minneapolis: Less foreclosures - Lowest level since 2006
- 07/18/14 01:12 AM
Foreclosure activity down in June 2014 Foreclosure activity in June dropped to its lowest level nationwide since before the housing bubble started to burst nearly eight years ago, a new report said Thursday.
The number of homes facing bank auctions, default notices and scheduled auctions totaled 107,194 last month, down 16 percent from June 2013, according to RealtyTrac, a housing industry research firm based in Irvine, Calif.
June’s total was the lowest since July 2006.
Through the first half of 2014, there were 613,874 properties nationwide with foreclosure filings, down 23 percent from the first six months of 2013.
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minneapolis: Tips to Improve Your Mortgage Approval and Credit Score
- 07/02/14 04:50 AM
Tips to Improve Your Mortgage Approval and Credit Score Minneapolis, MN: When you are looking to purchase a home, or refinance your exiting home, your credit score is very important. One of the first things your lender will do is check your credit report to assess your creditworthiness.
As everyone knows, the better your credit score, the more options you have, and the lower the mortgage interest rates will be available to you.
However, if you have a very bad credit score, it could be causing you to be offered high interest rates on your mortgage that could cost you … (0 comments)
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minneapolis: Down Payment Assistance Program in MN
- 06/03/14 10:34 PM
Are YOU tired of renting?
Looking to finally buy a home of your own? Owning a home offers numerous benefits, but for many people, finding the down payment money can be hard.
From St Paul and Minneapolis, to Rochester, Duluth, and beyond, we help MN folks buy their first time home with down payment assistance.
What does our down payment assistance program offer first-time homebuyers?
Mortgage loans to purchase a home for qualified low and moderate income first-time and move up homebuyers in Minnesota 30-year loans with affordable, low, fixed interest rates for the life of the loan … (0 comments)
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minneapolis: Tips to save when refinancing
- 04/12/14 01:14 AM
Minneapolis, MN: A refinance is usually the second largest financial decisions a person will make in their lifetime (the first was buying the house).
The process can be almost as stressful as when you bought the home. The difference this time is you are under no pressure to move. There are some things you can do to ease your pain and make refinancing in 2014 as easy as possible.
Good Credit
The easiest thing you can do in preparing to refinance is to make sure you have good credit. Generally speaking, a middle credit score over 620 will be acceptable enough … (1 comments)
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minneapolis: Tips on getting a VA Loan
- 04/05/14 12:05 AM
Tips for getting a VA Loan If you are an active or military veteran, the VA home loan is one of the most amazing benefits provided to you for your service to our country. The two biggest benefits of a VA mortgage loan are simple...
No down payment required No monthly mortgage insurance, which can save you a HUGE amount of money when buying a home. Basic VA Loan Eligibility Requirements for a VA loan The first step is to understand if you qualify for VA Loan benefits. The vast majority of people with regular service in the Army, Navy, Air … (1 comments)
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minneapolis: 4 tips for First Time Home Buyers
- 03/20/14 01:51 AM
4 tips for First Time Home Buyers in MN Minneapolis, MN: First Time Home Buyers don't know what they don't know... so they end up anxiously asking all of their family, friends, and the Realtor for financial advice. Because none of these people are Mortgage Loan Officers, they end up just hearing horror stories, and getting incorrect information, adding to their anxiety. Start Here:
Take a Peak at your Credit Report as early as possible. Your Credit is more important than having enough cash, or getting the best mortgage rate. Your credit rating, or LACK of credit rating will be the … (2 comments)
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minneapolis: Float or Lock your Mortgage Loan
- 01/17/14 10:22 PM
Float or Lock your Mortgage Loan Interest Rate?
MInneapolis, MN: I get asked the "should I float or lock" question several times every week as a mortgage loan officer. I generally have the same answer. Lock.
Watching the markets, and trying to figure out what the markets will do is an exercise in futility. There are simply too many reports, commentary, and data constantly being analyzed from every angle and perspective. The last 10-years, much of the talk has not matched the actual trading of bonds.
Interest rates change daily
During the time most home owners are in what lenders … (0 comments)
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minneapolis: Millions of homeowners no longer underwater
- 01/06/14 11:38 PM
Minneapolis, MN: 2013 was a pretty good year for the real estate market. According to CoreLogic, an estimated 3 million homeowners regained significant equity during the year remarkable year.
The increase in equity has many positive effects. First, many more homeowners are now in a position to sell their home without taking a (big) loss. There has been some huge pent up demand for many to sell their home and move, but just couldn't. The next effect is that many more people are able to refinance to take advantage of current mortgage rates to either lower their existing loan payments, or … (1 comments)
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minneapolis: VA Home Loans - How much can I finance?
- 01/02/14 12:27 AM
VA Home Loans The VA Home Loan is a big thank you for your service[/caption] Minneapolis, MN: VA Loans are some of the most amazing home loans in the market. It really is a true benefit for the service you've provided to this country. The major benefits of a VA loan come in two forms:
Zero down payment No Mortgage Insurance Zero down payment is pretty easy to understand. Saving for a down payment is one of the biggest hurdles stopping many from buying a home.
No mortgage insurance is also huge.Generally speaking, mortgage loans where you do not put at … (0 comments)
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minneapolis: Is a HARP 3.0 Refinance Program cooming soon?
- 12/12/13 03:37 AM
A new evolution of the HARP refinance program MAY soon be upon us. HARP 3.0 looks like it’s going to gain headway and make it’s way to the streets since Mel Watt was just confirmed as the new head of the FHFA.
HARP loans in MN (Home Affordable Refinance Program) have been one of the few programs to really assist homeowners since the real estate market collapse.
The current program allows homeowners who have a loan owned by Fannie Mae of Freddie Mac to refinance to today's lower rates, even if they've lost value on the home, or are actually underwater … (0 comments)
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minneapolis: New lower FHA Loan Amounts for 2014
- 12/09/13 03:10 AM
New FHA Loan Limits Looking to get an FHA Loan in 2014 and beyond? HUD ( Department of Housing and Urban Affairs) announced last week it will be lowering the maximum loan amount for FHA loans (Federal Housing Administration). The new limits will take effect Jan. 1.
Each county across the county has a maximum loan amount, which is tied to the areas average income. The standard FHA loan amounts limits for areas with relatively low housing costs will stay at its current level, $271,050. However, the limit for areas with the highest housing costs will be reduced by more than … (0 comments)
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minneapolis: Tips for buying Fixer-Upper Homes in MN
- 10/31/13 04:22 AM
Tips for buying Fixed-Upper Homes In the market today, many homes are in need of a little tender loving care. Buying one of these properties can be a great deal, while the next one could be a money pit. The following are some tips to make sure the fixer-upper you are looking at is a great opportunity.
Know your limits I've bought and sold homes needing repair, and I've learned a lot over time. A big item to consider is knowing your limits. Not everyone is Bob Villa. Know what sort of repairs jobs you can safely handle, and which ones … (1 comments)
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minneapolis: HARP Refinance program. Still working for thousands of homeowners
- 10/21/13 12:08 AM
Minneapolis, MN: As many are aware, mortgage interest rates jumped up about 1% back in May 2013 from their historic lows. Those holding out for even lower rates at the time, those who thought they wouldn't qualify, or those simply not paying attention to the market lost out on a great opportunity.
Since then, mortgage rates have recovered about about 1/2%. While it isn't the absolute rock bottom, it is pretty darn close, making refinancing your mortgage something attraction once again to many homeowners.
HARP News / Home Affordable Refinance program | October 2013
Significant enhancements have made HARP more … (0 comments)
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minneapolis: Millions no longer underwater - Find out why and what it means
- 09/11/13 01:40 AM
Rising home prices restoring lost equity As home prices continue to rise, millions of home owners are regaining equity, according to date released yesterday.
An estimated 2.5 million homes went back into a positive equity position in the second quarter, meaning they are no longer underwater - that their owners no longer owed more on their mortgage than the home is worth.
According to date from CoreLogic, the likelihood that a home was underwater dropped to a level where only an estimate 14.5% of all mortgages had negative equity. This is compared to 19.7% in the first quarter of 2013.
What … (1 comments)
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minneapolis: New FHA collection account rules to hurt home buyers - Learn why
- 08/27/13 03:02 AM
In a recent announcement (FHA Mortgagee Letter 2013-25) , HUD said that while they will continue with it's basic rule that most unpaid collection accounts DO NOT need to be paid off in order to obtain an FHA loan, they WILL require that lenders consider how a creditor's efforts to collect the account can impact the borrower's ability to repay the loan.
When ANY ONE, OR COMBINATION of unpaid collection accounts equal $2,000 or more, the lender now needs to factor in monthly payments of 5 percent (5%) of the outstanding balance for the account into the debt-to-income ratio.
If payment … (1 comments)
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minneapolis: Tips for a smooth mortgage closing, by a guy who has been to thousands
- 08/26/13 01:59 AM
Applying for a home loan can be a stressful time, but doesn't need to be if you follow certain rules that can unexpectedly trip up your mortgage loan approval and the buying of real estate.
Some of these tips will be obvious, while others won't - but all of them are items that regularly cause underwriting headaches. Avoiding these mistakes will help lead to a smooth stress free home loan closing.
Dos and Donts of a Smooth Home Loan Approval
DO continue to make your home loan payments or rent payments on time DO continue to use your credit as normal … (0 comments)
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minneapolis: New FHA Short-sale and Foreclosures rules - Not what it seems?
- 08/20/13 08:45 AM
Minneapolis, MN: Recently FHA announced in mortgage letter 2013-26 the ability to FOREGO the current three year waiting period for Foreclosures and Short Sales before you can qualify for an FHA Loan if the borrower had an ECONOMIC EVENT that created a hardship.
It has been brought to my attention that many real estate agents are now advertising this, WITHOUT GIVING THE FULL STORY. Borrowers MUST MEET VERY STRINGENT guidelines in order to qualify for this EXTENUATING CIRCUMSTANCE.
Here is the link to the actual Mortgagee letter for your reference. Please read this so you understand what is required.
But there … (1 comments)
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minneapolis: Tips for Choosing the right Loan Officer
- 07/31/13 06:26 AM
In this market it takes an extraordinary amount of energy to get a loan closed with new regulations, lenders changing their guidelines and rates shooting up and down.
Are you working with the right Loan Officer?
For most people, a home is the biggest investment they will ever make. However, few people do the research necessary to make a good buying decision. The home-purchase process is extremely confusing for most people. With a little bit of homework, and some advice from family and friends who have been through the process before, you can make this a little easier on yourself. … (0 comments)
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minneapolis: HARP 3 bill introduced - Help for those without a Fannie Freddie loan
- 07/29/13 04:04 AM
Senate bill S.1375, the "Rebuilding American Homeownership Act" has been introduced by Senator Jeff Merkley, D-OR to try and expand the existing HARP (Home Affordable Refinance Program".
This has been called by many as "HARP 3", and is designed to allow loans not currently owned by Fannie Mae of Freddie Mac to be refinanced through the HARP program.
Under the current HARP underwater refinance program, in order to qualify, your existing mortgage loan must be owned by Fannie Mae or Freddie Mac.
If passed, the bill would force Fannie Mae and Freddie Mac to refinance non-Fannie Mae or Freddie Mac loans, … (0 comments)
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minneapolis: Minneapolis and St Paul area homes prices continue to rise
- 07/25/13 01:46 AM
Minneapolis and St Paul area home sellers continue to see an upward climb in the value of their homes. The median sales price soared up 17.5 percent over last year. According to the Minneapolis Area Association of REALTORS®, the June 2013 average value was $210,000, the highest it’s been since December 2007, just as the market was starting to crash. By the way, mortgage interest rates at the time were about 6.10%. Less homes for sale than what we’d like to see, combined with fewer foreclosures, and low mortgage rates continue to fuel these price increases. New listings were … (0 comments)
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Foreclosure activity down in June 2014 Foreclosure activity in June dropped to its lowest level nationwide since before the housing bubble started to burst nearly eight years ago, a new report said Thursday.
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