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Financing in Saint Paul : Real Estate Advice

  • All183
  • Local Info27
  • Home Buying67
  • Home Selling9
  • Market Conditions5

Activity 9
Sat Feb 28, 2015
Brian Martucci answered:
The 3% statement was simply a rough estimate.
Appraisals are something done to close the loan, and its often paid at settlement, so its a closing cost.
It may be paid in advance of closing though, then it would not be a cost paid at closing, but its still a cost to close the loan.
If someone asked me to do their loan, and asked for a quick guesstimate on their closing costs, I'd say 3% of the sales price too, but in my head that would not include the home inspection fee.
Bottom line is, get a GFE ASAP.
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Sat Feb 28, 2015
Gordon Simle answered:
It is very rare that a Buyer would have to pay the real estate agent's commission. Typically this is paid by the Seller, unless for instance, the Seller is selling their home as a For Sale By Owner (FSBO), and refuses to pay any commission. Your Buyer Representation agreement should state that any commission not paid by the Seller will be covered by you, the Buyer. ... more
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Fri Mar 14, 2014
Steve Vennemann answered:
if you can't get a lender to finance you try contract for deed and then refinance the home. here you go for all the latest cd properties
0 votes 7 answers Share Flag
Thu Dec 5, 2013
Cody Anderson answered:
Yes it's common. It is very simple to have you on the deed which is the real proof of ownership.

I hope you have refinanced since 2010!! I like to ask this guy my mortgage questions:

Bill Boldenow

Purchase Manager / Loan Officer

NMLS# 31974

Cascade Mortgage

2801 Hennepin Ave S

Minneapolis, MN 55408

O: 612-252-3347

C: 612-387-4745

F: 866-365-5065


Take care
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0 votes 18 answers Share Flag
Sun Jun 20, 2010
Teresa Boardman answered:
Can you rent it out? You can not sell it as a short sale and maintain a good enough credit score to buy a new home. You may want to consider staying where you are. We had two children in a 1000 square foot apartment with two bedrooms until the oldest was 7. They both turned out just fine. ... more
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Sun May 2, 2010
Patti Hessling answered:

With the current economic conditions, there are many people who are saying exactly what you are saying "How do I get out from under a house I can't afford". Unfortunately, one answer does not fit all. One of the considerations is whether the house is your primary residence. If the home is your primary residence and you want to stay in the home, then check the Making Homes Affordable website to see if you qualify for either HARP (home affordable refinance program) or HAMP (home affordable modification Program) -- I've included a link in the web references section. Whether the house is your primary residence or not, if you wish to no longer own the property, have a realtor conduct a comparative market anaylsis and discuss your marketing strategies. If you owe more on your home than it's current market value, a short sale may be an option. There are three things that a lender is typically looking for in a short sale situation: a hardship, a monthly shortfall of income or impending shortfall of income, and insolvency. Each of these options have a variety of pros and cons dependant upon your specific situation, so talking with a reputable professionals (attorney, accountant, realtor) is important. Good luck Gwen. ... more
0 votes 6 answers Share Flag
Mon Sep 21, 2009
I know this question is a few months old, but if anyone else benefits from reading my answer, it's well worth posting. HUD has a great page on their site ... ... for those looking to purchase or for homeowners hoping to refinance.

A brief excerpt from the site says, "Shopping around for a home loan or mortgage will help you to get the best
financing deal. A mortgage — whether it’s a home purchase, a refinancing, or a home equity loan—is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars."

The site provides information on how to shop for the best mortgage, and discusses Fair Lending, which will directly answer your question on predatory lending.

I hope this information helps. Best of luck!

Total Mortgage Services
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0 votes 6 answers Share Flag
Wed Jul 29, 2009
Grace Hanamoto answered:
Hello Im2cynical and thanks for your question.

Prior to funding the loan, the lender will contact the Homeowners Association's Board of Directors or management company and will request an "HOA Certification" form to be completed. This form provides the lender with information about:

1. The number of rental units within the community (Fannie and Freddie loans require less than 40 percent of the homes be rental homes)
2. The number of delinquent homeowners within the community and the amount of the delinquencies (the requirements differ for many lenders, but most are looking for less than 40 percent of the homes being delinquent)
3. The amount of the reserves and whether or not those reserves are adequate to cover the costs within the community.
4. A copy of the budget and copy of the current association financial statements.
5. A copy of the current homeowners association insurance policy, including any flood insurance policies.

In the past, lenders were not nearly as sensitive about the information provided in the HOA certification form as they seem to be today. In the era of foreclosures, a high delinquency or foreclosure rate can be a red flag, and I've seen both refinances and purchase money loans turned down due to high delinquencies within the community. Also, loans can be denied for a lack of proper reserves since this can portend future costly special assessments or deferred maintenance. A new "wrinkle" in loans for homeowners associations has been the failure of the association to carry adequate amounts of flood insurance. Lenders seem to "latch on" to one or two amounts for flood required for each home, and HOAs have not been quick to comply with the higher loss amounts.

So, in short, if the homeowners association has excessive delinquencies, higher than permitted rental rates, inadequate insurance coverages or insufficient reserves, the Board and manager will let the lender know of these problems, which can result in the loan being denied for the community.

Hope this answers your questions.

Grace Morioka, SRES, e-Pro
CID Consultant and Forward Planner
Area Pro Realty
co-Author "Homeowners Associations: A Guide to Leadership and Participation"
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Fri May 18, 2007
California Mortgage Broker answered:
The only real concern you should have is two-fold. The answer shouldn't surprise you: (1) zero-down loans for subprime borrowers are dissappearing (2) stated-income loans, for subprime borrowers, are dissappearing. I say this shouldn't surprise you because it's common sense. People with spotty credit, with no money in the deal or without a demonstrative ability to repay the loan are bad risks. ... more
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