minnesota: 3 FHA Rule changes you need to know
- 02/26/13 09:30 PM
Minneapolis, MN: If you are a first-time home buyer, you may already be leaning towards an FHA-backed mortgage to finance your Minnesota or Wisconsin home. Recently, the Federal Housing Administration announced changes to their mortgage guidelines, which are being made to stem the losses from all the foreclosued homes the past few years.
FHA does not provide loans, rather FHA is a government entity that insures mortgage loans made by banks and non bank lenders. Needless to say, if a lender can get an FHA guarantee on a portion of a loan, they are much more willing to provide a … (2 comments)
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minnesota: HARP 3 refinance coming soon?
- 02/08/13 10:40 PM
Minneapolis, MN: As anticipated, Democratic Sens. Robert Menendez, NJ, and Barbara Boxer, CA, this week reintroduced a bill that could spur more refinances.
The Responsible Homeowner Refinancing Act, (AKA HARP 3) among other things, has a stated goal of relaxing requirements for borrowers to refinance and would extend the Home Affordable Refinance Program (HARP) for an extra year through 2014. It is currently set to expire December 31, 2013.
Currently, the HARP Refinance program only allows people who have a loan owned by Fannie Mae or Freddie Mac to refinance an underwater home. HARP 3 would allow ALL underwater homes to … (0 comments)
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minnesota: Mortgage rates for week ending Jan 3, 2013
- 01/11/13 03:57 AM
Minneapolis, MN: Freddie Mac yesterday released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving higher following December's employment report. The 30-year fixed averaged 3.40 percent, its highest reading in eight weeks. The all-time record low for the average 30-year fixed was 3.31 percent set November 21, 2012.
News Facts
30-year fixed mortgage rates (FRM) averaged 3.40 percent with an average 0.7 point for the week ending January 10, 2013, up from last week when it averaged 3.34 percent. Last year at this time, the 30-year FRM averaged 3.89 percent. 15-year fixed mortgage rates this week … (0 comments)
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minnesota: Are you a serial refinancer?
- 12/21/12 03:21 AM
Are you a serial refinancer? Minneapolis, MN: As mortgage interest rates drop, many people believe that no cost loans, and refinancing multiples times is a game winning strategy. People who do this are known as "serial refinancers."
A Wall Street Journal report shows about 2.2 million people have refinance their current home loan at least twice since 2009.
All loans have closing costs, so an important aspect to refinancing is the question, "is their a benefit?" Refinancing generally is down to obtain a lower mortgage interest rate, and hence, a lower mortgage payment. Some people also lower their term, going from … (1 comments)
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minnesota: 30-Year Mortgage Rates Average 3.37% for week ending 12/14/2012
- 12/20/12 01:03 AM
Mortgage Rates Mixed, 30-Year Fixed Averages 3.37 Percent ST Paul, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates mixed following data reports on inflation and the housing construction market. The 30-year fixed moved up averaging 3.37 percent, while the 15-year fixed eased to 2.65 percent, both remaining near their record lows.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.37 percent with an average 0.7 point for the week ending December 20, 2012, up from last week when it averaged 3.32 percent. Last year at this time, the 30-year FRM averaged 3.91 … (0 comments)
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minnesota: FHA Streamline Guideline in MN and WI
- 12/13/12 09:52 PM
What is FHA Streamline Refinance? Refinancing of a current FHA insured loan into another FHA insured loan is called an FHA Streamline Refinance. The mortgage to be refinanced must be current (not delinquent). Not all FHA to FHA refinances are streamline in nature.
Is there a minimum waiting period before which you can do a Streamline Refinance?
Even though FHA loans come with no pre-payment penalty, you need to wait for 211 days from your last FHA loan before which you are eligible for a new FHA streamline refinance.
Is there an appraisal required on FHA Streamline?
One of … (0 comments)
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minnesota: Refinance Rates hover near records lows for week ending Nov 2, 2012
- 11/07/12 11:43 PM
Mortgage Rates Settle in Near Record Lows Minneapolis, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates mixed following the monthly employment report but continuing to hover near their record lows over the past six weeks. Last year at this time, the 30-year fixed-rate mortgage averaged 3.99 percent, dropping below 4.00 percent for the first time since Freddie Mac started reporting its weekly mortgage rates survey in 1971.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.40 percent with an average 0.7 point for the week ending November 8, 2012, up from last … (0 comments)
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minnesota: How to buy and fix a fixer-upper with an FHA 203k loan
- 11/07/12 09:34 PM
Found your dream home - But it needs a little repair? The FHA 203k rehab loan to the rescue! Minneapolis, MN: The FHA 203(k) loan program offers borrowers the resources to buy that great fixed-upper home opportunity. One single loan is used to pay for the purchase (or refinance) and the cost of renovating the home.
There is no doubt that the current real estate market offers a lot of great bargains on bank owned, Foreclosed, REO, Repo'd, etc homes. However, many of these homes are in poor condition. Missing appliances, ruined carpet & flooring, holes in the wall, etc. Most lenders don't offer … (1 comments)
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minnesota: First Time Home Buyers in MN
- 11/04/12 11:56 PM
First Time Home Buyers in MN - DON’T pay another penny in rent! It is an exciting and scary venture buying your first home. You need a licensed, experienced advocate on your side that will show you the ropes and explain everything. You won't get that from an unlicensed bank clerk who treats you like a number.
It is the dream of everyone to own their own home. Many potential first time home buyers in the Minneapolis, St Paul, Duluth, Rochester, Madison, Milwaukee areas, and throughout all of Minnesota and Wisconsin who think they can't, actually CAN qualify for a great … (0 comments)
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minnesota: Mortgage rates for week ending Oct 26th, 2012
- 11/01/12 01:11 AM
Mortgage Rates Continue To Hover Near Record Lows St Paul, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving slightly lower while continuing to remain near their all-time lows this week amid signs of a growing economy and low inflation.
News Facts
30-year fixed-rate mortgage rates (FRM) averaged 3.39 percent with an average 0.7 point for the week ending November 1, 2012, down from last week when it averaged 3.41 percent. Last year at this time, the 30-year FRM averaged 4.00 percent. 15-year fixed rates mortgage rates this week averaged 2.70 … (0 comments)
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minnesota: Has your Minneapolis area home LOST VALUE? HARP 2.0 can help you refinance!
- 10/26/12 01:32 AM
Has your Minneapolis area home LOST VALUE? HARP 2.0 can help you refinance!
Minneapolis, MN: What is HARP? HARP stands for Home Affordable Refinance Program, an initiative from the Federal Housing Finance Agency (FHFA) to assist homeowners whose homes are now worth less than what they owe. And just recently, new enhancements to the program were announced, making refinancing options available again to an estimated one million more homeowners.
If you are a responsible homeowner but the current marketplace loan-to-value (LTV) requirements and need for a new appraisal have made it difficult or impossible for you to refinance at today's record low … (0 comments)
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minnesota: MN Mortgage Rates Remain Basically Unchanged
- 10/25/12 12:46 AM
Mortgage Rates Relatively Unchanged Minneapolis, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving slightly higher while continuing to remain near their all-time lows helping to support the housing market.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.41 percent with an average 0.7 point for the week ending October 25, 2012, up from last week when it averaged 3.37 percent. Last year at this time, the 30-year FRM averaged 4.10 percent. 15-year fixed rate mortgages this week averaged 2.72 percent with an average 0.6 point, up from last week when it … (1 comments)
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minnesota: MN Mortgage Refinance Rates Remain Low
- 10/18/12 12:54 AM
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates edging slightly lower with the 30-year fixed averaging 3.37 percent, just above its all-time record low of 3.36 percent, and the average 15-year fixed dipping to a new all-time record low at 2.66 percent.
News Facts
30-year fixed-rate mortgages (FRM) averaged 3.37 percent with an average 0.7 point for the week ending October 18, 2012, down from last week when it averaged 3.39 percent. Last year at this time, the 30-year FRM averaged 4.11 percent. 15-year fixed rate mortgages this week averaged 2.66 percent … (0 comments)
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minnesota: Are you wasting your Realtor and Loan Officers Time?
- 10/10/12 10:41 PM
Serious Home Buyer? Minneapolis, MN: As a professional licensed Loan Officer, I encounter people everyday that say they want to purchase a home. But when it comes down to it, they may not be ready for that responsibility of a home, or they are can not get pre-approved for a home loan. In our society, it seems everyone wants everything now. Learning that it may take a little time and some effort on the buyers part frustrates many of them them. Being told "no" simply doesn't register. It amazes me the number of people who apply with me, and when I … (1 comments)
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minnesota: Can a HARP Refinance help you?
- 09/09/12 10:18 PM
Can a HARP refinance help you?
Minneapolis, MN: A HARP refinance, in short, allows you to refinance with expanded eligibility requirements in regards to loan-to-value, or debt-to-income. That could mean that you are allowed to refinance, even though your home may have lost value., or the payment is a bit higher than normally allowed for your income. That flexibility allows many homeowners to refinance when they otherwise would not be able to. The idea is that even though the new loan might be a risky loan compared to other loans files with lower ratios it is still less risky than just leaving … (2 comments)
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minnesota: Do You Qualify for a Mortgage?
- 09/03/12 12:19 AM
Do You Qualify for a Mortgage?
Minneapolis, MN: Every year, millions of potential new home owners ask the question, "can I qualify for a mortgage?" It’s a scary question for many people, but getting the answer isn't anywhere as hard or difficult as people think. First, ask yourself some of these basic questions, then contact a local licensed non-bank lender and fill out an application. There are no obligations to let a lender review your situation.
Can I afford the payment? This is obviously a major questions. I always tell people if they have been comfortably making a rent payment … (1 comments)
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minnesota: USDA OUT of Refinance Money for 2012 - Purchase Money Still OK!
- 08/22/12 02:24 AM
USDA Refinance funds for fiscal year (FY) 2012 are now exhausted!
St Paul, MN: Have a USDA Rural Development loan? Thinking of getting a USDA Refinance loan? Sorry - USDA announced today that they are out of money for refinances for 2012.
For the vast majority of homeowners, this really isn't a big issue, as many of them can lower their interest rate and refinance into many other loan products.
Looking to buy a home? USDA Rural Development Purchase Loans on the other hand have plenty of money - so there is no need to worry if you are buying a home.
As a side … (1 comments)
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minnesota: How to deal with an underwater home
- 08/13/12 10:57 PM
Nearly 11 million Homeowners are Underwater, which means they owe more on their mortgage than their property is worth. Below are some of your options for dealing with an underwater mortgage.
Wait It Out: If you are just depressed at the thought of owing more than it is worth today, but really don’t have any intentions of moving. Stop worrying about it. You have to live somewhere. Although short sales and foreclosures have brought down values, the housing market is slowly recovering, especially here in the Minneapolis, St Paul metro area. If you are able to continue to make payments – do it. … (2 comments)
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minnesota: USDA is changing the property eligibility map effective Oct. 1, 2012
- 08/09/12 06:17 AM
USDA is changing the property eligibility map effective Oct. 1, 2012.
Cities and towns that formally qualified for the Zero Down USDA Rural Development Loans may no longer qualify.
This change is due to a number of reason, including larger populations, elimination of special consideration zones, or they no longer meet the definition of rural.
The effected cities in MN are listed here ---->>>
Click this link to view the full list of cities across the county that are losing their ability to get a USDA Rural Development loan.
Click these links for general income and location eligibily:
USDA INCOME Eligibility CheckUSDA Property Eligibility Check
USDA Loan … (3 comments)
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minnesota: Pay your Mortgage loan off faster with these 5 ideas
- 08/05/12 12:06 AM
Minneapolis, MN: If you surf the cable TV channels, listen to talk radio, or search online, you will find numerous financial and debt management experts offering tips and tricks on managing debt such as mortgage, credit card debt, student loan and so on.
However, it is important to evaluate one’s own personal financial situation before implementing any such debt relief tips. This is to ensure that you benefit from such advice and not further pile up debts that you become responsible for. So, here are 5 strategies to repay your Minnesota mortgage faster.
Make Extra Payments: If there is no pre-payment penalty, you can make extra payments … (3 comments)
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Minneapolis, MN: If you are a first-time home buyer, you may already be leaning towards an FHA-backed mortgage to finance your Minnesota or Wisconsin home. Recently, the Federal Housing Administration announced changes to their mortgage guidelines, which are being made to stem the losses from all the foreclosued homes the past few years. 
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