Financing in Minneapolis>Question Details

Sunshyne, Other/Just Looking in Minneapolis, MN

We have been renting for 2 years and decided we want to purchase our first home, he has some charge offs, will this effect us getting a loan?

Asked by Sunshyne, Minneapolis, MN Sat Jul 14, 2012

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Some great advice here, Sunshyne...

I would highly recommend you speak with a qualified mortgage loan officer.

Now, I will kindly disagree with Christopher, because I actually believe that my loan officer, Tony Lopez, is the the best loan officer. And not just in Minneapolis, but in this state. I have never worked with a smarter and more diligent and talented loan officer in my entire career. Just go to his website and pop him a quick email: And if you need anything further - and I would recommend working with a top notch realtor, too - please do call. Remember that you, as a buyer, do NOT pay my commission. The seller does. So since I come free of charge, you may as well take advantage of that and work with a top agent.

Have a great day,

1 vote Thank Flag Link Sun Jul 15, 2012
I know Charles Daily he is the best loan officer in Minneapolis. The charge off may or may not drastically effect your loan, but getting a loan IN GENERAL is very difficult right now unless you have platinum credit scores/profile with high income.

Charles is a real problem solver and I would for sure use him.

Good Luck!

1 vote Thank Flag Link Sun Jul 15, 2012
Here are the FHA guidelines on that (see pages 3 and 4):
1 vote Thank Flag Link Sat Jul 14, 2012
It depends how old the charge offs are and I'm sure the size could be a factor too. I recommend Bill Boldenow at Wells Fargo.

You can submit and application online at the above link now and have an answer in the morning.

Hope your purchase goes well Sunshyne :)

Cody Anderson, MN Licensed Realtor

Metropolitan Home Team

Cell: 612-242-5752


Are we Facebook friends?
0 votes Thank Flag Link Mon Oct 8, 2012
Good afternoon Sunshyne,

Meeting with a Local Mortgage Banker is your best course of action. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

If you have credit issues that prevent you from purchasing a home today, the Mortgage Banker can guide you on the right action plan to prepare for buying a home in the future.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Sep 27, 2012
Did you get your problem resolved? If you are still trying to purchase a home but haven't jumped through the hoops yet, give me a call. I can get you to a loan officer that will tell be able to review and get back to you very quickly if you qualify. If you don't, I have a contract for deed investor who may be willing to purchase a home for you and put you on a contract for deed while you repair your credit. You would have up to 5 years to repair the credit and purchase the home. Let me know if you still need help.

Vicki Schwartz
MN Real Estate Options
Broker/Owner/Short Sale Professional
Accredited Platinum Real Estate Professional
Phone: (952) 443-2056
Fax: (952) 236-6429
Cell: (612) 801-2355
Check out our website at for great information on all aspects of real estate, for Buyers, Sellers and Investors
0 votes Thank Flag Link Mon Sep 24, 2012
You'll never know until you try. When you do try, you have two basic financing options. 1. You can go to a loan officer who works for a lender and has that one source for loan funding. 2. You can go to a loan officer who works independently of lenders and has multiple sources for loan funds. #2 is your best bet, usually, but it pays to check out multiple lenders since their requirements differ. I can help you find a good, fair, honest, lender with integrity who has never failed to get a loan for my clients once he said he can.

Once you are pre-approved for a loan, the next step if finding the right home. In today's market, there are "traditional sales", "short sales", "REO (bank-owned foreclosure) sales", "HUD sales", plus "rent to own", and "contract for deed sales". Additionally, there are programs that you may qualify for that would enable you to purchase a home for virtually "half-price". Finding the type of sale that's right for you is as important as finding the right lender and the right home.

I'd be happy to assist you in your quest to obtain a home. I hope that you'll at least talk to me and give me a chance. Mike 763-228-2967
0 votes Thank Flag Link Sat Jul 14, 2012
In my 15 years of experience, it is more than likely the lenders will make you pay them off but your best option is to speak with a qualified lender as guidelines change rather frequently.

I would be more than happy to help get you on the road to home ownership. Rates are LOW and the time is now.

Call me anytime!!

Earron Shields
Keller Williams Classic Realty NW
0 votes Thank Flag Link Sat Jul 14, 2012
I have an excellent loan officer that can help you for sure. She is the best!
If you are interested, email me or call me, my contact information is below.

Thank you Ravit.

My contact info is below.


Ravit Berg @ RE/MAX Results

15451 Founders Lane | Apple Valley | MN 55124
Cell - 952.334.4179 | F - 651.460.1272 |
0 votes Thank Flag Link Sat Jul 14, 2012
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