The FHA 1 Year Waiting Period After Short Sale, Bankruptcy or Foreclosure – Back to Work

Where was this three years ago?  Better late than never I suppose.  FHA is now insuring loans to homebuyers who have experienced an Economic Event (Short Sale, Bankruptcy, Deed in Lieu of Foreclosure or Foreclosure) in the past and can document that (1) their certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income beyond the borrower’s control, (2) the homebuyer has demonstrated full Recovery from the event and, (3) the homebuyer has completed housing counseling. FYI, in the event of a short sale, this is for buyers who DID have late …

Different Mortgage Types and What They Mean to Buyers and Sellers in a Competitive Market

This podcast outlines the differences between Minnesota mortgage pre-approvals and how they affect purchase transactions.  Homebuyers and home sellers can learn the risks and benefits of each different type and how they relate to their transaction.  This is essential information for understanding the implications of your choice on loan type for your purchase in a seller’s market.  If you’re a seller, it’s essential for understanding the risks and advantages of accepting an offer that comes with one type of mortgage financing vs. another. Charles Dailey – Branch Manager, Loan Officer, Certified Military Housing Specialist – CA DOC, MN DOC & …

General Information on FHA VA and Conventional Mortgages

This podcast of the Twin Cities Real Estate Radio Show covers general pro and con information on different loan types such as conventional, FHA and VA. Charles Dailey – Branch Manager, Loan Officer, Certified Military Housing Specialist – CA DOC, MN DOC & WI DFI The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, a licensed national real estate brokerage service company, not to or through a lender. The FREE home finding service is provided directly to prospective homebuyers by HBM II and its real estate brokers, as part of their ordinary real estate brokerage …

Buy Your Home With a Low Down Payment of $100.00!

During the fall of 2011, all HUD owned properties that are under the jurisdiction of the Denver and Atlanta HUD Homeownership Centers are eligible for the $100.00 down payment purchase incentive.  What this means, home buyers in Minnesota, Wisconsin and the additional states under Denver & Atlanta’s jurisdiction can purchase a HUD Owned Property with just a $100.00 down payment.   Purchasing a HUD property could be a great way to reduce out-of-pocket expense, but there are some things you should know first.  To purchase a home with the $100.00 down payment incentive the HUD Owned Property must be:  Owner Occupied. …

Seller Contributions Towards Closing Costs on a Home Purchase

Doesn’t the Seller Pay for All of Our Closing Costs? We all have to remind buyers that they are responsible to pay the required down payment percentage (3.5% for FHA or 3-10% etc for Conventional) AND their closing costs/pre-paids too. Even if you stipulate that the sellers contribute towards “closing costs and pre-paids” in the purchase agreement it may not cover ALL of those fees. If you want a smooth purchase transaction make sure that you ask your favorite mortgage guy if there is a NEED to try to get all/most of the closing costs/pre-paids included with the offer. It …

10 Home Renovations That Don’t Necessarily Add Value

Some people assume that all renovations done to the home will add value.   As a matter of fact most people spend thousands of dollars on expensive upgrades and renovations over a period of time. What these people forget is that the next owner may not like the renovations.  Everybody needs to remember that your home is only worth that of homes of comparable size are appraised at, not necessarily by the characteristics of your home.  Yes, some qualities are highly sought after like garages, finished basements, enclosed yards or large kitchens but you need that certain buyer to appreciate them. …

Make That Foreclosed Home your Dream Home with an FHA 203k Loan.

You have spent the last 3 months dreaming of buying your new home.  You have been saving for a year for the down payment and you are ready.  You have your dream home in your mind.  You want that 2 story, 3 bedrooms/ 2 bathrooms home that fits the needs of your family.  You want that nice yard for the kids so they can play.  You start working with a Realtor to help you find this new home and you consult with an experienced loan officer to see what you can afford. You are excited because this is going to …

Buying a Home after a Short Sale – Don’t Believe the Naysayers

I’ve written on this subject before but I want to be more thorough this time. There have been too many articles put out lately that discourage people from contemplating a home purchase after doing a short sale. These articles express cynicism about home sellers’ financial habits and cynicism from Realtors as well. Most Realtors doing short sales know how to cover the bases for their client to make sure they’re in a good position to buy a home down the road. Further, in my area (Saint Paul, MN), nearly 1 in 10 homeowners in the twin cities are upside down on their …