FREE SEMINARS FOR MN FIRST TIME BUYERS - June 2011
Isn't it time that you buy a home of your own? Now you can learn everything you need to know in our informative FREE seminar for first time home buyers. Our seminars for MN first time home buyers are 90 minutes in length and cover all of the topics of interest for the MN first time buyer.
* Learn about MN first time buyer programs * Learn about MN down payment assistance programs * Learn how to get the seller to pay YOUR closing costs * Learn how to buy a home with limited or imperfect credit * Our seminars are free and contain no obligation!
Home Buyer Seminars sponsored by: Century 21 Premier Group 1660 S. Highway 100, Suite #578 Parkdale Plaza St. Louis Park, MN, 55416-1566 www.21homesearch.com
FREE SEMINARS FOR MN FIRST TIME BUYERS - June 2011
Isn't it time that you buy a home of your own? Now you can learn everything you need to know in our informative FREE seminar for first time home buyers. Our seminars for MN first time home buyers are 90 minutes in length and cover all of the topics of interest for the MN first time buyer.
* Learn about MN first time buyer programs * Learn about MN down payment assistance programs * Learn how to get the seller to pay YOUR closing costs * Learn how to buy a home with limited or imperfect credit * Our seminars are free and contain no obligation!
Minnesota First Time Home Buyer Seminars sponsored by Century 21 Premier Group
Date: Wednesday, June 8th, 2011 - Woodbury, Time: 6:30pm to 8:00pm
For additional information visit us at http://www.mnseminars.com
Home Buyer Seminars sponsored by: Century 21 Premier Group 1660 S. Highway 100, Suite #578 Parkdale Plaza St. Louis Park, MN, 55416-1566 www.21homesearch.com
Are you considering making this the year be come a first time home buyer in Minnesota? You are not alone! Many people today are considering making use of creative loan programs designed to help Minnesota first time home buyers.
Register online for our first time buyers seminars at www.mnseminars.com
Minnesota First Time Buyer’s Seminar Topics
In our seminars we will cover all of the topics that will concern a first time homebuyer.
How much do I need for a down payment and will I qualify for down payment assistance? While some programs still exist for no money down home loans, most programs will require at least some money down today. However for many borrowers, there are Minnesota down payment assistance funds available. We’ll talk about this as well as how to apply for the programs as well.
How much is a monthly payment on a house? We’ll review how monthly payments work, what’s included in them and how to make them affordable. We’ll review various fixed rate mortgage programs as well as federal government endorsed adjustable rate programs. We’ll cover the difference between FHA loans as well as conventional loans in the state of Minnesota.
How do I buy a foreclosure or short sale? In our seminar we’ll talk about the differences between the two and the best way to negotiate.on this type of property.
We’ll cover important topics such as how to get the seller to pay your closing costs on a first time buyer loan. The amount a seller can pay will vary widely not only on the type of first time buyer program but on the the type of seller as well.
There is no cost or obligation when you attend the seminar. It’s a great way to gain information on all that is offered to Minnesota first time buyers.
Registration is fast and easy. Just go to www.mnseminars.com and register today!
Beginning April 1, 2011, Fannie Mae is increasing its loan-level pricing adjustments. Conforming conventional mortgage loan applicants in Minnesota should plan for higher loan costs in the months ahead.
If you've never heard of loan-level pricing adjustments, you're not alone; they're an obscure mortgage pricing metric and, thus, are rarely covered by the media. That doesn't make them any less relevant, however.
LLPAs are mandatory closing costs assessed by Fannie Mae and Freddie Mac, designed to offset a given loan's risk of default. LLPAs were first introduced in April 2009. This April's amendment is the 6th increase in 2 years. LLPAs can be costly. In addition to an up-front, quarter-percent fee applied to all loans, there are 5 additional "risk categories" in the LLPA equation:
Structure : Loans with subordinate financing may trigger additional costs
Equity : Loans with less than 25% equity trigger additional costs
Adjustments range from 0.25 points (for having a 735 FICO score) to 3.000 points (for buying an investment property with just 20% down payment). And they're cumulative.
This means that a borrower that triggers 3 categories of risk must pay the costs associated with all 3 traits. Loan-level pricing adjustments can be expensive -- up to 5 percent or more of your loan size in closing costs.
The fees can be paid a one-time cash payment at closing, or they can be paid in the form of a higher mortgage rate. The loan-level pricing adjustment schedule is public. You can research your own loan scenario at the Fannie Mae website, but you may find the charts confusing.
Every month I encounter buyers who are looking for Minnesota first time home buyer programs that can accommodate someone who has not established any credit. In this case, when I pull up the credit report there is literally no credit at all on the report. While almost all programs today require a borrower to have established at least some credit, the Minnesota Housing Finance Agency can help you with their MMP or CASA first time homebuyer program which has a no credit
How to Get a Loan With No Credit in Minnesota
In order to use the program with no credit on a credit report we need to build a non-traditional credit report through other means. For example if you have been renting a property with your name on the lease, you have been building credit in a non-traditional method. While the landlord does not report your payments to the credit bureau, evidence of your timely payments can be verified through our credit bureau and added to a special credit report used to obtain the MMP or CASA loan.
We need to find at least three ways that you have been building credit and at least one of them has to be rent. Other means can include items such as monthly car insurance payments, electric bills, water bills, cable bills, phone bills, etc. Basically any bill that you pay for on a monthly basis has the potential to be used to build this non-traditional credit report.
Of course, it’s important that any of these creditors report that you have been making your payments in a timely manner. Since building a non-traditional credit report for a buyer with no credit is a non-standard method, even one late payment can be a problem for an underwriter. The most important payment history is what has transpired over the last twelve months as many creditors don’t respond beyond that period of time. Additionally, a creditor that reports less than twelve months of payments won’t be used in the underwriting process.
It is also important to note that if we are going to be able to approve a buyer with no credit in Minnesota it’s important that you do not have negative credit either. For example if you have collections or judgments on the report, this can become a problem even if they have been paid.
The only way I can tell if we can help a buyer who has no credit on their credit report is to start a no-cost, no-obligation preapproval process. This can be as simple as a phone call in which I take your application information and discuss your financial situation with you. In this discussion I’ll ask about your income, assets, debts and means to build a non-traditional credit report.
No Credit Downpayment Assistance in Minnesota
If we utilize the MHFA CASA program you might also qualify for the HAF down payment assistance which presently is good up to $4,500 towards your down payment. If we use this in combination with seller paid closing costs it’s possible that a borrower might qualify using very little of there own money for cash required to close.
No Credit Loan Programs in MN
If you find yourself in this situation, wanting to buy a home in Minnesota but having no credit, please call me to discuss the possibilities. We will compare your current situation with the loan program parameters of Minnesota Housing Finance Agency’s MMP or CASA program and see if we can meet the terms of the program.
One of the most commonly overlooked items of credit for Minnesota first time buyers is the nasty overdraft fee resulting from an “NSF”…otherwise known as a bounced check. These items do not show up on your credit report, but they do show up on a bank statement.
A mortgage underwriter will ask for a good explanation for the reason behind the NSF fee. If it is an occasional problem, this might not impact them too much. But if it’s a habit this may signal a credit problem to an underwriter.
Several banks now show the amount of NSF fees right on their bank statements as they accumulate throughout the year. When a mortgage underwriter is reviewing a borrower’s credit package and sees a large amount of NSF fees this can effect their decision, especially if the borrower has other credit issues on the credit report.
If you’re planning on buying a home this year be sure to take good care of your checking account and avoid NSF fees!
Are you planning on buying a home in Shoreview MN this year? It’s pretty clear that you will find a high number of properties that are foreclosures. These properties can often represent a good deal, but many people make mistakes when making offers on Shoreview foreclosures that can easily be prevented.
How To Buy Shoreview Foreclosures (MN)
One of the questions I am most often asked is how to buy a foreclosure. It is simply not as difficult as you might think right away and almost definitely a great deal more certain than trying to buy a short sale.
When a property in Shoreview, MN is for sale as a foreclosure this means that the home is currently owned by the bank that had the loan on it. The previous homeowners were unfortunately not able to make the mortgage payments on the home anymore. The bank was forced to take back the property and list it for sale with a real estate agent. In almost all of these cases, this is a losing proposition for the bank that is selling the real estate.
As the owner of the real estate the lender is responsible for making all of the utility and property tax payments. I bring this to your attention so that you understand that the bank has a high motivation to sell the property. This is very different from a short sale where the selling lender can take several months to even answer your offer! In the case of a foreclosure sale you can often get verbal acceptance from the selling lender within a few days.
Get Pre-Approved to buy Shoreview Foreclosures
If you want to make an offer on any one of the Shoreview foreclosures you will certainly need to get preapproved for mortgage financing well ahead of time. When making an offer, time is of the essence. The selling bank simply will not even look at your offer unless they have your preapproval letter attached to the offer.
Getting preapproved to buy Shoreview foreclosures usually starts with a phone call in which I will ask about your income, assets, debts. From there I will see what you might qualify to. I understand how foreclosure negotiators work and have seen how they have begun to limit how much they are willing to build in the offer to pay your closing costs. I have strategies that I will discuss with you to help reduce the amount of down payment as much as possible.
Finding Shoreview Foreclosures
Most websites now have a feature where you can limit what you are searching for to foreclosures. Additionally your agent can help you by setting you up on an automated emails that send you Shoreview foreclosures in your price range.
When you go look at the listings you will need to be prepared for seeing properties that have not been well cared for. It is not uncommon to find a rather messy looking home inside. I encourage you however to look for value, not cleanliness!
How to Get A Good Deal on Shoreview Foreclosures
We’ve all heard the great fish tales about buyers who offered half-off the listing price and by golly the selling bank was so overwhelmed with joy that they just took the offer.
If that’s what you are expecting to happen, think again.
The issue of properties in foreclosure is not a new one. Over the last three years, Shoreview foreclosures have been selling all along. The selling lenders have learned a lot about the process and they usually list the property at a good value right from the start.
They have a specific plan on how long they will wait to accept reduced offers. The reason I tell you this is that you need to be realistic with any offer in order to get a good deal on a foreclosure!
If a property is just listed on the market the bank will likely not respond to those offers of thirty or forty percent off the asking price. The only time they might even respond to such an offer is if they have been sitting on the property for nine to twelve months or even longer. If you find a good home just listed at a good price, you might end up in a multiple offer situation in which case you might need to make an offer over the listing price.
If the property is worth it, then expect to pay the price for it. If it’s brand new on the market you might generally stay within ten per cent of the listing price if you want the home. If you purely want a “fish tale”, look for a home that has been on the market for twelve months or longer. That’s the only type of that is likely to respond to even drastically low offers.
If you are in the market to buy a home in Woodbury, MN, chances are good that you will find a number of properties that are foreclosures. While the economy has been healthy, Woodbury foreclosures are as common as around the rest of the Twin Cities real estate market.
How To Buy Woodbury Foreclosures
One of the questions I am often asked is how to buy a foreclosure. It is not as difficult as you might think and certainly a great deal more certain than trying to buy a short sale.
When a property in Woodbury is for sale as a foreclosure it means that the home is currently owned by the bank that had the loan on it. The previous owners were not able to make the payments on the property anymore and the bank was forced to take over the property and list it for sale. In almost all cases, this is a losing proposition for the bank that is selling the property. By selling the home they simply want to reduce their losses.
As an owner of the property the bank is responsible for making all of the utility and property tax payments as well as any required maintenance. I tell you this so that you understand that the bank has a high motivation to sell the property. This is very different from a short sale where the bank can take several months to answer your offer! In the case of a foreclosure you can often get verbal acceptance from the selling bank within a day or two.
Get Pre-Approved to buy Woodbury Foreclosures
If you want to make an offer on any one of the Woodburyforeclosures you will need to get preapproved for mortgage financing ahead of time. Plan to do this well ahead of time! Timing is of the essence when making an offer on a foreclosure. The bank simply will not look at your offer unless they have your preapproval with the offer.
I’ve gotten the call before from agents who have encouraged their buyers to get preapproved but for one reason or another the buyer delayed. They found a house, needed to make an offer but came to me too late. They missed the opportunity because the delayed on calling me for preapproval.
Getting preapproved to buy Woodbury foreclosures is like any other property which means that most of what we need to do we can do right over the telephone. I will ask about your income, assets, debts and see what you might qualify to. I understand how foreclosure negotiators work and have seen how they have begun to limit how much they are willing to build in the offer to pay your closing costs. I have strategies that I will discuss with you to help reduce the amount of down payment as much as possible.
Find Woodbury Foreclosures
Most websites now have a feature where you can limit what you are searching for to foreclosures. Additionally your agent can help you by setting you up on an automated emails that send you Woodbury foreclosures in your price range.
When you go look at the listings you will need to be prepared for seeing properties that have not been well cared for. It is not uncommon to find a rather messy looking home inside. I encourage you however to look for value, not cleanliness!
How to Get A Good Deal on A Foreclosure
We’ve all heard the great fish tales about buyers who offered half-off the listing price and by gosh the selling bank was so happy they just took the offer. If that’s what you are expecting, think again.
The issue of properties in foreclosure is not a new one. Over the last three years, Woodbury foreclosures have been selling right along. The selling banks have learned a lot about the process and they list the property at a good value right from the start. They have a specific plan on how long they will wait to accept reduced offers. The reason I tell you this is that you need to be realistic with any offer in order to get a good deal on a foreclosure!
If a property is just listed on the market the bank will likely not respond to those offers of twenty or thirty per cent of the asking price. The only time they might even look at such an offer is if they have been sitting on the property for six to nine months or longer. If you find a good property just listed at a good price, you might end up in a multiple offer situation in which case you might need to make an offer over the listing price.
If the property is worth it, pay the price for it. If it’s new on the market stay within ten per cent of the asking price if you want the home. If you purely want a “fish tale”, look for a home that has been on the market for twelve months or longer. That’s the only type of that is likely to respond to even drastically reduce offers.
April 15 is the traditional due date for federal income taxes. It's a deadline so ingrained in the American psyche that the April 15 calendar date is often called, simply, "Tax Day".
In 2011, however, federal taxes aren't due April 15. They're due April 18. It's because of a combination of holiday, calendars, and tax law.
The change centers on Emancipation Day. Emancipation Day is a public celebration in the District of Columbia. Named a holiday in 2005, Emancipation Day honors President Abraham Lincoln's April 16, 1862 signing of the Compensation Emancipation Act. Emancipation Day is a non-working day in the nation's capitol but, this year, Emancipation Day falls on a Saturday.
The municipality will observe the holiday Friday instead. This means that all of Washington, D.C. will be "closed" Friday, April 15 -- the usual tax filing deadline date. This includes the IRS. Therefore, to accommodate Emancipation Day, the government is extending this year's federal tax filing deadline to April 18, 2011. This year marks the second time Emancipation Day has forced the change of federal tax filing deadlines. Also, as a non-related coincidence, tax filers in Minnesota taking extensions to October 15 will also get a few extra days. October 15 is a Saturday so the extended tax deadline rolls over to the following Monday -- October 17, 2011.
Are you a Minnesota first time home buyer living near Shoreview, MN? If you are considering buying your first home in Minnesota you’re welcome to attend our first time home buyer seminar. This is an opportunity to learn everything you need to know to become a homeowner in an our 90 minute first time buyer seminar!
Minnesota First Time Buyer Seminar Topics:
How to buy a foreclosure in Minnesota
How to apply for down payment assistance funds (for first time buyers)
The benefits of FHA, VA, and Conventional home financing for your first home purchase
This seminar at Shoreview’s Community Center is free. Whether you are planning on buying soon or you’ve just started thinking about buying your first home in Minnesota, our first time home buyer seminar is the best way to get started!
Registration for the Minnesota first time home buyer seminars is easy and you can do it online! Simply pick a seminar from the list of dates and locations in the right hand column. Fill out some basic information to register. We look forward to seeing you there!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Beginning April 1, 2011, Fannie Mae is increasing its loan-level pricing adjustments. Conforming conventional mortgage loan applicants in Minnesota should plan for 
April 15 is the traditional due date for federal income taxes. It's a deadline so ingrained in the American psyche that the April 15 calendar date is often called, simply, "Tax Day". ;)
;)
