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Financing in 55122 : Real Estate Advice

  • All8
  • Local Info2
  • Home Buying4
  • Home Selling0
  • Market Conditions0

Activity 11
Tue Oct 16, 2012
Tina Lam answered:
If your fiance will still be in school, then you would just apply for the mortgage under your own name. This would leave out your fiance's student debt. You can still have her on title for the home. ... more
0 votes 7 answers Share Flag
Sat Feb 28, 2015
Tim Moore answered:
Normally NO, but there are rare cases where they might, but it is very rare. I have sold homes for 25 years and never known any cases where it happened.
0 votes 12 answers Share Flag
Tue Aug 28, 2012
Scott Godzyk answered:
Those loans are a primary cause to alot of the foreclosures you see today and are not being done. Your best bet is to meet with a local and trusted loan officer who can prequailify you and let you know is available to you. ... more
0 votes 2 answers Share Flag
Wed Mar 14, 2012
Susan Hofflander answered:
Well, there's no reason why he can't purchase it from a conventional real estate transaction standpoint. But, it depends on a couple of things.
1. Who has rights to the property? Do the siblings and he have decision making power over the property together?
2. Can your husband qualify to purchase the house from a financing standpoint?
3. Is your husband prepared to take on the responsibilities of owning a house?

These are all questions that need to be answered before a comprehensive determination can be made. I would consult a real estate attorney to know exactly what his/your rights are.

Good luck, Jayjeemarie!!!
... more
0 votes 4 answers Share Flag
Tue Dec 28, 2010
Thirdday answered:
Shouldn't you be able to do this on your own. Having someone else write the letter will not get you in for the itnerview. The process is more intense then just the initial upfront letter. Don't you think the folks from FNMA are looking on the internet as well..... ... more
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Sat Oct 4, 2014
Dan Chase answered:
If you have a big enough income. Buy another house and rent this one out. That way you have some income from rent to help pay this off. AND you get the house you want to live in.

I would check to see how much rent you can get for this house and how much of the payment it would cover. The advantage of renting is in time the house will be paid off, at least partially by a renter. The disadvantage is the rent may be to low for your expenses and you have to deal with a renter and still manage the maintenance of the house. ... more
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Sat Feb 28, 2015
CCC answered:
Inspection(s) are not required by most of the mortgages. Some mortgages require inspection(s).

Inspections are not part of the mortgage so that is an out side of closing expense to the buyer (and to the seller).

Some institutions (banks) ask the appraisal fee to be paid at front, some others wait until closing.

I do not know what kind of financing you are getting but since Mortgage Consultant mention 3%, I will think is a conventional loan. Ussually a 3% Buyer Closing Costs is request to the seller but, it is important to mention, that it does not mean that seller has to pay it. Maybe you need 3% of YOUR closing costs mortgage to be paid by seller to be able to buy a home.

Most closing costs are fixed, others are related to the mortgage amount and the last one, are related to the closing date/month. For example, if you close/purchase on the 20th day of the month, you will get charged (on a 30 day month) 10 days of loan interes. If you close on the 25th, you will pay 5 days, and so on.

Go back to the Mortgage person and request a break down of the Mortgage expenses, please.

... more
0 votes 29 answers Share Flag
Sun May 2, 2010
You would either want to cooperate with your bank in selling your home if you owe more than the house is worth (also known as a short sale) or attempt a loan modification. In the case of a short sale, the bank would have to take a payoff that would be less than the balance that you owe. Keep in mind that if you persue this option, most lenders would disqualify you for a future mortgage until 2 years had passed. A loan modification is where your lender would consent to adjust the terms of your loan to something you could afford. If you're going to try for a loan modification, start at If you are interesting in looking into a short sale, call a good realtor. You seem to be in zip code 55104. Adam Duckwall from Edina Realty is a good realtor in that area. Good luck Gwen and I hope you start sleeping better! ... more
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"
... more
0 votes 1 answer Share Flag
Mon Sep 21, 2009
Teresa Boardman answered:
Know how much you can spend, get a referral from a realtor, ask for references from the lender, Get a good faith estimate in writing, if it sounds to go to be true it probably is.
0 votes 6 answers Share Flag
Fri May 18, 2007
Mark Miller answered:
With the market being what it is now. As a subprime buyer it definitely is harder for them to purchase a home. Most of them will now need 10-20% down. There are exceptions of course but the more money they have to put down the better the chance they can get into a home.
I do loans in MN and would love to help you

Mark Miller
Providential Bancorp
... more
0 votes 3 answers Share Flag
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