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There are currently 15 blog entries related to this category.

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Can You Buy a Home if I Have Bad Credit?

Thursday, January 31st, 2013 at 12:14pm. 1083 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…

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High Credit Score = Low Mortgage Rate

Tuesday, September 4th, 2012 at 3:35pm. 914 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…

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Surge in Home Building Indicates Recovery

Tuesday, July 3rd, 2012 at 4:57pm. 493 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…

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Home Prices Rise for Third Consecutive Month

Tuesday, July 3rd, 2012 at 12:41pm. 416 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."

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3BR/4BA Water Frontage $475K

Saturday, May 19th, 2012 at 7:26pm. 446 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!

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BPO? CMA? Appraisal? What's the Difference?

Saturday, May 19th, 2012 at 6:37pm. 454 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…

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Housing Supply Decreases... Good for Market

Monday, April 23rd, 2012 at 12:55pm. 424 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…

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#1 Satisfaction Award by Home Buyers and Home Sellers: J. D. Power & Associates

Monday, December 5th, 2011 at 2:05pm. 503 Views, 0 Comments.

We're proud to be part of the nation's #1 Top Rated Real Estate firm by J. D. Power and Associates for this year!  Study was based on over 3800 evaluations and measures opinions of home buyers and sellers.

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Great Reasons to Buy a Home

Tuesday, November 15th, 2011 at 7:45pm. 478 Views, 0 Comments.

If you've been on the fence about homeownership, now is the time to take a leap! Don't let the negative press deter you from one of life's greatest joys.
 

Take a look at five short and sweet reasons that homeownership is great!

1. Equity. When you pay rent, you never see that money again. It is lining the landlord's pocket. Yes, buying a home may come with some hefty initial costs (downpayment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Homeownership is…

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HUD Offers REO Homes for $100 Down!

Tuesday, October 25th, 2011 at 8:24pm. 358 Views, 0 Comments.

HUD has approved a program aimed at putting foreclosed homes back into the hands of owner-occupant buyers.

In select states (including MN), from now into October of next 2012, buyers need a down payment of only $100 to purchase a HUD-owned REO home.

The buyer must be an owner-occupant, utilizing financing insured by the Federal Housing Administration (FHA). Standard FHA underwriting guidelines apply, and the sale must be for the full amount of the current list price.

HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan.

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