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Outstanding Video-An Inspiration To All-Be The Best You Can Be!
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Twin Cities Home buyer book
Thinking about buying a home but don’t know where to start? Why not start by reading the home buyer hand book that we have provided below. It is a great place to start to get the information you need. When you’re ready, we would love to help you find and finance a new home. MN Home buyers handbook View more documents from John Mazzara. Powered By WP Footer Read More →
Reverse Mortgage Purchase For MN Seniors
Yes IT IS being done!! A reverse mortgage purchase using the FHA HECM loan. We’re doing them at Venture Development. We put together a power point on it for your review. http://www.slideshare.net/mnguru/reverse-mortgage-purchase-senior-mortgage This is another interesting way that homes can be sold and buyers can achieve a housing payment that works for them. Powered... [Read more]
FHA 203K–For Remodel or purchase
As a Minnesota mortgage broker, we have investors who will fund the FHA 203k program. Not every lender will allow for a 203K, as they require more paperwork and have more responsibility associated with them. That being said, you will want to explore the 203K loan if you want to make some updates or remodel to an existing or new purchase. I have run across a very knowledgeable... [Read more]
FHA Short Sales-ALLOWED
Many people mistakenly think short sales can’t or won’t be done on FHA insured loans. THIS IS NOT TRUE Here is the link to the HUD pdf which outlines their current program guidelines: http://www.hud.gov/offices/hsg/sfh/nsc/rep/pfsfact.pdf If you are in Minnesota and your home is within the 7 county metro area around the Twin Cities, we can help you list your home and... [Read more]
FHA Credit Score Changes
FHA is thinking about changing their minimum credit score requirements for loans. In the meantime, lenders are adding their overlay on top of FHA. So, what this means is that although a loan will eligible for FHA insurance with a score of 580, they may impose a minimum of 640. MOST lenders today are 620. Many are moving to 640 and even 680!! This is why it is important to work... [Read more]
FHA ARM’s are AVAILABLE
Many lenders/brokers are not offering the FHA ARM. WE DO!!!. FHA ARM’s adjust 1 percent per year, once per year, with a lifetime maximum adjustment of 5% over the start rate. Let’s look at a WORST case example. Lets start a 4% year 1. Upon adjustment with worst case, we’re looking at yr 2- 5%, yr 3- 6%, yr 4-7%, yr 5-8%, yr 6-9%. As with all ARM’s... [Read more]
FHA Upfront MIP Increasing to 2.25%
Due to an increase in foreclosures, FHA finds itself needing to increase the cost of mortgage insurance. The upfront MIP is increasing from 1.75% to 2.25%. FHA allows borrowers to purchase a home with 3.5% down. The borrowers using FHA often don’t have a lot of reserves or ability to put more down. The lack of financial resources coupled with a shaky economy has led to an... [Read more]
When It Pays to Do It Yourself
Article From HouseLogic.com By: Oliver Marks Published: September 01, 2009 Doing home-improvement jobs yourself can be a smart way to save money, but choose the right DIY projects or you’ll end up paying dearly. Why pay someone big bucks to do something you can just as easily do yourself? That’s the thinking that has gotten more Americans than ever swinging their own hammers.... [Read more]
What Your Remodeling Contract Should Say
Article From HouseLogic.com By: Oliver Marks Published: September 30, 2009 Review your remodeling contract carefully and adjust it to make sure it protects you in terms of payments, work schedules, and project specifications. Even if you never intend to pick up a hammer for your remodeling project, there’s one tool that’s absolutely essential-a solid contract. But just... [Read more]
