideally

allowed no less than 45 days to complete the transaction. If you are looking to buy

a home in the Twin Cities, MN - visit www.VentureLoanApp.com and ask to work with

the Patti Mazzara. We also help Minnesota home owners refinance their current

adjustable rate mortgages into fixed rate mortgages.

Edina Minnesota Mortgage Broker Outlines Options for First Time Home Buyers

Venture Development Inc — Thu, 24 Sep 2009 11:43:03 -0500

Minnesota Mortgage Broker Can Outline Your Options
Renters Have Much to Gain by Pursuing Home Ownership

By Patti Mazzara, Vice President
Venture Development Inc.

Edina, MN - Buying a home vs. renting is a big decision that takes careful

consideration, as most mortgage consultants will agree. But the rewards of home

ownership are great. For many years, purchasing real estate has been considered an

extremely profitable investment. It is an achievement that offers a sense of pride,

financial stability and potential tax advantages.

Yes, there are certain responsibilities associated with owning a home. Landlords

will often argue the benefits of renting, and for obvious reason. If you are

renting, you're helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1,000 per

month for an apartment, and you know your rent will increase 5% every year, then

over the next five years you will pay your landlord $66,309. If you are currently

renting a house, you may be paying much more than that each month. Either way, you

gain no equity by shelling out this monthly housing expense and you certainly won't

benefit when the property value goes up!

However, if you were to purchase your own home or condominium, you would be well on

your way toward building equity within that same five-year period. By choosing a

fixed-rate loan program, you can have the comfort of knowing that your monthly

mortgage payment will never go up. In fact, you would have the option of refinancing

to a lower interest rate at some point in the future should interest rates drop, and

this would cause your monthly mortgage commitment to go down.

In addition to building equity, there are tax advantages that come into play with

home ownership. Depending on your tax bracket, owning a home is often less expensive

than renting after taxes. Interest payments on a mortgage below $1 million are

tax-deductible, and your mortgage consultant should help you evaluate the tax

advantages of various loan scenarios, and share this information with your tax

consultant to glean feedback on your behalf.

To find the loan program that is right for you, your mortgage consultant will need

to evaluate your monthly household income, current assets and savings, as well as

any monthly obligations you may have for credit card payments, car payments, child

support, etc. These prequalification factors, along with the report of your credit

score, will determine how much house you can afford and what interest rate you will

pay for financing. It is also important to let your mortgage consultant know what

your future goals are, because this will help narrow down which loan option is the

best fit for your long-term needs.

There are many different types of loan programs available, including "low" and "no"

down payment mortgage programs. These types of programs require the borrower to

provide less than 3 percent of the loan amount as down payment. FHA lenders rule

that the mortgage payment, including principal, interest, taxes and insurance (PITI)

should not exceed 31 percent of your gross income, and the PITI plus other long-term

debt (car payments, etc.) should not exceed 43 percent of your gross income.

Housing is an expense that takes a big bite out of the monthly budget. If you are a

renter and feel that "home" is more than just someplace to hang your hat, think

about the advantages of purchasing real estate. It may be time to take the step into

building your personal net worth as a home owner.

Patti Mazzara is Vice President of Venture Development Inc., a MN Mortgage Broker. We work with

Minneapolis and Saint Paul Minnesota home buyers. Visit our website:

www.ventureloanapp.com to see why we are the Twin Cities Mortgage Broker first time

home buyers call.

MN Mortgage Broker Discusses Options for Borrowers After Their Bankruptcy

Venture Development Inc — Thu, 24 Sep 2009 11:01:21 -0500

Minnesota Mortgage Broker Discusses Life After Bankruptcy - Is It Possible?

Edina, MN - Bankruptcy is an uncomfortable subject for a variety of reasons. The

most obvious is the potential havoc it can wreak on your finances when obtaining a

mortgage loan. Running a close second is the negative stigma which is often attached

to the process. This negativity is important to mention because strong emotions can

sometimes lead to unsound financial decisions with devastating results.

Bankruptcy becomes a viable option for someone who is "upside down" in terms of cash

flow. In other words, when a person has more money going out each month than coming

in, bankruptcy should be considered if no reversal of this negative cash flow is

within sight. The longer someone waits to explore the various options available, the

more serious his or her situation may become.

One of the worst things people can do in this situation is to borrow more money to

try and pay off their debts. On paper, this is clearly an unwise financial decision.

In the real world, however, it is very common for individuals to pursue this

strategy in an attempt to buy time and hold off on filing for bankruptcy. On the

surface, this is certainly a noble notion; however it can often compound the problem

and serves only to delay the inevitable.

For many homeowners in the midst of this upside down cash flow, speaking to a

qualified mortgage professional like Venture Development

http://www.ventureloanapp.com is a much better option. An experienced loan officer

can objectively look at your finances and help you determine if restructuring your

mortgage would not only help, but possibly even alleviate any need for bankruptcy.

Please visit our web page to learn more about debt consolidation

http://www.ventureloanapp.com/debt_consolidation.html

If bankruptcy is the only option, seek out a reputable bankruptcy attorney and

credit counselor. A qualified mortgage specialist can provide references for you as

well, as he or she works with these professionals on a regular basis. Reliable

references are essential in this case because experienced professionals greatly

increase the odds of a successful bankruptcy experience. It's that simple.

When filing for bankruptcy, be completely honest and accurate regarding every aspect

of your financial situation. This includes any changes to your income which may

occur throughout the process. Bankruptcy is a federal procedure, adjudicated by real

judges, and scrutinized by representatives who coordinate with the Department of

Justice, the FBI, and the IRS.

Here are some additional steps you can take to make the bankruptcy process as

painless as possible:

•Save all paperwork regarding your bankruptcy, and keep it organized. This will

prove beneficial after your bankruptcy as you now have all of the pertinent

information in one place. Also, be sure to write down your discharge date or keep a

copy of the discharge paper that is stamped and dated. It's surprising how many

people forget to do this. Keep these records available in the event that you will

you will be required to show the bankruptcy documents for a future home purchase or

refinance.

•Establish a household budget. This can be accomplished in many ways, but there are

several inexpensive computer programs available which do an excellent job.

•Throughout the bankruptcy, do your best to not only live below your means, but to

save as much cash as possible. You never know what you may need it for once the

process is completed.

•Be prepared for a barrage of junk mail. There will be sharks on the loose who are

hoping to capitalize on your need for credit.

Tips for Rebuilding Credit:

•If you must buy a car, focus on transportation as opposed to style. Buy an

inexpensive, used car, and try to get a loan for it. It's a good idea to figure out

what your budget allows in terms of a dollar amount first. This means obtaining

financing prior to looking for a car.

•Get a secured credit card. Secured credit cards allow for the cardholder to deposit

a said amount of money into an account, thus establishing the spending limit of the

card. Missed payments result in deductions from the account. Some of these cards

will reward responsible borrowers by upping the limit without an additional deposit.

Some will even convert the account into a traditional credit card. (Be wary of

offers of "easy credit" or any card which asks you to call a 900 number. You will be

charged for the call.)

•Meet with a credit repair specialist. Not only can they help you clean up the

damage to your credit report, they can advise you on specific ways to rebuild the

credit you lost as well.

While it does take time, there is definitely life (and credit) after your MN

bankruptcy. Some mortgage lenders will even lend to you within a year or so after a

bankruptcy. If you're in serious financial trouble, the trick is to get the help and

advice you need from professionals you trust.

Call us - Your Twin Cities Mortgage Broker! We help people who have had a Chapter 13 in Minnesota purchase and refinance in Minnesota.

Rebuilding Credit-Getting A Mortgage after Foreclosure or Bankruptcy

Venture Development Inc — Mon, 14 Sep 2009 11:28:03 -0500

The biggest mistake we often see if that when "life happens" and you are dealt a bad set of circumstances, sometimes you give up. Fight that inclination and learn from situation. Regarding credit, you CAN get a mortgage again. BUT, you need to show that you have moved on from whatever event caused you to get in trouble AND you've re-established a credit rating that shows the ability and willingness to pay again. The timeline can be 1, 2, 3, 4, 5 years. It all depends on the loan program and your circumstances. With that in mind, recognize that you need to start NOW. If you wait to re-establish credit later, that's when the clock starts. Many people will wait 6 months, a year or even longer and then find out that they could have and should have started rebuilding their credit history as soon as possible.

One way to start is getting a secured credit card. Here is a short list. You can also do an online search and find others as well. We can direct you to credit repair companies as well if you need additional help.

SECURED CREDIT CARDS V=Variable F=Fixed

Amalgamated Bank of Chicago    Orchard Bank
Mastercard Gold      Mastercard
(800) 723-0303      (303) 488-2720
Annual Fee:  $50.00    Annual Fee:  $35.00
Interest Rate:  12.75% V   Interest Rate:  14.90% V
Minimum Deposit: $5,000.00   Minimum Deposit: $200.00
Maximum  $15,000.00    Maximum  $15,000.00

Amalgamated Bank of Chicago     GTE FCU (must be member)
Mastercard Standard     Visa
(800) 723-0303       (888) 871-2690
Annual Fee:  $50.00    Annual Fee:  None
Interest Rate:  16.25% V    Interest Rate:  12.9% F
Minimum Deposit: $500.00    Minimum Deposit: $500.00
Maximum   $4,500.00   Maximum   $2,500.00

Digital FCU       Suncoast Schools FCU
Visa       Visa
(800) 328-8797      (800) 999-5887
Annual Fee:  None    Annual Fee:  None
Interest Rate:  8.90% F    Interest Rate:  14.50% F
Minimum Deposit: $500.00    Minimum Deposit: $500.00
Maximum  $2,000.00    Maximum  $2,000.00

Bank of America      Capital One
Visa       Mastercard
(800) 732-9194      (800) 333-7116
Annual Fee:  $29.00    Annual Fee:  $29.00
Interest Rate:  19.24% V   Interest Rate:  19.80% F
Minimum Deposit: $300.00    Minimum Deposit: $199.00
Maximum  $10,000.00    Maximum   $3,000.00

Plains Commerce Bank     Wells Fargo Bank
Mastercard or Visa     Visa
(605) 948-2344      (800) 642-4720
Annual Fee:  $39.00    Annual Fee:  $18.00
Interest Rate:  19.80% F   Interest Rate:  21.49% V
Minimum Deposit: $300.00    Minimum Deposit: $300.00
Maximum  $5,000.00    Maximum  $5,000.00

HSBC Bank USA, N.A.     First Premier Bank
Mastercard      Mastercard or Visa
(800) 975-4722      (800) 987-5521
Annual Fee:  $35.00    Annual Fee:  $69.00
Interest Rate:  21.80% V   Interest Rate:  19.90% F
Minimum Deposit: $300.00    Minimum Deposit: $200.00
Maximum  $2,500.00    Maximum  $5,000.00

Lastly, DON'T give up!!! Print out the words of encouragement below and put them on your computer or mirror. I hope this helps.

Encouragement Corner-Attitude

The Choice is Yours
Late one afternoon a skinny young man dashed down the steps at his school to check out the bulletin board by the gym. His heart was pounding as he saw the list that would tell if he had realized his dream of making the high school basketball team. He read it again and again, each time with the same result-his name was not there. He had failed. That day, that moment, would chage his life.

For the next year, regardless of the weather, he practiced four to six hours every day in a park about a mile from his home. Many nights he was alone under the moonlight, practicing every move, every shot, that he needed to make next year's team.

The ending is a happy one. He did make the team- and Michael Jordan, on the heels of failure, went on to become the greatest basketball player of all time. What is the lesson to be learned from the Michael Jordan story? It is this...your success or faliure in life will not be decided by the number of setbacks you encounter, but rather how you react to them. Jordan had a choice. He could take his defeat personally, blame the coach, and throw in the towel, or he could do what he did- keep working, keep trying. Would Jordan ever have achieved greatness had he not fought back from failure? My guess is no. I believe with all my heart that, "Whatever doesn't kill us makes us stronger." If you choose a positive approach in difficult times, you can take control of your life.

Words to Live By

You become what you think-Earl Nightingale

I am convinced that life is 10 percent what happens to me and 90 percent how I react to it.
Your success or failure in life will not be decided by the number of set backs you encounter,
but rather how you react to them.-Charls Swindoll

A journey of a thousand miles begins with a single step- Chinese Proverb

The only things that stand between a person and what they want in life are the will to try it and the faith to believe it is possible.- Rich Debos

Imperfect action is better than perfect inaction-Harry Truman

Whether you think you can or think you can't...you're right-Henry Ford

Edina Second Mortgage Program-Come Home 2 Edina

Venture Development Inc — Wed, 19 Aug 2009 14:53:33 -0500

Special program makes moving to Edina MN affordable. Explore this innovative program and see if you qualify!

Would you like to live in Edina but can't afford the home prices? Consider looking into the Come Home 2 Edina program. This is a second mortgage that accrues 5% simple interest and is due when you sell your home. This makes buying a home affordable. The money can be used for your down payment and can be used in conjunction with an FHA mortgage. We can help you see if you are eligible. Our mortgage company, Venture Development- http://www.VentureLoanApp.com works with lenders that accept this program. Call us today- we can help you find and finance a home in Edina!

Minnesota Heloc Solutions|MN Frozen Lines of Credit

Venture Development Inc — Wed, 12 Aug 2009 22:58:36 -0500

MN Frozen Lines Of Credit: Tips for Dealing with a Frozen or Reduced MN HELOC

One result of the credit crunch and the economic recession has been the freezing or reduction of home equity lines of credit (HELOC) by banks. A HELOC is a form of revolving credit in which the borrower's home serves as collateral. And while this is not a surprising move by banks looking to be more conservative with their lending policies during tough times, many home owners counting on this credit will face some challenges if their HELOC is reduced or frozen.

To help you deal with these challenges, the US Treasury Department and the Federal Reserve each released some tips for homeowners in this situation. The following is a summary of these tips.

Read Everything to the Letter - Your HELOC lender must provide you with a written notice if it has frozen or reduced your HELOC no later than 3 business days after the freeze or reduction. Information about any other changes to your HELOC must be included as well, so read everything mailed to you from your lender.

Pick Up the Phone - Your lender has the right to freeze or reduce your HELOC, even if you have a good payment record. Some common reasons for the action are a decline in the value of your home, a negative change in your financial situation, or a negative change in your credit score. Contact your lender if you have questions or concerns about a freeze or reduction.

Communication is Key - The required notice to freeze or reduce your HELOC will likely contain specific reasons for the action. Find out the reason, and see if you can take any steps to reinstate your HELOC. The bank might not know about home improvements you made that might affect the value of your home. It might not be aware that you or your spouse got a new job, took a second job, or made some substantial investments that affect your finances. If your credit took a hit, investigate ways to improve your credit and communicate your efforts to your bank.

Don't Be Afraid to Ask - Your lender must reinstate your credit privileges when the conditions permitting the freeze or reduction no longer exist. You may need to request in writing to have your line of credit reinstated, so be sure to find out why your HELOC was frozen or reduced. Once your lender receives your written request, they must promptly investigate and determine whether your HELOC can be reinstated.

Be Prepared for Fees - There may be some fees involved to cover the costs for an appraisal and/or credit report when a bank considers your request for reinstating your HELOC. However, you cannot be charged a fee to reinstate your HELOC once the condition that caused the freeze or reduction no longer exists.

If you or someone you know has questions about HELOCs, credit repair, purchasing or refinancing a home, please don't hesitate to give us a call. Venture Development is an Edina mortgage broker providing minneapolis lines of credit and other twin cities second mortgage products for homes throughout MN.

Dire Predictions For The Future Mortgage Market-Fact or Fiction

Venture Development Inc — Thu, 06 Aug 2009 22:40:29 -0500

I just read an article entitled:

About half of U.S. mortgages seen underwater by 2011
By Al Yoon Al Yoon
Wed Aug 5, 5:12 pm ET'

http://news.yahoo.com/s/nm/20090805/bs_nm/us_usa_housing_deutschebank

LET'S ALL HOPE HE IS WRONG!!! Can you imagine the net impact to our country if he's right? What will this do to the home foreclosure rate? Without any hope of recovering equity, many people may choose to walk away from their homes. Lenders will respond defensively with even larger down payment requirements and much tighter underwriting standards. Without equity to be used as a down payment, where will this down payment come from? How about all the people who want to retire who were counting on the equity in their home. Even if they stay, the potential income from a reverse mortgage will greatly be reduced.

My economic take is that stabilizing job losses is the solution to our problem. If you have a job you have income to pay a mortgage. The solution then will require stimulus ideas that involve creating lasting career type jobs, not just temporary jobs, government jobs, or promoting under employment. I would encourage everyone reading this blog to take 10 minutes and think up a solution and then take another 10 minutes and communicate your idea on a blog and to your elected officials. Is your future worth 20 minutes of your time? The collective result of everyone getting involved will ultimately bring about change. Doing nothing or remaining apathetic is not acceptable in this time of crisis.

Minnesota Reverse Mortgages-MN Reverse Mortgage

Venture Development Inc — Wed, 05 Aug 2009 11:12:00 -0500

WHAT SHOULD YOU AND YOUR PARENTS KNOW BEFORE APPLYING?

The number of reverse mortgages backed by the government jumped nearly 20 percent in March and April alone from the same period in 2008. At a time when seniors have seen their retirement assets depleted by market losses, tapping home equity has been a safety net. But it can be a risky one.

If your parents are at least 62 years of age and have significant equity in their home, a reverse mortgage can turn that equity into tax-free cash without forcing them to move or make a monthly payment.

If it's right for them, it's a worthwhile financial tool. If not, they could make some serious mistakes with their financial future.

A reverse mortgage gets its name because of the way it works. Instead of the borrower making payments to the lender, the lender releases equity to the borrower in a number of forms:

•· A lump sum cash payment;

•· A monthly cash payment;

•· A line of credit (which tends to be the most popular option);

•· Some combination of the above.

When the owner dies or moves away, the house can be sold, the loan paid off and any leftover equity value can go to the living owner or the designated heirs. Heirs don't have to sell the house. They can either pay off the reverse mortgage with their own funds or refinance the outstanding loan balance within six months with the option of two 90-day extensions that must be applied for.

There are three basic types of reverse mortgages:

•· Single-purpose reverse mortgages, which are offered by some state and local government agencies and nonprofit organizations;

•· Home Equity Conversion Mortgages (HECMs) are federally insured reversed mortgages backed by the U. S. Department of Housing and Urban Development (HUD);

•· Proprietary reverse mortgages are private loans that are backed by the companies that develop them.

The size of a reverse mortgage is determined by the borrower's age, the interest rate and the home's value. The older a borrower, the more they can borrow, but the amounts are capped by the maximum FHA loan limit for each city and county.

Reverse mortgages have traditionally been chosen by older Americans who can't cover everyday living expenses or who otherwise need cash for such things as long-term care premiums, home healthcare services, home improvements or to pay off their current mortgage or credit card greater than their income can support. More recently, though, they've become popular with individuals who see them as a better alternative to home equity lines. Some use the proceeds to supplement monthly income, buy a car, fund travel and second homes and evaluate with the help of a financial adviser if reverse mortgage funds can be used to restructure estate taxes.

Elderly borrowers will have to consult with a financial advisor before they're granted this loan - that's one of the requirements. They should consider a Certified Financial Planner ^TM professional to do this because reverse mortgages can be complex and risky. This step can be completed within the first few days of the process. The basic loan closing now takes place in about 30-40 days from the date of application. Generally the only out-of-pocket cost is an appraisal fee ranging from $300- $500.

Here are other things to consider:

Cost can be substantial: Reverse mortgages are generally more expensive than traditional mortgages in terms of origination fees, closing costs and other charges. The basic FHA-backed HECM loan finances these fees into the initial loan balance, and they can run between $12,000-$18,000. The loans are based on anticipated home value appreciation of 4 percent a year, so if the housing market is healthy, those costs are generally recovered in a short period of time. But if the housing market sours, it will definitely take longer to recoup those fees.

They'll need to make sure they're not endangering their Federal retirement benefits: The basic FHA HECM is designed as tax-free income to the senior receiving their Social Security income. However, if their total liquid assets exceed allowable limits under federal guidelines, they might endanger your benefits. This is another critical reason to work with a financial adviser on this decision.

Rates can be higher: Reverse mortgages have rates that are typically higher than those charged on conventional mortgages. Interest is charged on the outstanding balance and added to the amount they owe each month. Again, check the total annual loan cost.

Their mortgage can be called: The homeowner or estate always retains title to the home, but if they fail to pay your property taxes, adequately maintain their home, pay their insurance premiums, or change their primary residence, the lender can declare the mortgage due or reduce the amount of monthly cash advances to pay those overdue amounts.

The family needs to talk. If your parents' house is their major asset, getting involved in a reverse mortgage may not leave much to the next generation - if it appreciates, there may be some difference that the kids can have. That's why that in addition to discussing a reverse mortgage with a financial adviser, parents and their adult children need to talk with their family.

August 2009 - This column is produced by the Financial Planning Association, the membership organization for the financial planning community, and is provided by John Mazzara a local member of FPA.

Upside Down On Your Loan? Up to 125% LTV Going To Be Possible

Venture Development Inc — Wed, 08 Jul 2009 13:56:08 -0500

The HARP program is opening up the guidelines to allow you to refinance your first loan up even if it represents up to 125% of the value of the home. This change is coming in October of 2009. We don't have all the parameters, guidelines or pricing at this time. What you can do it visit one of the two sites listed below and determine if you have a Fannie Mae or Freddie Mac loan. This will help us figure out what we can or cannot do for you. Once you have determined the type of loan you have, call us with your information and get on our notifcation list. Ask for John Mazzara. When we know the "rest of the story" we will get back in touch with you.

Borrowers can determine whether Freddie Mac owns their mortgage by completing an online form at

http://www.freddiemac.com/mymortgage

Fannie Mae's loan lookup tool is located at http://loanlookup.fanniemae.com/loanlookup/

Visit us online at http://www.VentureLoanApp.com Lending throughtout the State Of MN

Minnesota First time buyers will be able to use the $8000 tax credit as a down payment

Venture Development Inc — Fri, 29 May 2009 12:04:19 -0500

Huge news today!! FHA has published a Mortgagee letter stating that they will in the future allow the down payment to come from the tax credit. This is huge news as many first time buyers would like to buy a home and can make a payment, but are unable to find the money for their down payment. This will solve the problem. Soon more details will be released. In the meantime, take this time to make sure you are pre-approved for a loan. There may be credit issues you need to fix. Use this time to get your "financial house" in order so that when the credit becomes available, you will be ready for your purchase.

Minnesota first time buyers should go to our website and begin the online application at http://www.VentureLoanApp.com

To see a copy of the mortgagee letter-go to http://www.Slideshare.net/mnguru There are a number of other reports available as well Ventrure Developement is Minnesota's Premier mortgage broker.

Houses For Sale In Minneapolis St Paul Or Twin Cities-Tips To Sell Your Home Quicker

Venture Development Inc — Sun, 17 May 2009 17:47:48 -0500

10 Steps to Sell You Home Faster In A Slow Market

You probably already know that real estate across most of the country is not appreciating as fast as it was at one time. This isn't necessarily a bad thing, unless of course you purchased last year and are now selling. People who have owned a property for a few years are generally well ahead in the game. We can't predict what 2009 will bring, but so far, most markets have at least slowed, if not declined. For the majority of established home owners in the prevailing market, prior property appreciation will ensure at least some degree of profit, though today's sales might not be as prosperous as they would have been in 2006. But all homeowners want to get the highest possible profits. How do you go about this? There are 10 negotiating steps that a seller can follow to assure that a person's home gets the best price and is sold quickly.

Step 1: Use a broker from the local area. When the market is down, so is the number of buyers. That means that you need to expose your property to as many potential buyers as possible. Who do prospective buyers get in touch with when they are house hunting? Real estate brokers. National Association of Realtors statistics show that 85% of purchasers count on real estate brokers for their home selections, while the Internet accounts for 80%. Who creates all of those online real estate postings? Real estate brokers from the local area.

Step 2: Familiarize yourself with the entire sale agreement. Nearly all jurisdictions have standardized real estate contract that has become lengthy and complex over many years. If you use one of those, read it carefully and be aware that you are agreeing to every unmodified term and condition. Make sure there is nothing in the agreement that needs to be taken out, rewritten or added. The brokers should offer a copy of the sale agreement that they might use at listing presentations and the sale deed should be read to avoid misunderstandings. As these are agreements on forms, whatever is not stated as a requirement by the law can be changed by a cross-out or addenda. Consult your attorney or broker for further detailed information.

Step 3: Be completely familiar with the current real estate market. For the sake of negotiations, knowing what the recorded sale prices were isn't sufficient because often they don't give the complete picture. As an example, two houses might have both sold for $300,000. A person might have sold for $350,000 while the other for $300,000 but the owner gave the buyer a 6 percent seller credit for a new roof and appliances, which is $18,000. Local brokers who are familiar with the details of recent sales are able to provide the best negotiation advice.

Step 4: Understand all of the terms you are willing to offer. You are confident that your home is going to sell at some satisfactory price, but instead of starting out with an inflexible amount, consider the property sale as a combination of price and terms. For example, it might make more sense in a slow market to help reduce the buyer's closing costs by offering a "seller contribution "instead of lowering the price of the property. Often the seller contribution could be significantly less than a reduction in price, and buyers who require cash to close the sale could find it more attractive as well.

Step 5: Request a smaller deposit. In order to bind a legal contract, the buyer needs to make a deposit. In an ideal marketplace, a seller will receive a large deposit, but in a down or "off" market, a much smaller deposit may have to be accepted. The buyers prefer to make the lowest possible deposit because a huge deposit indicates a big financial and psychological commitment. You can ask for a lower deposit if the buyer has mortgage pre-approval or if the buyer shows a strong interest in the property and you have no other offers.

Step 6: Sweeten the pot. Are you really planning to take large items like a swing set or washing machine? In certain cases it may be better to leave such items if a buyer makes an offer.

Step 7: MLS photos have to be updated. If your MLS photo shows snow around your home in the middle of the summer, potential buyers will know your house has been on the market a while. They may interpret this as meaning that you might be desperate to sell and will expect to lower your initial offer. Make sure your broker posts recent photographs.

Step 8: Fully understand the marketing plan. The broker's marketing plan should be reviewed quite often to see that it is being followed and is changed whenever it is needed.

Step 9: Check out open houses. Going to open houses, also known as your competition is a great idea. It isn't always easy to be objective. However, do other owners have selling ideas that might work in regards to your home? Is there something you can use to bargain with? You could consider offering to do some painting or other cosmetic repairs.

Step 10: Keep everything in context. Don't worry about nickels and dimes when your main goal is to get the house sold.

As an example, just before closing the deal, we had a buyer request an extra $600 to resolve last minute concerns. That gesture seemed like nothing more than a case of buyer's remorse, so we agreed to it, received an otherwise ideal price, and closed the sale. It wasn't long before the prices softened in the local market. It was better to lose $600 than to find another buyer later when the market was harsher and the final sale price might have been less by several thousands of dollars. Would we have preferred to save that $600? Certainly. However, six hundred dollars was a small price to pay considering that the delays could have meant a big reduction in price.

First Time Buyer Tax Credit Allowed As FHA Downpayment-Almost here

Venture Development Inc — Sat, 16 May 2009 17:49:59 -0500

Tremendous news this week about the FHA allowing the first time buyer tax credit to be used as a down payment. In the past and (current) present, the credit was not allowed to be used for the down payment. Instead, you had to apply for it after you purchased your home. This is about to change. The lenders and FHA are still figuring out how this will work. For example, it is ver likely that the borrower will actually take our a bridge loan or temporary financing in an amount equal to the amount of credit they will receive. Whether the credit will be assigned and transferred to the lender and other such particulars have not yet been finalized. The GREAT news is that it is coming. This will help the current housing crisis as more people will be able to buy homes. NOW is the time to begin to get prequalified for your new Minnesota home. When this becomes available, lenders will be swamped.

FYI the credit can go up to $8000 and is set to expire on December 1st.

Minnesota Refinance Up to 105% loan to Value Possible| MN Jumbo rates

Venture Development Inc — Sun, 12 Apr 2009 17:59:59 -0500

The new "Making Home Affordable" plan has been created to allow those individuals who have a Fannie Mae or Freddie Mac serviced loan that is current, but no longer represents the original loan to value of 80% loan to value or LESS, can now refinance as long as the current first mortgage value doesn't exceed more than 105% of the total value. Rates offered on this program are pretty good as well. If you've thought you can't refinance in the past, now is the time!

If you have subprime or Jumbo loan-we may have other options. If you have an FHA or VA loan in Minnesota, then a Streamline refinance may be possible. You need to call us and discuss your options.

Also, we have access to some of the BEST jumbo rates in MN. Call us today 952-285-4319