Minnesota mortgage and home loan info for first time buyers, MN down payment assistance and more
This article first appeared on the web site for the radio show Sweet Home Minnesota.
A Strategic Default is when someone can afford to make their mortgage payment but still chooses to walk away from the home because of their negative equity position. Usually they call their Get-a-way a “business decision” just like a bank would make and [...]
On Wednesday, June 30th the Senate passed a bill to extend the closing date deadline until September 30th for buyers eligible under the tax credit program. This bill matched up with a version passed through the House the previous day.
No New Buyers Qualify
This extension didn’t make it possible for any new buyers to get into [...]
The million dollar question for thousands of home buyers in Minnesota is “How long after a short sale do I have to wait before I can buy a home again?” There has been a lot of confusion about the answer to this question.
Fannie Mae announced their updated guidelines related to this on April [...]
On January 1, 2010 a new set of requirements kicks in for all mortgage lenders. The biggest change will be to the Good Faith Estimate (GFE). In the past this form could be used by a consumer to determine what their total monthly payment would be, how much money they would need at closing and [...]
On Wednesday afternoon (the day I write this) HUD Secretary Shaun Donovan will be making a presentation to the House Financial Services Committee. According to a story first reported by national real estate columnist Kenneth Harney a number of changes, including increased down payments, higher minimum credit scores and raising the cost of mortgage insurance could [...]
Tonight Calculated Risk is reporting the details of what the final negotiations have pulled together. Citing a report on Bloomberg Calculated Risk is reporting the following details in this new version of the tax credit:
Income eligibility for first-time home buyers stays at $75,000 for individuals and $150,000 for couples.
For move-up buyers, income eligibility is $125,000 for [...]
Time to reach back in your memory and remember the lyrics to “I’m Just a Bill” from the School House Rocks videos.
Diana Olick at CNBC.com reported today that California Rep Gary Miller proposed an amendment that was approved in a House committee that would “sunset” the Home Valuation Code of Conduct (HVCC). “Sunsetting” is a common maneuver in [...]
Behind the scenes the pieces have been moving into place for a Congressional showdown about extending or amending the current $8,000 first time home buyer tax credit. Right now the options being proposed are the same as they have been for weeks:
Extend the current credit longer–until June or July seems to be the standard time [...]
This is HUGE! 3% down Conventional mortgages are back for first time buyers in the Twin Cities. Smaller down payments on Conventional loans are welcome news to anyone who has had their offer rejected because they were using FHA financing.
The ability to do anything less that a 5% down payment on a Conventional mortgage (not [...]
Alex Stenback over at Behind The Mortgage picked up an interesting story by The Washington Post about the Making Home Affordable Refinance program. According to the Post:
…only 93,070 borrowers have been helped since the effort was launched in April…
The refinancing program is part of the Obama administration’s massive housing program, known as Making Home Affordable. The [...]
