11 September

The iLoan Lock and Shop Program

Many buyers are concerned about rising mortgage rates and the implications on their plan to buy a home or sell their home and then buy another home.  The frequent question is, “Can I lock in my interest rate before I find my home?”  Typically one can’t do this until they have a fully executed purchase […]

17 August

The FHA 1 Year Waiting Period After Short Sale, Bankruptcy or Foreclosure – Back to Work

Where was this three years ago?  Better late than never I suppose.  FHA is now insuring loans to homebuyers who have experienced an Economic Event (Short Sale, Bankruptcy, Deed in Lieu of Foreclosure or Foreclosure) in the past and can document that (1) their certain credit impairments were the result of a Loss of Employment […]

29 May

2 days before the end of the world…. ok, maybe not quite.

MI (Mortgage Insurance) on FHA loans is making another big change and you’ve got til the end of the day this up coming Friday! For those not aware of the specifics to MI with FHA loans there are essentially 2 different kinds of MI. An upfront MI which is added to the base loan amount (called […]

5 May

Tell a Veteran to Miss a Payment to Qualify for a Short Sale and You May be Up Against the CFPB

Statistically, over half of the Consumer Finance Protection Bureau (CFPB) complaints to the Office of Servicemember Affairs (OSA) have to do with mortgages.  Of these, 58 percent of them had to do with loan modification, mortgage collection practices or foreclosure . . . and yes . . . short sales would fall under this category.  […]

28 April

Different Mortgage Types and What They Mean to Buyers and Sellers in a Competitive Market

This podcast outlines the differences between Minnesota mortgage pre-approvals and how they affect purchase transactions.  Homebuyers and home sellers can learn the risks and benefits of each different type and how they relate to their transaction.  This is essential information for understanding the implications of your choice on loan type for your purchase in a […]

25 July

General Information on FHA VA and Conventional Mortgages

This podcast of the Twin Cities Real Estate Radio Show covers general pro and con information on different loan types such as conventional, FHA and VA. Adam Duckwall Your St. Paul Digs Agent The Home Buyers Scouting Report® is provided directly to the buyer by HBM II, a licensed national real estate brokerage service company, […]

13 March

How to Choose and Calculate Your Private Mortgage Insurance (PMI)

Saving an eighth of a percent on interest rate can save a little on your monthly payment and shopping around on closing costs can save a little on your down payment but perhaps the most overlooked and costly mistake when buying a home is not choosing the right mortgage insurance if the down payment is […]

20 February

Buy Your Home With a Low Down Payment of $100.00!

During the fall of 2011, all HUD owned properties that are under the jurisdiction of the Denver and Atlanta HUD Homeownership Centers are eligible for the $100.00 down payment purchase incentive.  What this means, home buyers in Minnesota, Wisconsin and the additional states under Denver & Atlanta’s jurisdiction can purchase a HUD Owned Property with […]

22 January

FHA Seller Paid Closing Costs to be Reduced

To much fanfare, FHA announced measures to better protect their insurance fund in a recent Final Ruling published in the Federal Register.  Slipped in as a footnote to this announcement was a declaration that FHA is deaf to the concerns of the real estate industry.  They are taking aim to again attempt to reduce the […]

9 October

Do I Need to be Late on My Mortgage to Qualify for a Short Sale? – Don’t Take Yes for an Answer!

I have a lot of people call me to get pre-qualified to purchase a home using FHA financing after a short sale. Early on, not a lot of these scenarios panned out but these days, more and more of them do. When they don’t, the number one reason is because they took bad advice from […]

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