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Preview: Twin Cities Mortgage And Real Estate News
Twin Cities Mortgage And Real Estate NewsLearn 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, located in Edina working throughout Minneapolis and St Paul.
Minnesota Portfolio Loans At 90-98% Loan To Value STILL possible Tue, 09 Feb 2010 08:37:16 -0600 On a rate and term basis-meaning just changing one or both of these variables we can STILL refinance your loan. If it saves you money, you should consider doing something SOON as the government has said they will stop "subsidizing" mortgages by keeping rates low. VA loans go to 90% FHA can go up to approximately 98% PRIVATE/PORTFOLIO LENDERS can go up to 90% EVEN ON MN JUMBO LOANS TO 900K HERE ARE THE PROGRAM GUIDELINES-WHICH ARE ALWAYS SUBJECT TO CHANGE:
Begin your MN home mortgage loan application at our MN mortgage site.
Minnesota Veterans Take Note-You Might Get An Extra Year For The Tax Credit Mon, 08 Feb 2010 22:42:13 -0600
Under the new law-Worker, Homeownership and Business Assistance Act which is now a new law as of November 2009, individuals and there spouses who serve on qualified extended-duty service outside the country for at least 90 days between January 1st, 2009 and April 30th 2010 with have an extra twelve month to buy and close on a home in order to take advantage of the tax credit. So, they would have to buy a new house by April 30th, 2011 and close on this home within a 90 day time frame. Another cool twist is that the veteran won't have to pay back any of the credit if he/she has to move at least 50 miles away for new deployment that will be expected to last 90 days or longer. To find out more benefits for Minnesota Veterans visit Minnesota Veteran Loans To begin a Minnepolis St Paul Home search go to Minneapolis Real Estate
Minnesota Personal Loans Similar To A MN Hard Money Loan Fri, 05 Feb 2010 14:33:59 -0600 Should You Be a Borrower or Lender? The Return of the Personal Loan As lending requirements stay relatively tight for most consumers, the chance of borrowing outside the banking system from family or friends can be attractive. After all, it's rare to see a parent or sibling demand a credit check or other lengthy documentation. On the other hand, it could be one of the most dangerous financial transactions you ever make simply because money can drive a wedge between relatives in even the closest of families. There are good and bad aspects to private loans. The good news first: Terms can be significantly friendlier than a borrower would qualify for in the open market. For example, the rate charged on the loan can be higher than the lender would receive in a deposit account but lower than the borrower would pay a commercial lender. They can require little or no collateral. It's a way to keep money in the family. It's a way for a borrower to be able to buy a home, a car or other critical assets even if they have a poor credit rating. There's no loss of tax benefits to the borrower or lender if an agreement in the case of a mortgage loan is structured and reported properly. Now the bad news Unclear agreements can lead to missed payments or default. If the borrower dies suddenly, the lender's investment may be lost if the agreement isn't structured correctly. A properly executed promissory note is still an obligation of the estate, and may continue to be paid to an heir or other person or entity based on the terms as agreed. Jealous relatives could say they weren't treated fairly. Disagreements between borrower and lender could kill an important relationship. The best arrangements are formal - written in proper legal language, notarized and recorded in the county where the property resides. A financial advisor such as a CERTIFIED FINANCIAL PLANNERTM professional can talk to both parties about what such loans - particularly large loans for real estate or tuition - can mean for their respective finances. It also makes sense for both parties to visit their respective tax professionals to make sure they know the correct ways to document the loan transaction over time for tax purposes. A detailed document prepared with the help of an attorney or a certified public accountant can also lay out specific scenarios if either the borrower or the lender has to break or alter their agreement. Such trained experts can talk you through the benefits and pitfalls of a private loan arrangement as it affects your particular situation (either as lender or borrower) and specific laws and requirements in your state you have to follow if both borrower and lender are going to derive tax advantages from the agreement. You should be aware that the IRS governs these interest rates and provides an annually updated table that you can get at http://www.irs.gov/app/picklist/list/federalRates.html - these rates are Applicable Federal Tax Rates (AFR). You can also forgive a portion of the loan each year up the annual gift exclusion which is $13,000 this year. Generally, any private loan transaction should include a promissory note that establishes how the debt will be repaid. That's true for business loans or loans for most types of property. In the case of a business loan, it makes sense for the potential borrower to get specific advice on how lenders in their business will be treated not only in terms of repayment, but default. These agreements are particularly important for tax purposes as well. In the case of a loan made for real estate, a mortgage or "deed of trust" statement (depending on the state you live in) or an agreement specific to the type of loan that binds the property as collateral for the promissory note will be necessary. It basically says that if you don't fulfill all the terms in the agreement the lender has the right to foreclose or repossess the property. Even if a friend or relative makes an offer of help, it's proper for the borrower to take the initiative to st[...]
Buying A Twin Cities Home| Minneapolis St Paul Homes Thu, 04 Feb 2010 21:42:31 -0600 The Clock is Ticking! Time is Running Out for Significant Savings! Attention home buyers! Waiting to buy a home could cost you nearly $20,000 or more over a seven-year period if you time your purchase incorrectly. While the actual impact will vary depending on purchase price, the impact will certainly be significant because of stimulus programs scheduled to end in the coming months. Economic turmoil and the real estate bubble have created significant opportunity for all those seeking to capitalize on the situation at hand. YOU Magazine will address the real estate purchase market and what people interested in both buying and selling a home need to know this month to take advantage of the current market conditions. We also consulted with Michael J. Maher of "The Maher Team," one of the busiest agents in the country who sold 216 homes in 2009. With a degree in mathematics, he knows his numbers and the impact on both buyers and sellers. As little as a few years ago, it would have almost been incomprehensible to expect that actions from Washington would impact decisions involving the purchase and financing of real estate. Well, that was then and this is now and the decisions people make or don't make stand to impact wallets across the country. Before You Buy - Things to ConsiderThe pressure is on to buy in the first quarter of 2010, so what should buyers focus on before pulling the trigger? Maher recommends that buyers focus on three things that are either expensive to fix later or unable to change without buying another home. His three primary areas to focus on are what he calls the three Ls: "Location, Lot and Layout." When considering location, use technology like GoogleMapsTM before visiting a home to save both time and gas. Mapping allows you to view the property from different angles, see if the home is on a busy street, or if it offers the other requirements you need. For example, if you need a large yard where the kids or dogs can play, a tool like GoogleMapsTM will help you eliminate some homes immediately. While it is relatively easy to get caught up in the aesthetics, don't do it. Overlook items you can change later like paint, carpet and other cosmetic details. Narrow your focus down to two or three homes and "all things being equal, focus on location, lot and layout." Selling a Home?If you are selling a home and want to make sure you can get it off the market for time crunched buyers, remember that today is what Maher calls a "price war beauty contest." Sellers need to be focused on having their home priced competitively and making it most appealing upon inspection. Sellers also should consider paying for a home warranty to alleviate any concerns cash-strapped buyers may have about paying for repairs after closing. More than anything else for both buyers and sellers this year, Maher suggests that people not let the money savings opportunities pass them by. "Anyone that qualifies is in a no-lose situation - they are buying at the bottom of the market, economically, historically, seasonally, market-wise and interest rate-wise. The perfect storm has arrived and the pearls and treasures have floated to the surface." Gifts from the Federal Reserve Are on the Clock MBS Purchase ProgramMortgage rates have been artificially low the past fourteen months due to assistance from the Federal Reserve and their mortgage backed securities purchase program. Regardless of the expert, when asked what the impact has been to lowering rates, the range is from 0.50-1.00% or potentially more. The Federal Reserve reiterated in its January statement that they will be ending the program on March 31st. While it is uncertain to what degree interest rates will immediately rise starting April 1st, the overwhelming trend will be higher. Many experts are predicting that rates will start to rise in advance of April 1st. Tax Credit For Minnesota BuyersLow mortgage rates are not the only stimulus program ending in less than three months. Credited for [...]
Minnesota First Time Buyers Need To BUY Soon Thu, 28 Jan 2010 19:15:53 -0600 Those Who Wait Will Pay Thousands More This Spring Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).
Minneapolis St Paul Homes Financed With 95% Minnesota Conventional Loans! Wed, 27 Jan 2010 11:36:40 -0600 Yes-at least for now-it IS possible. It IS also available for first time buyers. If FHA is not an option or you want to contrast it with conventional option, consider this loan. Interest rates-which change daily and by the minute-were recently advertised at 3.75% for a 5/1 ARM. Imagine that payment!! Here are some of the qualifying criteria:
95% financing maximum in one loan 1st Time buyers OK 700 minimum Fico score Single Family and PUD's ONLY 41% maximum debt ratio 2 months of buyer payment reserves required Seller CAN pay up to 3% of the closing cost It this loan sounds interesting, give us a call. Outside the box thinking gets loans done. We provide mortgage financing in Minnesota only. Twin Cities Mortgage broker --Venture Development
Twin Cities Second Mortgage Purchase Options-They're Back Wed, 27 Jan 2010 11:28:50 -0600 I received an interesting email today from one of our lenders announcing the COMBO 1st/2nd mortgage was back!!! Wow-this means avoiding the mortgage insurance and their onerous underwriting. Here is a sneak preview of the terms. Call us about YOUR situation- Minneapolis mortgage broker Criteria: Subject of course to changes at any time!!! Must be a 2nd mortgage used in conjunction with a purchase-payment is set at 1% of the outstanding balance Maximum 85% CLTV-(combined loan to value) Some states are set at 75 0r 80%. We only provide MN loans, so check to see where the program is at. Maximum loan of 250K and all loans about 80% are subject to a current dollar advance limit 700+ middle credit score Maximum Debt to income ratio of 45% All appraisals must be ordered from the lender's approved appraisal company. Will this loan work for everyone-NO. But is shows that lenders are assessing the market and willing to begin to get creative again. To me, it represents that the lenders feel that values have bottomed out. This is the first time I've seen second mortgages advertised by a lender in about 2.5 years!!
MN Loan For Buying MN Foreclosed Homes| Foreclosure loans For Minnesota Foreclosed Homes Wed, 27 Jan 2010 11:20:10 -0600 Finanally, some new products are becoming available. Here is one that works for bank owned properties. Criteria: 80% loan to value conventional product for owner occupants. This product is from a large portfolio lender, so their guidelines do not follow Fannie Mae or Freddie Mac. This can be good or bad, depending on what criteria you may want to work around.
1st liens only--no second mortgages appraisal must be lender ordered foreclosure process must be completed Full home inspection required in addition to an appraisal Buyer's existing residence must be sold Mechanics lien coverage in the title insurance required-and possibly other riders as well Your Minneapolis St Paul Mortgage broker
MN FHA Loans Will Be Affected By New Policy Change| St Paul mortgages & Minneapolis Mortgages Will Be Impacted Thu, 21 Jan 2010 22:41:24 -0600 The FHA is losing money. In fact almost 10% of the loans are delinquent. So, in an effort to preserve the integrity of the organization, they are tightening guidelines. This means, higher credit scores, higher down payments, higher mortgage insurance premiums, and tighter underwriting guidelines and ratios. SO, if you want to buy a home in the Twin Cities you better hurry. We broker FHA loans in Minnesota and have lenders who are flexible. Once the changes go into affect, we will be having to adjust to the new standards. While I understand that the FHA is trying to protect themselves with tighter guidelines, they may be making things worse. Fewer buyers will mean fewer home sales-which will mean softer prices and possibly more defaults. And so it goes. Here is the HUD news release: http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2010/HUDNo.10-016
Buy MN Real Estate NOW Mon, 11 Jan 2010 22:49:55 -0600 Ron Insanna thinks now might the best time to buy real estate. Check out what he has to say in this video. I agree that there are some tremendous opportunities for those who want to become a Minnesota landlord. Visit msnbc.com for breaking news, world news, and news about the economy Get MN mortgage financing at http://www.VentureLoanApp.com
Finding the right Minneapolis mortgage & best Minnesota mortgage rates are two new year resolutions for 2010 Mon, 11 Jan 2010 22:43:35 -0600 How to Get 2010 Off to a Great Financial Start Plenty of people make resolutions to lose weight, get a new job or make other things happen in their personal life, but relatively few make solid resolutions about money. Make 2010 the year you’ll live a better life financially. Here are a few resolutions to think about: Write down the things you really want in life: Have you ever written down the big things you want in life? Granted, all great dreams don’t cost money, but many of them do. Money buys freedom – to travel, to retire early, to start a business, to change careers. Putting goals in writing gives them a formality and a starting point for the planning you must do. Evaluate your risk tolerance: One of the most beneficial things financial planners do is help you articulate your financial goals and establish (or re-establish) your tolerance for risk. With the recent recession and market turbulence, many individuals would benefit from an analysis of how much risk they want (or need) to take based on what they want to achieve with their money. Track your spending: If you haven’t purchased financial accounting software or set up a reliable accounting method of your own, this is the year to do it. Diligent expense tracking is the first critical step to getting personal finances in order whether you do it on paper or on your computer. Mint.com or QuickenOnline.com are free online programs that help you do this. Get tax and planning advice toward retirement, other goals: Maybe you’ve always winged it with your taxes and considered your company 401(k) the ticket to your financial future. Chances are your planning is inadequate. Start getting references on good tax professionals and consider sitting down with a professional to discuss your whole financial picture. Cut your debt: If you can’t ever seem to get yourself completely out of credit card debt, make this the year to do it. Take inventory of your balances, figure out if you can consolidate them under your lowest-rate card, and resolve to pay off an amount that exceeds the minimum -- on time, every month. And if you can pay extra toward mortgage, auto, student or other borrowings, do so. Start saving -- or save more: If you haven’t signed up for your employer’s 401(k) plan or begun a savings plan tailored for the self-employed, this is the year. And resolve to save at least 5-10 percent of your take-home pay based on your cash flow, and place the maximum amount in your retirement plans and savings. Invest in yourself: If going back to college or taking specific coursework will help you advance in your career, plan to do it. If investing in a health club membership that you actually use makes sense for your health as well as your insurance costs, do it. Keep in mind that bettering yourself is always a good investment. Redefine the way you shop: If you’re an impulse shopper, break the habit in 2010. As a suggestion, get a legal pad and make that your centralized shopping list – use a single page for groceries, stock-up goods (it’s wise to start buying essentials in bulk if you can measure the savings), essential clothing or big expenditures you’ll need to make at specific times. Taking that pad with you wherever you spend money is a good way to keep a grip on your wallet as long as you don’t stray from the list. Change the way you commute: If driving is the single best option to getting to work or other destinations, it’s tough to make that switch. But if you have the option to leave the car in the garage at least one day a week and walk, bike, carpool or take public transportation instead, try it. You’ll save money on gas, maintenance, insurance and parking costs, you’ll benefit the environment and in the ca[...]
Twin Cities Realtor-Reflections on the past and excited about the future Sun, 10 Jan 2010 10:27:11 -0600 What's in Store for You is Largely up to You By Rob Minton & John Mazzara For many, 2009 was a year of "change". The question is, was it positive or negative. To a large extent, the answer lies within. In the MinnepolisStar Tribune today, they highlighted 3 people who had had a career change. Each of the individuals is doing something completely different than they were a year ago. Each is trying to master their destiny. Change is a constant, how we embrace it is the key. I have 3 friends going through a divorce. Two are moving forward positively, whereas one is being consumed by it. Again, life changes-each had been married 18 years or more. One was 29 years. Anyway, nothing is guaranteed, nothing is without change. My industries-the financial sector-has gone through tremdous upheaval in the last 24 months. Yet, we are reacting to the market and becoming better. There was a quote once attributed to football coach Lou Holtz that most of us have probably heard. "Life is 10 percent what happens to you," it goes, "and 90 percent how you react to it." The point is that some things that affect our lives, we have no control over. What we CAN control is how we deal with it. It's something to keep in mind now that it's 2010. Instead of wondering what 2010 has in store for us, maybe we should instead ask, "What do I have in store for 2010?" We often get caught up in what "happens" to us rather than realizing that our response to it -- which we CAN control -- is instead what is going to shape us. For example, how many millionaires have gone through bankruptcy, lost a fortune, then rebuilt it? Donald Trump, for one, comes to mind. Bankruptcy "happened" to the Donald. But he reacted to it by building a fortune and becoming even more successful today. Every adverse thing that "happens" to us is an opportunity; an opportunity to learn and self-correct, but also an opportunity to practice the valuable life skill of affecting the ultimate outcome with our response. For example, how many new small businesses will be born out of the high unemployment of the recent U.S. recession? You can bet that some of the 10 percent or so of Americans who had unemployment "happen" to them have used the situation to go to work for themselves. The entrepreneurial types who become successful after such an event will have made something happen -- affecting the ultimate outcome with their reaction -- instead of just letting it happen to them. Don't fool yourself into thinking that producing a positive reaction to a negative event is easy. It takes practice. It takes a knowledge of oneself to understand how to quash the self-pity, self-doubt and knee-jerk angry reactions that can come with a negative event. Some of this is human nature. In fact, there is a human mechanism termed by psychologists as "fight or flight." When confronted, there are two basic responses we have. Fight and flight. We either face our adversary and defend ourselves, or we run. The question is, which do we do and when? Answering that for yourself will help you react positively to negative events. Are you going to fight or are you going to run? The answer will let you know if 2010 is going to happen to you, or if YOU are going to happen to 2010. Search for your new Minneapolis home or Minnesota real estate at my site. Your new MN home loan can be found at our mortgage website.[...]
Twin Cities Mortgage Guidelines vs National Mortgage Guidelines Fri, 08 Jan 2010 15:54:14 -0600 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. There are many situations that don't fit the black box of underwriting that is done by a computer. Manual underwriting-which brings in the human element-can possibly overcome some obstacles and get us back to "makes sense" loans.
Minnesota Mortgages can be financed and with Venture Development, your MN mortgage broker.
MN Appraisals-Low Valuations Common In Twin Cities Real Estate Market Sun, 03 Jan 2010 18:29:35 -0600 Here is a link to a Yahoo article of low valuations: Low appraisals are common throughout the country and the Twin Cities real estate market. I can tell you from experience that the trend is not any different in Minnesota either. You will find many times that the only current sales are distressed sales. Unfortunately, sometimes these sales set the bar that needs to be used to determine what a home is currently worth. Lenders may even "adjust" the valuation if they think it is too high after they do an AVM (automated valuation model). So, a property appraisal doesn't necessarily mean you're out of the woods. If you are considering refinancing a Twin Cities home visit our Minnesota loan site and fill out an application. We can help you determine the valuation of your home with Minnesota Multiple Listing Service . We frequently will consult the MLS to determine if you have the equity necessary in your Minnesota home.
MN Home Buyers & MN Home Sellers- Improve Your Credit Scores-It is THAT important Sun, 03 Jan 2010 11:44:32 -0600 Here is an example of an auto purchase, but it is the same with mortgages and the availability of loan products. We offer solutions to help you improve your credit so you can buy a home. If you've had a bump in the past, don't let it hold you back. Advanced mortgage planning and being proactive is the solution. If you don't do anything, nothing will happen. Call us-Venture Development - Minneapolis Mortgage broker
How Important is Your Credit Score? Did you know that you can own a Mercedes for less than what you'd pay for a Ford? Believe it or not, your credit score could determine what you drive. With a below average credit score of 550, you'll be forced to accept an 18% interest rate and pay $702 a month for a Ford Fusion with a manufacturer's suggested retail price of $27,431. With a credit score of 750 or better, you'll be offered a 5.5% interest rate and pay only $622 a month for a Mercedes C230 Sport with an MSRP of $32,089. Nothing against Ford, but why pay $720 for a Ford when all you have to do is increase your credit scores to start driving a Mercedes-or a BMW-for almost a hundred dollars less each month! When you have the right credit scores, you'll pay almost $100 less a month. What a great concept-paying less to drive a nicer car. And you can do exactly that-when you increase your credit scores. And credit also determines how much you pay for a home...insurance...whether you get a job (your potential and current employers can legally look at your credit reports and not hire you-even fire you-if they don't like what they see). Credit scores even determine what you'll pay for your utilities in some cities. That's right, if your next door neighbor has higher credit scores than you, you may be paying more than him or her for your electricity. Now do you see how important your credit scores are? Can you see how much easier good scores can make your life? The path to home ownership begins with making the right choices and setting the groundwork for success.
Minnesota Economy is just Part of the Equation-Attitude and Habits make up the balance. Sun, 03 Jan 2010 11:36:22 -0600 How They Went Broke By Rob Minton& John Mazzara Earlier this year, I read a book titled "How They Went Broke: Bankruptcies and Money Disasters of the Rich and Famous," by Roland Gary Jones. Amid all this talk of a recovery in the economy lately, I started thinking about this book again. It strikes me now that for none of the hundreds of famous people listed in the book did it say "lost it all because of a recession," or "the economy ruined him." In fact, several of the people listed in the book built or re-built fortunes during or after the Great Depression, only to squander them away much later. The lesson there is that WE control our financial well-being, not the economy. It's easy to blame the recession for whatever hardship people are going through, and I know the soft job market is a very real problem for many, but it's important that we also don't use the recession as a crutch. Don't give yourself permission to be lax or sloppy with finances because of the economy. Again, nobody in the book lost everything because of the economy. Here are the five main categories of fortune-losers from the book: 1. Those who lived above their means 2. Those who chased bad money with good 3. Those who had a lack of control over their investments 4. Those who engaged in speculation 5. Those with problems and legal issues. Most of the rich and famous who became poor and famous fall into these categories. And the above categories are all results of human behavior, not the economy. Keep in mind during that as this economic recovery gains steam, we have important financial lessons we can learn from those who have gone before us. The main lessons I learned from this book about not losing money are: 1. Live within your means 2. Don't over-leverage a business 3. Control your investments 4. Invest, don't speculate 5. Pay your taxes and stay out of court! Remember, it's not what the economy does that determines your financial health, it's what YOU do! MN Homes can be searched via the online MLS from our site. Twin Cities mortgage programs can be sourced from our MN mortgage site.
MN foreclosures-are they abating or will they be accelerating? Sat, 02 Jan 2010 21:46:48 -0600 Signs another foreclosure wave might be coming-Time will tell!
By Rob Minton& John Mazzara
Much has been made of what some are calling the “shadow” inventory of foreclosed homes. The term refers to the number of homes owned by borrowers who are delinquent on their loans or in default, but have not had foreclosure actions brought against them. Economists and analysts point out that when the stuff hits the fan – when trial loan modifications expire, for example – and banks again start foreclosure proceedings at a normal pace, there will be another big wave of foreclosed homes to hit the market. A recent government report doesn’t exactly make you believe otherwise. The Office of the Comptroller of the Currency and Office of Thrift Supervision last week released their Mortgage Metrics Report for the Third Quarter 2009. Although there were some bright spots – more modifications are up, and fewer modified borrowers are falling behind again – the picture painted was one that “shadow” foreclosure theorists will certainly cite. The report shows that the percentage of mortgages that were current dropped for the sixth straight quarter. In total, only 87 percent of mortgages nationwide were in the “current” category. “Prime” mortgages, those in the largest percentile of loans, jumped in serious delinquencies. About 3.2 percent of all prime mortgages were seriously delinquent in the quarter, up nearly 20 percent from the quarter before and almost double the rate at the same time last year. Some have predicted another wave of foreclosures to hit as option ARMS – adjustable rate mortgages on which borrowers can sometimes pay less than even the interest owed – and prime mortgages go into default. The OCC’s report would appear to indicate that is starting to happen. But the biggest sign there might be a “shadow” foreclosure inventory looming is the fact that during the third quarter, banks and loan servicing companies implemented twice as many home retention actions as foreclosure actions. Depending on what you believe, whether modification fixes the problem or merely delays the inevitable, you might be able to see why more foreclosed homes will hit the market this year. So what does this mean for you? It could mean that home prices, which have been stabilizing, will drop again as more foreclosed homes hit the market. For investors, that could mean opportunities to acquire more properties at “discount” prices. However, it’s not as though those opportunities don’t exist now. We all hear that foreclosures are down, and prices are up, and there might be this perception that we missed the boat on the best deals. But there are good deals out there right now, so if you’re in a position to buy, it makes sense to do so. Search for Twin Cities foreclosures
MN Mortgage Broker| Minnesota Mortgage Updates| Edina Mortgage Wed, 30 Dec 2009 19:56:39 -0600 Here is our latest show on Metro Cable Channel 6. Our new show highlights the laatest updates on MN FHA loans, Twin Cities Real Estate Foreclosures, Minnesota Shortsales, Minneapolis VA loans. If you have questions about your home refinance or home purchase in Minnesota call Patti Mazzara at 952.285.4319  If you are looking for a Minnesota Mortgage Broker or Minneapolis home call John Mazzara at 952.929.2577. Don't forget we do all the MN Refinance programs like Making Home Affordable, HAMP, HASP loans as well. For 100% financing ask Patti about the USDA Rural Development program or grant money for select Twin Cities areas.
MN Short Sale In Your Future?-Learn about FHA Mortgage Rules And Short Sales Thu, 24 Dec 2009 14:21:58 -0600 They've just changed the rules on short sales, and short payoffs. As of a couple days ago, the FHA mortgagee letter has some clarification. Looks like it is as least 3 years on the short sale before you can get an FHA mortgage, unless your situation was caused by an event beyond your control. On short payoffs, you have to be current at the time of the new loan closing. BUT, if you could be current, you probably could make the payment, and you won't qualify for the short payoff anyway. So it appears this rules will make it HARDER to utilize an FHA mortgage for a short sale or short payoff. My recommendation is that you start to explore all your options sooner than later, so as to position your best for the future. Life happens to everyone-you are not alone. The worst mistake you could make is to ignore the problem. I have resources that I would happily share on explaining what a short sale is and why you might or might not want to pursue this option. Our MN short sale site is http://www.mnshortsale.org/ Book mark and visit it often, as we update the site with new legislation as it presents itself. We have resources for those who are pursing a Minnesota short sale
MN HUD HOME PURCHASE| MINNEAPOLIS HUD HOME| BUYING HUD FORECLOSURES Mon, 07 Dec 2009 14:43:35 -0600 Avoiding HUD Home Headaches:
However - Remember these key points to avoid problems and advise buyers: · Only primary residence buyers allowed in the first round of bidding. • Determine if the home is being offered as eligible for Minnesota FHA financing: o Has an existing FHA appraisal that must be used (unless expired) • HUD does not automatically provide title insurance. Make sure that the lender has disclosed this additional expense to avoid surprises at closing. Only if HUD has agreed to pay closing costs, could the insurance be provided at HUD's expense. · If HUD is offering a repair escrow, that this amount can be ADDED to the MN FHA loan, but HUD doesn't pay for it. • Lender documents must be to the title company up to 10 days prior to closing date in some states. • HUD signs closing packages first. Then once the loan proceeds and the title company receives buyer down payment and closing costs, the buyer is allowed to sign. Make sure that the lender is aware and has the ability to fund the loan BEFORE they have a completed loan package. • Closing delays are common due to "title clearing" issues. Foreclosed homes can have several liens due to utilities, taxes; etc that must be dealt with before closing can take place. Minneapolis HUD Homes are a great investment when the buyer is prepared from the beginning for all potential challenges, such as rescheduling of moving trucks, and possible rate lock extension fees. When you work with experienced professionals like John Mazzara with RE/Max Associates Plus in Edina Minnesota and Patti Mazzara with Venture Development Inc, a MN Mortgage Broker, you will get the guidance and straight-forward answers that make the process easy to understand. Let our experience help you through your home purchase. Visit http://www.minneapolisstpaulhomes.com and http://www.ventureloanapp.com/ Portions of this article are provided by MortgageCurrency.com
Minnesota Mortgage Rates-MN Mortgage Rates Thu, 03 Dec 2009 10:10:16 -0600 Following the national trend, rates are at an all time low. If there EVER was a great time to refinance-now is the time. Consider purchasing a home in MN or refinancing. We have access to the 125% first mortgage refinance program through Freddie Mac HASP loan. What this allows us to do is refinance your first mortgage-as long as it doesn't exceed 125% of the homes value and any secondary financing (second mortgage & lines of credit) agrees to subordinate their lien. At this time, we have other options for people who have a Fannie Mae, FHA or VA loan. As a mortgage broker, we have all sorts of options for you to consider. As a Minnesota mortgage broker-Venture Development can arrange financing for you all throughout the state of MN. READ This article from MarketWatch http://marketwatch.com/r.asp?g=A93598309E0043A6B531456A6892AB38&d=bnbt
Minnesota mortgage Rates Tue, 01 Dec 2009 18:51:57 -0600 Rates Have Hit All-Time Low Levels Again! In case you haven't caught the news, home loan rates have done it again, dropping to their lowest level...ever. Not only has the 30 Year Fixed rate returned to its lowest all time level, rates across the board are at their lowest levels.
The chart above shows the 30 Year Fixed Rate over the last 11 months. The first red arrow shows what took place when interest rates shot up in May, rising nearly 0.75% in a matter of days. And just as when the holidays come and go this month, the rates that are available today are likely to take off as well, only this time for good.
Twin Cities MN Jumbo Loans-Minnesota Jumbo Loan 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
Qualifying For Homebuyer Credit| Rules For Home Buying Credit 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 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
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