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fha: FHA MIP Is Changing - 09/05/10 01:28 PM
For 30 year mortgages, the upfront is moving down from 2.25% to 1% and the monthly is moving from .55% to .9% for those putting less than 5% down and .85% for those putting more than 5% down payment. Here is a link to an article discussing the changes:
http://www.washingtonpost.com/wp-dyn/content/article/2010/08/05/AR2010080506663.html
The question you might be asking is "is this a consumer benefit?" Here is one interpretation:
http://www.thinkbigworksmall.com/mypage/archive/1/52542/
On a separate note, doing a short refi with an FHA loan MAY be possible if the servicer agrees. Here is the FHA rule:
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-23ml.pdf
So, here we go again. Life is about … (0 comments)
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fha: Twin Cities Mortgage Guidelines vs National Mortgage Guidelines - 01/08/10 03:54 PM
Guess what? They're all the same. While regional banks may make some up some of their own guidelines and criteria, Fannie Mae, Freddie Mac, FHA, and VA have national standards. In addition, various lenders will put their own credit overlay on top of these guidelines to lower their risk. True portfolio lenders can make up their own guidelines-as long as they don't violate any federal or state regulations and guidelines.
Here is a nice article that explains the evolution of the restrictive criteria involved in getting a mortgage. The pendulum has certainly swung the other way. Today, things are too tight. … (0 comments)
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fha: Minnesota Refinance - LOW INTEREST RATES AVAILABLE TODAY ON CONVENTION, FHA, VA - 10/06/09 12:02 PM
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 … (0 comments)
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fha: FHA Down Payment Assistance In Minnesota-Edina Mortgage Broker Recommends Action - 07/22/08 06:18 PM
First Time Buyers In Minnesota That Use DPA Funds With FHA Mortgage Loans Take Note
The progression of home sales within the housing market is dependent on first time home buyers starting the domino affect. Their home purchases are the catalysts that allow people to sell their existing home and then move into a new property such as a larger home, condo or townhouse. In order to keep the housing market moving forward, we need to encourage homeownership at the beginning of the cycle. Mortgage programs that are underwritten with greater flexibility regarding credit, income and down payment will create … (0 comments)
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fha: Mortgages In Minnesota Are Subject to LLPA-Loan Level Price Adjustments - 03/30/08 03:21 PM
Venture Development-Minnesota Mortgage Broker-Edina Minnesota-Twin Cities MN
LLPA is the acronym for Loan Level Price Adjustments. Fannie Mae, Freddie Mac and now FHA are applying various standards to the loan programs. In a nutshell, underwriting of all mortgage loan products has become tougher. In an effort to price loans more accurately based on risk factors the GSE's-Government sponsored entities-have instituted new pricing requirements. These changes will change the way loans are priced for the consumer. They are trying to identify risk based factors and price them accordingly. Ultimately this is fairer, as those that are taking less risk shouldn't have to subsidize … (0 comments)
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fha: Minnesota Mortgages & The Economic Stimulus Package-MN Mortgage broker - 03/10/08 08:46 PM
You have been reading about all of the economic stimulus package benefits but probably don't know how it affects you if you live in Minnesota. A common question I receive is:
What impact does the stimulus package have on borrowers?
Let's start by looking at the magnitude of the plan. The new Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. The new bill is designed to help certain ‘high-cost regions' of the struggling housing market by:
1) Temporarily increasing the ‘conforming loan limit' from $417,000 to as high as $729,750 in specified areas;
AND
2) Temporarily … (0 comments)
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fha: FHA Loan Limits For Minnesota Mortgages Is Raised-MN Mortgage Broker - 03/06/08 04:18 PM
Venture Development-Minnesota Mortgage Broker-Edina Minnesota
Hot Off The Press!!!!
They have just released the new updated FHA loan limits. For Minneapolis -St Paul and the majority of the Twin Cities area the loan limit for single family homes has just been increased to $365K for single family homes. Mpls-St Paul are considered hight cost areas-not everywhere in our state are we considered high cost. This means that going forward, you will be able to finance more homes using FHA financing. FHA financing is important to borrowers who want to be able to take advantage of some of the unique features of FHA mortgage … (0 comments)
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fha: Getting Your First Home Mortgage In Minnesota - 02/07/08 09:36 AM
Home Loans For First Time Buyers In Minnesota
Buying your first home can be both thrilling and scary and getting your first mortgage is usually part of the equation. As I've mentioned recently, now may be one of the best times to buy a home. Obtaining a mortgage can be confusing and stressful for many people, especially if this is a new experience. Without a doubt your home, even if it's a starter home, is and will be, one of the biggest investments of your life. With that in mind it is important to take the mortgage process slowly and not rush … (0 comments)
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fha: Renters In Minnesota Should Consider Buying A Home - 01/29/08 06:41 PM
Renters Have Much to Gain by Pursuing Home Ownership-MN Homeownership is attainable
Venture Development-Minnesota's Mortgag Broker 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. In the Twin Cities today, you can get some unbelievable values. Minneapolis real estate has a lot of foreclosed properties if that is what you are looking … (0 comments)
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fha: FHA Will be Modernized-Effect On Twin Cities MN Real Estate Market May Be Limited - 01/25/08 12:29 PM
Loan Size on FHA Mortgage Loans Will Be Increased
Here's what we know so far: There will be an FHA modernization bill that passes this year. The proposed bill is bouncing back and forth between the House and Senate. Once thing is for sure, or as sure as we can be at this time, the FHA mortgage loan limit will rise to 125% of the median home price with a cap of $730K This will have a bigger affect on areas of the country that don't utilize FHA to a great extent at the moment-Areas such as the two coasts which have … (0 comments)
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fha: Reverse Mortgages Explained by a Minnesota mortgage broker - 01/23/08 10:13 PM
For many seniors, home equity is roughly 30-40 percent of their net worth. They are house poor often times and don't have the available funds to make repairs. If you and your spouse are both at least 62 years of age and have significant equity in your home, a reverse mortgage can turn that equity into tax-free cash without forcing you to move or make a monthly payment. YOU DON'T NEED A JOB AND YOU DON'T NEED CREDIT! Age and equity are the only qualifying factors.
A reverse mortgage can be a worthwhile financial tool if used correctly. At the same time, … (0 comments)
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fha: Have you heard-Bush signs mortgage forgiveness bill - 12/25/07 08:34 PM
If you haven't heard, debt forgiveness bill has just passed. Now, a short sale won't have then negative connotations associated with the debt relief. The bill number is H.R. 3648 The flip side of this bill is that it might not really do anything in states where there is a long redemption period. For example some states have a 30 day redemption after a foreclosure. Minnesota allows homeowners to live in their home for up to 6 months. The "free" rent option may supercede the desire or will to preserve credit. Ulitimately, homeowners in this situation will do what they feel … (0 comments)
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Patti Mazzara NMLS #333279
Edina,
MN
More about me…
Venture Development Inc NMLS #373115
Address: 7300 France Ave S #410, Edina, MN, 55435
Office Phone: (952) 285-4319
Cell Phone: (612) 237-6277
Email Me
Learn about the Twin Cities real estate, minnesota real estate, minnesota home financing, minnesota mortgages, FHA, VA, Reverse Mortgages, Debt Consolidation, refinancing, first time buyer programs, interest only loans, Edina, Minneapolis and St Paul. Visit our mortgage site at http://www.ventureloanapp.com or http://www.edinamortgage.com
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