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Kevin J. Sutton's Blog

By Kevin J. Sutton | Agent in 55125
  • Rosemount FHA Mortgages: Buy A Home With An FHA Loan

    Posted Under: Home Buying in Rosemount, Financing in Rosemount, Property Q&A in Rosemount  |  March 9, 2012 12:27 PM  |  501 views  |  No comments

    Rosemount FHA Mortgages

    Perhaps the most popular method of financing today in Rosemount is through FHA (the Federal Housing Administration). This federal program originated back in the 1930’s to help with a similar situation we have today when home foreclosures were rising and home buyers struggled to come up with a large down payment. FHA loans have many advantageous guidelines for both the MN first time home buyer as well as the move up buyer.

    While zero down payments have most gone away, Rosemount FHA loans offer down payments as low as three and a half per cent of the purchase price. This along with the fact that most negotiated purchase agreements today involve “seller paid closing costs” allows you to get in for a much more reasonable entry cost. This is also helpful for current home owners who are selling their home with little or no equity and need to buy their next one with a small down payment.

    FHA mortgages offer more expansive credit guidelines as well. Home buyers who have experienced troubles with credit may qualify for FHA whereas not a conventional loan. In addition, unlike conventional loans which have significant pricing adjustments ters based on credit scores, interest rates and discount points on FHA loans vary only slightly based on credit scores.

    Rosemount FHA loans also allow a borrower to qualify through the use of a non-occupant family co-signer. Unlike almost every other financing program, this means that if you don’t quite qualify for the home that you want to buy you can strengthen your loan application by using a co-signer. This feature of the FHA loan has been used more frequently as many borrowers have struggled through reduced incomes and job losses in recent years.

    First time home buyers in Rosemount may benefit through beneficial interest rates and down payment assistance through Minnesota's MHFA program. This state agency makes use of FHA's special features which allow for second mortgages on the home to be used for reducing the down payment. While maximum income limits may apply for this program, many MN first time home buyers are making use of these programs today.

    MN First Time Buyers First Step

    For many MN first time buyers the big question is where do I start? Your first step to home ownership is to get prequalified for a home loan. By doing so you find out how much of a loan you are qualified for so that we can search for homes in the right price range.

    City of Rosemount

    The City of Rosemount continues to build on its small town character through neighborhood, school, and community activities. The Rosemount Park and Rec offers a wide variety of fun and leisure activities for any age. This is a peaceful community to raise a family in with a variety of high quality schools.

    If you are interested in buying a Rosemount home using FHA financing, just send me an email or give me a call. With low prices and historically low interest rates on FHA loans it is a great time to be a home buyer in Minnesota!

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.

  • Cottage Grove Rental homes: Time to Buy or Rent?

    Posted Under: Home Buying in Cottage Grove, Rental Basics in Cottage Grove, Rent vs Buy in Cottage Grove  |  March 5, 2012 2:38 PM  |  476 views  |  No comments

    Cottage Grove Rental homes: Should I Rent One Or Buy?

    If you are looking for Cottage Grove rental homes, pause for a couple of minutes and consider the difference in renting homes versus buying one. Since it is more expensive today to rent homes than to buy one isn’t it at least worth it to consider saving some money by buying Minnesota real estate?

    Cottage Grove Rental homes: Is It Worth The Cost of Renting?

    Cottage Grove rental homes will typically have the advantage that you can get be released of a lease arrangement in about one year's time. I want you to remember that this advantage comes at a cost, however, , in that your rent payments will often times exceed those of a house payment. In addition, the security deposit for the rental may actually be more than the entry cost required for buying a home after considering all of the down payment assistance programs available. Finally, perhaps the real cost in renting is the fact that you are helping someone else buy their home with your rent payments, versus buying your own home.

    Benefits To Looking For Cottage Grove Rental Cottage Grove

    Still, the advantage may certainly be worth it to rent a homes if you have plans on moving again at the end of your lease. I tend to think that if you buy a home today you should plan on staying in it for a few years while the market develops.

    Benefits To Buying Cottage Grove homes for the First Time Buyer

    With all of the programs available to the MN first time home buyer today, this list of benefits is long. The State of Minnesota now offers special loan programs through its Minnesota Housing Finance Agency to offer reduced interest rates as well as down payment assistance. Additionally many communities today offer additional down payment assistance loans or grants that both reduce what you need for cash to close as well as reducing your monthly payment.

    First Step To Buy A Home: Get Preapproved

    For many MN first time buyers the big question is where do I start? Your very first step to home ownership is to get preapproved for a first time buyer's mortgage. By doing so you find out how much of a loan you are qualified for so that we can research homes in a comfortable price range.

    Cottage Grove Community Information

    Located just 8 miles south of Saint Paul, the city of Cottage Grove is often considered one of the Twin Cities bedroom communities. With a population over 34,000 Cottage Grove offers plenty of affordable housing. High school students in Cottage Grove attend one of the 4 schools, Woodbury High, East Ridge High School, Alternative Learning Center, or Park High School. Students in middle school will attend Cottage Grove Middle School, Oltman MS, Lake MS, or Woodbury Middle School. There are recreational activities available for everyone with an well-planned Park and Rec department. If you are thinking about buying some Cottage Grove please give me a call to get out looking.

    Cottage Grove Rental homes: A summary

    If you have not yet thought of buying a homes I would like the opportunity to discuss with you about the benefits of both rental homes in Cottage Grove versus buying a home. I offer a totally free consultation, with no obligation and am glad to help you consider the differences.

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.
  • Selling Your Shakopee Home In Today's Real Estate Market

    Posted Under: Market Conditions in Shakopee, Home Selling in Shakopee, Foreclosure in Shakopee  |  February 27, 2012 5:44 AM  |  552 views  |  No comments

    Selling a Shakopee Home

    If you are selling a home in Shakopee today you will find it can be quite a challenge, especially considering that nearly half of the competitive listings are short sales or foreclosures. Market values have been reduced in part because of the lower asking prices offered through banks who need to bring down their real estate owned inventory. Roughly half of the sales in today's MN real estate market has come from non-bank home sellers. Are you searching for help to sell your home listing in Shakopee?

    It has never been more important to enlist the help of a Shakopee real estate agent who studies recent trends in Twin Cities market values. When we visit your home as a Realtor to complete a market analysis, we will compare all of the features of your home to the competing homes for sale in your neighborhood. We need to look at all of the houses that have sold within recent months to analyze what the actual sales prices have been. By doing this we will be able to estimate what price a buyer might pay for your home within a reasonable period of market time.

    The challenge for many sellers today is trying to get enough for their house to pay off the current mortgage on their home. If a seller owes more on their mortgages than what the can sell it for we will either need to talk about paying the mortgages down, attempting a short sale, or listing the current home for rent and in order to move to another home. With the quickly rising rents in today's market, sellers are quite often finding that they can cover all of the investment expenses for the home through the income from the rental.

    Lenders have specific guidelines to follow for those Shakopee home sellers who have decided rent out their home in order to buy another. Depending on the equity that you have in your home, a mortgage lender may or may not consider the rental income you receive when they qualify you for the new mortgage. The only way to know this is to call a lender to get preapproved.

    Once we meet to discuss the value of your old home it is critical that you go through the process of getting prequalified for a home loan. Your mortgage broker can help you decide which of the options are best whether renting or selling your current house. The process of preapproval is is usually free and contains no loan obligation. A good mortgage banker will be able to analyze all of the options available to you such as MN FHA loans, Conventional, VA, or other types of mortgage loans.

    Conveniently located south-west of the city of Minneapolis, Shakopee is a rapidly growing suburb of the Twin Cities. As the county seat of Scott County Shakopee has tripled in size since 1990. Every year Shakopee attracts tourists from all around the area with popular destinations such as the Canterbury Park horse race track, the Valley Fair amusement Park as well as the Renaissance Festival. As an outer-ring suburb many residents commute 20-30 minutes to downtown Minneapolis. Minnesota first time home buyers in this area in this area will want to look into the Scott County home buyers club for up to $4,000 in down payment assistance.

    Let's Talk!

    If you want to learn more about the process of selling your Shakopee home call me. I will create a competitive market analysis at no obligation to you. We will discuss your options based on today's market. Feel free to email or give me a quick call.

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.

  • Woodbury Foreclosures: When And How To Buy

    Posted Under: Home Buying in Woodbury, Financing in Woodbury, Foreclosure in Woodbury  |  February 16, 2012 9:05 AM  |  574 views  |  No comments

    Want To Buy A Woodbury Foreclosure?

    Are you thinking about buying one of the foreclosures in Woodbury? Whether you own your own home now or are a MN first time home buyer, you should learn the basics before going out to buy. While there are many great values in Woodbury foreclosures you will want to be prepared for how to negotiate your offer.

    The City of Woodbury MN

    If you are searching for Woodbury foreclosures you'll find this to be one of the more prosperous communities in the metro. The community has grown rapidly over the last 20 years and consistently ranks high in Money magazine's best places to live in the United States. With a combination of stable economy and excellent schools, Woodbury, Minnesota is a great place to consider raising your family. The system of trails, parks, and open space in Woodbury has been noted by its residents as one of the more important reasons they live here. If your family is into sports be sure to check out the Bielenberg Sports Center with its indoor ice rinks and complex of baseball and soccer fields. Woodbury also offers an excellent parks and recreation department with great activities for all ages.

    Knowing What To Offer On A Foreclosure

    A bank-owned foreclosure can be a great deal sometimes because the bank owns it and is paying for all of the upkeep and property taxes. As opposed to a property offered as a short sale, the selling bank has a major motivation to get the property off of their books. Since there are many buyers in competition with you, you might be surprised at what you will need to offer in order to get the property. In the lower price ranges it has turned into a sellers market meaning that many foreclosures sell for well above the listing price! Knowing what to offer for the foreclosure is critical in terms of being successful with your purchase.

    Factors in Foreclosure Buying

    There are two big factors to consider when determining how much to offer. The first is how long the property has been on the market and the second thing is to analyze the overall condition of the home. A foreclosure that has just been listed is likely to sell for near the listing price, while a bank that has a home that has been on the market a long time may be willing to negotiate for deep discounts. Also, a listing that is in poor overall condition may not be able to be financed with traditional mortgage financing so the bank may reduce the price far enough to attract cash buyers. I can help you work through these factors as we search for foreclosures.

    Tips On Buying Foreclosures

    If you will need a mortgage loan to buy the foreclosure there are some critcal things to know. First, the property must be in acceptable condition n order to qualify for most mortgage loans. Properties in generally poor condition will either require special financing such as FHA 203k or a cash offer. Selling banks will also tend to limit the amount seller paid closing costs towards your home loan. In most cases today the selling bank will limit their contribution to three per cent of the selling price. Finally a selling bank will never look at your offer if it includes a financing contingency and if you don't provide a preapproval letter along with the offer.

    The First Step: Get Preapproved!

    For many MN first time buyers the big question is where do I start? Your very first step towards buying your first home is to get preapproved for a first time buyer's mortgage. In so doing you will find out how much you are qualified for so that we can research homes in a price range with comfortable payments for you.

    Ready to Find A Foreclosed Home?

    If you are planning on buying a Woodbury foreclosure please give me a call or send me an email. There are many great Woodbury foreclosure values out there but knowing which one to buy will take some time and expertise. I would very much like to help you in your quest for the perfect purchase!

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.
  • Buying Shoreview Homes With VA Loans

    Posted Under: General Area in Shoreview, Home Buying in Shoreview, Financing in Shoreview  |  February 14, 2012 5:28 AM  |  560 views  |  No comments

    One common financing option for buying Shoreview real estate for home buyers is available through lenders who offer loans guaranteed by the Veteran's Administration. This type of mortgage financing has increased by about twenty per cent over the last couple of years due in part to the sheer number of our returning veterans. Additionally with the loss of other options for zero down payment loans in Minnesota, the VA offers a benefit that offers eligible buyers a unique opportunity to buy their home with no down payment.

    Many veteran home buyers misunderstand the fact that they may use their VA mortgage benefit multiple times. As a result veteran buyers do not necessarily need to be a first time user in order to get VA loans with zero down payment. This can be a perfect solution for current homeowners who wish to sell their home despite having a small amount of equity expected from the sale of that home. Since they will not need a lot of money to buy their next home with a MN VA loan they might be able to afford to sell their home without receiving any proceeds from equity in order to buy the next.

    Shoreview VA Loans: First Determine Your Eligibility

    Shoreview veterans should discover two things to see if they are eligible for VA financing. First they should research if they are eligible for a VA Certificate of Eligibility (COE). They can apply for the Certificate of Eligibility online or more simply right through their Minnesota mortgage banker. There are several categories for eligibility and I encourage veterans to check with the VA or to research their eligibility online

    While VA mortgages require no down payment, there still are closing costs in Minnesota which the veteran is responsible for. Thankfully, VA loans allow the veteran to negotiate with the home seller to pay up to four per cent of the purchase price towards their costs. This is an extremely common strategy used to buy Shoreview real estate today and most home sellers have been prepared to pay this expense as long as they can arrive at the net sales price they need in order to sell the home.

    Shoreview Veterans: Get Preapproved

    A second thing a Shoreview veteran home buyer should determine is if they qualify for mortgage financing. I encourage all veterans to talk with a local mortgage lender to get preapproved for MN VA loans before we go out shopping for Shoreview homes. When you go through the preapproval process the banker will review your financial scenario to determine if you meet the requirements for a VA loan. This critical first step is usually done at no charge and can be done within a few days. In fact, many Minnesota VA mortgage bankers will do this right over the phone, even on weekends when you're off work.

    City of Shoreview Information

    The City of Shoreview is an excellent place to consider if you are thinking about making a move. Located in Ramsey County is a convenient second-ring suburb just north of Saint Paul. Family Circle magazine named Shoreview as the fourth best place to live in their 2008 article. With 7 lakes in and around the city, including larger ones such as Turtle and Snail Lake, Shoreview, MN offers recreational opportunities for everyone. If you are searching for affordable housing in the Twin Cities area Shoreview should be one of the places to consider.

    If you want to buy a home in Shoreview using VA financing please send me an email or give me a call. Whether you currently own a home or are looking to buy your first home, Shoreview VA loans can be a great way to buy a home. With record low rates and reduced home values many vets have found smaller house payments than what they are currently paying for rent!

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.

  • Buying Your First Home in Minnesota

    Posted Under: Market Conditions in Minnesota, Home Buying in Minnesota, Financing in Minnesota  |  February 11, 2012 8:41 AM  |  518 views  |  No comments

    Benefits To Buying for the MN First Time Home Buyer

    With all of the programs available to the MN first time home buyer today, it is hard to know where to start in terms of listing the benefits. The State of Minnesota now offers special loan programs through its Minnesota Housing Finance Agency to offer reduced interest rates as well as down payment assistance. Additionally many communities today offer additional down payment assistance loans or grants that both reduce what you need for cash to close as well as reducing your monthly payment.

    Find Out What You Are Qualfied For

    The first step in the home buying process s to get preapproved for your home loan. This means that you meet with a local mortgage lender who will review your financial situation. In this discussion they can tell you what types of MN first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.

    Buying a home today can be a complex process. I would love to help you get started. Please take a moment to email or call me and I will answer any questions you might have. It is a super time to start looking for a new home.

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.
  • Blaine Real Estate And FHA Mortgages

    Posted Under: Home Buying in Blaine, Financing in Blaine, Credit Score in Blaine  |  February 6, 2012 2:22 PM  |  559 views  |  No comments

    Blaine FHA Mortgages

    One of the most common methods of financing Blaine real estate is through FHA (the Federal Housing Administration). This program through the federal government started back in the 1930’s to help with a similar situation we have today when home foreclosures were rising and home buyers struggled to come up with a large down payment. MN FHA loans have several advantageous underwriting rules for both the first time home buyer as well as the homeowner who is selling one home to buy another.

    While zero down payments have most gone away, Blaine FHA loans offer down payments as low as three and a half per cent of the purchase price. With a smaller down payment along with the seller paying much of the buyer's closing costs today allows the Minnesota home buyer to get in for a much more reasonable down payment. This is also a great advantage for Minnesotans who are selling their home with little or no equity and need a program featuring a small down payment to buy their next home.

    Blaine buyers will also find that FHA loans offer more expansive credit guidelines than conventional loans. Blaine home buyers who have some credit challenges may qualify for FHA whereas not a conventional loan. Additionally, unlike conventional loans which have significant pricing adjusters based on the home buyers credit scores, rates and discount points with FHA loans vary only slightly based upon the borrower's credit score.

    One compelling fact about FHA mortgages is that they are assumable by someone who buys your home. This means that when you are ready to sell your home, the buyer of your home may find the rate attractive on your home and offer to take over your mortgage payments. This would be a great selling feature to your home if market interest rates are higher when you put your house up for sale. When a home buyer assumes your loan they will make up the difference between the sales price and your loan amount through a down payment.

    Blaine first time buyers also may benefit through reduced interest rates and down payment assistance through Minnesota's MHFA program. This state agency makes use of FHA's special features which allow for second mortgages on the home to be used for reducing the buyer's entry costs. While maximum income limits will apply for this loan through MHFA, many Minnesota first time home buyers are making use of these loans today.

    Get Preapproved for Mortgage Financing

    The first step in the home buying process is to get prequalified for financing. This simply means that you talk with a local lender who analyzes your credit, income, assets, and debts. In doing so they can tell you what types of MN first time buyer programs you might be qualified for. This important first step can be done right over the phone and most lenders will arrange to talk with you when you're off work, even in the evenings or weekends.

    Blaine As A Community

    When searching for Twin Cities suburban homes, consider theCity of Blaine as one of your possibilities. Conveniently located just 15 to 20 miles from Minneapolis and St. Paul, Blaine is a community where there is always something to do. As a bedroom community to the Twin Cities, the population of Blaine has more than doubled since the 1980 census. Mostly located in the County of Anoka, some portions of Blaine are in Ramsey county as well. Please take a minute to view this brief video which was produced by the City of Blaine, MN. If you are thinking about buying or selling Blaine real estate, please take a moment to send me an email or pick up the phone and give me a call.

    If you are interested in buying a Blaine home using FHA financing, please don't hesitate to give me a call. With great rates and low prices today, it is a great time to be a home buyer in Minnesota!

    Kevin Sutton 
    Sales Executive, Licensed Realtor in Minnesota
    The Home Solutions Team
    Keller Williams Premier Realty
    kevin@yourhappyhome.com
    Direct (651) 209-8250
    659 Bielenberg Drive
    Woodbury, MN 55125
    With a focus on Woodbury real estate and surrounding communities.
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