I am still trying to get my loan officer Lisa on here, but give her a call 612-990-2271 or just contact me directly and we can talk more about advice!
Basically, I have yet to find a lender who will do FHA under 640. Besides that; people with low scores tend to not have the basic 3 credit requirements. THE GOOD NEWS is that it really does not take as long as you think to get up to 640. My LO Lisa is working with someone that has ZERO CREDIT and her company will finance them in 6 months (most lenders tell you a year).
She uses a software called rapid-rescore, which analyzes your credit report and will tell you exactly what to do to raise the scores. What I like the most is it also will tell you how many points you can expect to go up. Lisa has credit repair people for much worse situations.
It may not be what your ex wants to hear, but if they want to buy this needs to get done. The sooner you contact Lisa the faster we can get him qualified. I love working Zip 55119 so I think it will work out great!
Just tell Lisa Chris Block sent you:)
Realtor North/NE Suburbs
This means the formula the lender uses to see how much you have going out for debt and then how much you have coming in as income . They have a specific percentage that you have to have in order to be able to get a loan! Hope that helps!... more
Great question! There are many programs out there for first time home buyers. I would make sure to get preapproved with a lender who will take the time to work with you and talk about the different programs. Some lenders shy away from the programs out there because they are a lot more paperwork. If you want a recommedation, please feel free to contact me directly! Good luck in your search.... more
A couple of things to consider are whether or not you have GI BIll benefits intact (have you used them to purchase another house). If you do, you can use the GI BIll to do a no money down VA loan and purchase something from there. If you don't have your VA benefits available, you will need to work with a loan officer to determine if there are any programs out there to assist you with downpayment or ones that don't require a downpayment.
Let me know if you need help moving forward.
Coldwell Banker Burnet
licensed MN Real Estate Broker... more
Why would you expect to lose? Michael, do you have real estate agent? You need one...if you have one, discuss this with your agent. If you don't have one, get one. An agent represents you - acts in your behalf and best interests. An agent knows areas, knows what makes a house and an area a good combination and helps you use real estate - personal residence or investment - to build your net worth and establish and improve your personal assets. Think about it. An agent costs you nothing, saves you time, money, anguish. Use this great resource. If you are unsure about how to find an agent, write or call me. Liz 612-986-4105... more
In most new construction the builder owns the lot and sells you the lot with a new home. If you are buying the lot and hiring a builder, you would need a construction loan that would allow you to do such a thing. Ask your loan officer to explalin your options.... more
on the low end you will be around $160, but there are a couple associations where you will be over $200/month. I would add you may want to look in Shoreview for TH's. There is more inventory and it is Just East of where you are looking.
Those are my areas (I live in Vadnais Heights) so if you have any further questions feel free to contact me directly on Trulia by just clicking my profile Icon.
Well I will tell ya what I do know of a builder that has been doing homes since the 1970's and it is a small family owned business. Not one of these big companies in Minnesota. It is just the family and their whole business model is centered on the customer. I think it is why they have been able to hang around and compete with the bigger companies for Minnesota. It is a huge process building a home and there needs to be a very strong relationship/trust between the customer and builder.
The quality is a non-issue with them, but certainly you will make that decision for yourself in the interview process. It is never a bad idea to interview a couple builders.
If interested just contact me directly through Trulia using my profile icon and I will send you their contact information.
I grew up in the Roseville / Shoreview area and have been helping buyers and sellers there for many years. Please feel free to give me a call or shoot me an email if you would like to talk more about what you are looking for. I know you will like the real estate knowledge and negotiating skills I have to offer. I am know offering a free home warranty to my buyers and sellers. I feel this is a great way to help protect a buyers new purchase.
The Duckwall Team of Realtors
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Tune in to our Twin Cities Real Estate Radio Show Sundays at Noon on AM950... more
You are in process. Just stay with it and let the steps unfold. These community development loans have their own pace and just go with the flow as long as your buying power and credit has been approved. Let your realtor help you and your loan officer. Liz, 612-986-4105... more