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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]
Should You Move or Improve?
Article From HouseLogic.com By: Oliver Marks Published: August 28, 2009 Whether to move or improve is a harder question to answer than it was a few years ago, but a few cost-benefit calculations can help you make the right decision. What do you do when your family outgrows your house, or when the quirks you once found charming about the place just aren’t livable anymore? A few... [Read more]
5 Essential Questions to Ask Before Hiring a Contractor
Article From HouseLogic.com By: Oliver Marks Published: September 30, 2009 You’re ready to remodel but you want to make sure you get the best contractor for the job. Here’s what to ask the candidates before you decide. For all of the excitement of choosing plumbing fixtures, cabinets, and tiles for a remodeling project, the most important decision you make won’t involve... [Read more]
Budget for a Remodel
Article From HouseLogic.com By: Oliver Marks Published: August 28, 2009 To calculate how much remodel you can afford, follow these four steps: Ballpark the cost, establish a spending limit, make a wish list, and set your priorities. What’s on your remodeling wish list? Maybe you’re longing for a spa-like master bathroom, a new eat-in kitchen, or a garage with space enough... [Read more]
Open Source Documents-Unbelievable Resources-Find YOUR topic of Interest
If you’ve never visited http://www.Archive.org, you are missing a wonderful site. From this site, you will find many resources that are out of copyright and you can download and use them as you wish. You will find all the classics and some fun things as well. Just for fun, I have the download of a book called “Little Gardens” which is a book about setting up... [Read more]
Sell Your Home Faster-Learn The Home Selling Secrets Of Successful Sellers
Here is a special report that outlines over 450 ideas on how to sell your home faster. This report is just one of the many home buyer, home seller, and investor reports that I can make available to you. Read this report and call me to arrange a time to see how I can help. Download Now Powered By WP Footer Read More →
Extension And Expansion Of Home Buyer Credit-4/30/2010
A Big WOW!! The credit has been expanded to include homeowners who have owned their home for the past 5 years. No longer do you need to be a first time buyer. The dollar limit is $8000 for first time buyers and $6500 for move up buyers. This GREAT news. Combine this with 50 year lows in interest rates, and you’d be crazy not to consider making a move. If you feel secure... [Read more]
Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification
Have you ever wondered why a foreclosure occurs when a better solution might have been a modification? Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced? You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better. That being said, you can probably guess why-it’s... [Read more]
Home Buyer Tax Credit Information Update
It’s now official!! The tax credit has been extended and expanded. YOU NEED TO HURRY! You now have until the end of April 2010. The following summary of the credit is provided by the National Association Of Realtors. The following two documents cover the changes in the new law. Now get out there and buy a home!! NAR FAQ: Homebuyer Tax Credit Changes NAR Issue Brief: Homebuyer... [Read more]
Minnesota Real Estate Newsletter Gives Access To Great Computer & Life Tips
I maintain a number of real estate sites, blogs, and newsletters. One newsletter that provides a number of computer tips to help you function better with a computer is http://www.REcyber.com/cybertips/r11627 The site is full of cyber space tricks and great places to visit. We have link to this site on the list of MN Real Estate links, but I wanted to highlight this particular newsletter... [Read more]
Make The Right Home Improvements & Increase Your MN Home Value
Are you ready to sell your Minnesota home for the highest dollar with the least amount of hassle? I have helped hundreds of MN homeowners get their home sold. Can I help you? Powered By WP Footer Read More →
Minnesota Home Seller Secrets
Are you ready to sell your Minnesota home for the highest dollar with the least amount of hassle? I have helped hundreds of MN homeowners get their home sold. Can I help you? Powered By WP Footer Read More →
Minnesota Home Buyer Secrets
First, read the guide and learn how to purchase a Minnesota home successfully. Then, call me to set up an appointment to begin the process. Powered By WP Footer Read More →
How Do I Pay for a Remodel or Addition?
One of the main concerns you may have if you are doing a remodel or addition in the Twin Cities area is how you are going to pay for it. Thankfully, you’ll find that there are a variety of different payment options that you can consider when you are trying to complete a remodeling project or you want to do a new addition on to your home. From home equity loans to using your savings,... [Read more]
Major Remodel and Home Additions – Concerns, Costs, and Issues
Whether you are planning to do a major remodel or you want to do a major home addition, there are going to be so many different things to keep in mind. After all, many people don’t realize what they are getting into when they start a room addition or a remodeling addition to their home. You’ll find that there is much to think about before you get started and as the addition... [Read more]
Choosing a Contractor and Comparing Bids
Whether you are doing a remodeling project in St. Paul or Minneapolis, choosing a contractor is one of the most important things that you will do. Having a great contractor on your side is extremely important and will make the difference between a mediocre remodel or one that is excellent. Of course while you are on the lookout for a top notch contractor, you are going to want to compare... [Read more]
Elements of a Remodeling Contract
Before letting any Minnesota contractor get started on your remodeling, one of the most important things you need to keep in mind is the remodeling contract. You should always make sure that there is a contract in place. In fact, you should never allow the contractor you choose to start any work until you have looked over the contract and then signed it. The contract should spell out... [Read more]
Developing Remodeling Plans for Your Remodel Project
Whether you are planning on doing a bathroom remodel, remodeling your kitchen, or even some other room in your home, developing remodeling plans can be a huge help. There are so many things to be done, from finding a contractor to working with building codes. So, you have a whole lot to do when it comes to coming up with plans for the project that you want to accomplish. If you are... [Read more]
How to Pick a Remodeling Contractor
If you live in the state of Minnesota and you plan on having some remodeling done, you may need a good home remodeling contractor to help you out with your needs. No doubt you’ll find that there are many different contractors to choose from in the Twin Cities area, but you don’t want just any contractor working on your home. There are many different considerations that... [Read more]
Establishing a Budget for Your Remodeling Costs
Today in Minnesota and elsewhere around the country, many people are beginning to give moving a second thought. Even if their homes are not quite meeting their needs, relocation at this point in time can be on the difficult side. So, because of the tight economy that you’ll find in the Twin Cities and in many other areas, more and more people are deciding that they should remodel... [Read more]
Bathroom Remodeling – Steps to the Perfect Bathroom Remodel
Are you considering doing some bathroom remodeling in your home? Bathrooms can get dingy and out of date quickly. Even if you want to do a bathroom remodel in the Twin Cities, you may have no idea where to begin. Well, although it will take some planning and work, coming up with bath remodeling in Minnesota, is not as difficult as you think it is. So, here are some simple steps that... [Read more]
Kitchens – Top Tips for Remodeling Your Kitchen
For those who live in the state of Minnesota, home improvement is an important topic, just like it is everywhere else in the country. Of course one of the rooms in homes that most often ends up needing a face lift is the kitchen. After all, in many homes, the living is all centered around the kitchen. If you are planning a kitchen remodel in your Twin Cities home, then you are probably... [Read more]
FHA 203K Mortgages-Light Rehab of Up to 35K in Repairs
The Federal Housing Authority or FHA also offers the 203k loan that is for light rehabilitation to a dwelling that requires $35,000 in repairs or less. This is called the Streamline 203k loan. The Streamline 203k loan is great for buyers who may pass on a home because it needs minor repairs. This loan is different from major rehab 203k loan and eliminates paperwork and simplifies... [Read more]
FHA 203 K Mortgages-Full Rehab-Major Renovations
The Federal Housing Administration or FHA a division of HUD offers the 203k loan program. This loans primary focus is the rehabilitation and repair of single-family properties or a home improvement loan. The 203k full rehab, major renovation loan offers affordable ways to improve an existing residential home. Quick Facts on the 203K Loan The 203k mortgage full rehab, major renovation... [Read more]
