Home Buying in Wayzata : Questions & Answers

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Dennis L Lib…, Real Estate Pro in Minnetonka, MN
Dennis L Libby answered:
is anyone offering stated income loans for self employed in Minnesota?
No!

Stated Income mortgages have been virtually eliminated. In Minnesoa, between Dodd Frank and MN DOC, ther is little or no room for this kind of loan at any level of downpayment. ... more
0 votes Share Flag Fri Jan 31, 2014 Home Buying in 55391
Tammy Maddrey, Real Estate Pro in Wayzata, MN
Tammy Maddrey answered:
can i get a mortgage loan with a recent foreclosure on my credit(3 months ago) and a lower credit score-about 500-550?
Its probably not what you want to hear, but I would highly suggest in your waiting period working to improve your credit score. There are free credit services out there that will help ... more
0 votes Share Flag Wed Dec 19, 2012 Home Buying in 55391
Tammy Maddrey, Real Estate Pro in Wayzata, MN
Tammy Maddrey answered:
Why are the banks holding so many homes and not listing them for sale?? Somehow they must make money on people going into foreclosure.
I just read a statistic that 20% of local sales (Twin Cities) are cash deals. That signals to me that investors are out in force. My investor clients see huge bargains right now and a ... more
0 votes Share Flag Wed Dec 19, 2012 Home Buying in 55391
Amy Watton, Real Estate Pro in Andover, MN
Amy Watton answered:
How far in advance to the timeline that we'd like to purchase a home should we start the buying process? Currently we're aiming for next
I agree with everyone else that you ought to start the pre-approval sooner rather than later. As far as actually looking, it takes most people 3-6 months to be in the home after they st ... more
0 votes Share Flag Fri Aug 5, 2011 Home Buying in Wayzata
Shane Milne, Real Estate Pro in Laguna Niguel, CA
Shane Milne answered:
Are there any banks out there that will give you a loan 2 years after foreclosure if you have a 25 percent downpayment?
• FHA & USDA require 3 years from the foreclosure sale date/when the home is no longer legally in your name (only 1 year if it was due to extenuating circumstances)
• ... more
1 vote Share Flag Thu Jul 21, 2011 Home Buying in 55391
Bill Dobbins, Real Estate Pro in Eden Prairie, MN
Bill Dobbins answered:
What if I had a 20 percent downpayment and a purchase price in the 190,000-220,000 range with income around 100,000? and foreclosure 3 months ago
Most loans (all, except VA loans) contain what is known as a Due on Sale Clause that gives the lender an OPTIION to call the loan due if any interest in the property is transferred. T ... more
1 vote Share Flag Thu Jul 14, 2011 Home Buying in 55391
Matt Johnson, Real Estate Pro in Wayzata, MN
Matt Johnson answered:
Question- Lake minnetonka area
Without question, Ferndale is the most exclusive and therefore most desirable lake shore in the area you are comparing. However, the east facing lake shore on Bohn's is outstanding ... more
0 votes Share Flag Wed Apr 20, 2011 Home Buying in Wayzata
Matt Johnson, Real Estate Pro in Wayzata, MN
Matt Johnson answered:
Is it true that Edina Realty does not allow their agents to accept anything less than a 6% fee?
Edina Realty is a full service brokerage, there would be no reason for their agents to discount the fees under 6%.
0 votes Share Flag Wed Apr 20, 2011 Home Buying in Wayzata
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