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Thursday, January 31st, 2013 at 12:14pm. 1265 Views, 0 Comments.
Your biggest issue will be your loan options... depending on your credit score.
The FHA has their own guidelines for loans they will accept and may be your best bet. Keep in mind that FHA is not a bank; it’s a government agency that insures loans from FHA approved lenders. While the FHA will have its rules, a bank will also have its own rules as well. Most banks today are only willing to finance FHA loans with credit scores of 640 and above. The FHA however will allow loans with credit scores as low as 540 with 20% down. Additional requirements are as follows:
• 2 Years of steady employment, preferably with same employer. Last 2 years Income should be the same or increasing.
• Credit report should have less than two 30 day late payments in…
Monday, October 15th, 2012 at 11:10pm. 4315 Views, 0 Comments.
Remember that frustrating weekend project... when you were trying to find a wall stud to nail into?
If you think that was rough... imagine hanging this Formula 1 race car! This home, designed by Tim Alt is on Lake of the Isles in Minneapolis. His 1964 Grand Prix winning car steals the show.
Tuesday, September 4th, 2012 at 3:35pm. 1049 Views, 0 Comments.
Credit scoring was developed in the 1960s as a means to determine whether or not consumers were
likely to repay their loans. The score ranges from 350 to 850 with a higher score being extremely favorable. Essentially, a high credit score translates into lower interest rates for the borrower.
There are five factors that comprise the credit score. Payment history accounts for 35% of the score; outstanding credit balances have a 30% impact; credit history makes up 15%, type of credit factors at 10%; and inquiries influence the score by 10%. This gives the lender a snapshot of an individual's sense of
financial responsibility and ability to pay back loans.
There are many quick tricks to improve the credit score. If a borrower has to pay a higher interest rate…
Sunday, August 26th, 2012 at 3:03pm. 739 Views, 0 Comments.
The Twin Cities- based JimBergTeam.com at Re/Max Results has launched a new mobile search app, ResultsRadar, for iPhone, iPad and Android devices that incorporates augmented reality technology.
ResultsRadar overlays property information such as pictures and property description when the phone's camera is pointed at a property, and indicates the location and proximity of other properties for sale nearby.
In addition to retreiving MLS-derived property information, the app pulls additional property details that the brokerage may have about the property.
The ResultsRadar app is available to consumers and agents.
The app is available for iPhone, iPad and devices running on the Android operating system -- the first time an augmented reality…
Tuesday, July 3rd, 2012 at 4:57pm. 665 Views, 0 Comments.
A surge in homebuilding pushed construction spending up 0.9% in May, the largest amount in five months, further indication that the housing sector is slowly recovering.
Construction spending reached a seasonally adjusted annual rate of $830 billion – 11.3% above the 12-year low hit in February of last year, according to numbers released Monday by the Commerce Department.
The boost was also well above the Barclays Capital estimation of an 0.1% increase and consensus of 0.2%. Continuing the good news, April's rise was revised higher to 0.6% month over month from 0.3% previously. Construction spending now stands 7% higher than last May.
May's increase in spending was driven by a strong 1.6% gain in private spending, with both residential spending…
Tuesday, July 3rd, 2012 at 12:41pm. 586 Views, 0 Comments.
U.S. home prices year-over-year rose 2% in May while also increasing 1.8% from April, CoreLogic reported in its May home price index.
The Santa Ana, Calif.-based research firm said when excluding distressed home sales, prices actually shot up 2.7% over year-ago levels and rose 2.3% from April. Figures from May show home prices nationwide increasing for the third consecutive month in a row.
"The recent upward trend in U.S. home prices is an encouraging signal that we may be seeing a bottoming of the housing down cycle," said Anand Nallathambi, president and chief executive officer of CoreLogic. "Tighter inventory is contributing to broad, but modest, price gains nationwide and more significant gains in the harder-hit markets, like Phoenix."
Saturday, May 19th, 2012 at 7:26pm. 594 Views, 0 Comments.
NEW LISTING in SW Metro!
Are you looking for that perfect blend of nature and city? This is one of the area's best kept secrets in townhome living. Normandale Lake Trail System, Dinner at Kincaids. Woods, Ponds, and Wildlife... and High Tech City Amenities all within walking distance!
Saturday, May 19th, 2012 at 6:37pm. 633 Views, 0 Comments.
BPO, CMA, Appraisal -- what is the difference? These are all various methods of valuing real estate, (properties, homes, houses, commercial property, investment property, and vacant land).
Appraisal = formal valuation by a licensed appraiser. An appraisal is a subjective opinion of a real property's value. Most appraisers are highly skillled, with many years of experience. Besides single-family homes, some appraisers specialize in niche areas, such as rural acreage, estate homes, commercial/industrial property, apartment rentals. In order to appraise property for an FHA loan, the appraiser must be experienced in the FHA loan procedures and requirements. Appraisals are required as part of the underwriting process for mortgage lenders when they…
Monday, April 23rd, 2012 at 12:55pm. 547 Views, 0 Comments.
In the latest release of the National Association of Realtors' Existing Home Sales report, there were some very interesting facts. The NAR said the pace of sales in the first three months of the year marked the strongest first quarter since 2007.
But the best news is the inventory data. The nation's glut of unsold homes is easing, as inventories fell to 2.37 million. Realtors in some markets have even reported shortages of housing stock. A decrease in the amount of homes on the market is always good for housing as it stabilizes and even drives prices upward. Nationwide, the median price for a home resale rose to $163,800 in March, up 2.5 percent from a year earlier.
An improving labor market has realtors upbeat about sales prospects for the…