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Financing in Dakota County : Real Estate Advice

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  • Home Buying3
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Activity 8
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
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Wed Mar 26, 2014
Adam Duckwall answered:
I have done several of these transactions with my own clients using a loan officer from Wells Fargo who specializes in these. His name is Jerry Fancher and his email is: You could also call him at 612-386-4367. Perhaps he could help you, or at least point you to someone who could. I actually found Jerry by having him recommended by the loan officer that I usually work with when I was asking the same question that you are now. I truly believe that with any loan, but especially with niche programs like the 203k, it is more about the loan officer's knowledge and tenacity, than the particular institution they might be affiliated with. Some loan officers like doing these, and other don't. Some are good at doing them, and other fumble. That is what I've found.
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Sat Feb 28, 2015
CCC answered:
Hi, you need to take a First Time home buyers class by a non profit organization.

Also check:

Good luck and best.


0 votes 9 answers Share Flag
Mon Jul 27, 2009
Grace Hanamoto answered:
Hello Beef:

Unfortunately, as I've written in my blog about the new HVCC (Home Valuation Code of Conduct), after the valuation appeal, which you've already done, there is only one action you can take, and that is to take your business to another lender and to start the appraisal process with someone else. While you can always assert problems with the appraisal, the truth is that there is currently no vehicle or mechanism to police the appraisers. The HVCC calls for the formation of a VPI or Valuation Protection Institute, which was supposed to house all of the appraisals completed, to receive consumer complaints, and to check into those complaints, but this was never instituted prior to the May 1 implementation date for the HVCC. It is also the reason that you--as the consumer--have no one who can respond to your complaints about the quality of the appraisal. This is one of the reasons for supporting the new HR 3044 currently making its way through Congress, which will impose an 18 month moratorium on the HVCC.

If you choose to try again with another appraiser make a request of the AMS (Appraisal Management Service) that they assign a local appraiser to complete your appraisal. Unfortunately, we're finding that many of the problems associated with the appraisal begin with the lack of local knowledge by the appraisers who, in many cases, are not familiar with the community. A second issue with HVCC appraisals is the new requirement that the appraiser determine a "trend" for housing prices in the area. This was not something that appraisers had done in the past, so it is not inconceivable that with so many foreclosures across the country, the appraiser's "trend analysis" will tend to be pointed "down" rather than "up."

At this time, the HVCC rules apply only to "conventional loans" with Fannie and Freddie as guarantors or buyers. The HVCC does not apply to jumbo loans or to FHA loans or portfolio loans (without guarantors), so if there are other means to refinancing, you might consider another lender who will not use Fannie or Freddie.

I wish you very good luck and am sorry that you have been victimized by the new appraisal rules, the HVCC.

Grace Morioka, SRES, e-Pro
Area Pro Realty
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Thu May 29, 2008
Lenny Frolov answered:
By the way your question is written I think you may have marginal credit that is why you are concerned. I work with a lender who has some excellent programs even in this market! He has been able to qualify some of my clients that no one else has and give them still great rates. Highly recommend calling him, he will treat you with respect. His name is Rick Anderson and his phone number is 612-418-8479. Hope this helps. Good luck. ... more
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Fri May 9, 2008
Todd Norsted answered:
Shrema, It strikes me that your mortgage banker does not want to resubmit the application for you. What you would like to do should be possible, as far as I know, and yes,, it does reduce the commission on the loan. You might try telling the mortgage banker that you've found someone who is competitive on rates and will sumbit your application with the additional down payment. My gut call will be that he/she will come around quickly.

Good Luck, Todd Norsted
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Mon Mar 3, 2008
Michael Doyle answered:
FHA still has a program where the seller pays the buyers closing costs and down payment but it is supposed to go away 3/31/08.
Things are changing daily in the mortgage market, I would suggest you talk to a lender or two. If you would like a referral please let me know.
Michael Doyle Realtor
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Thu Dec 27, 2007
Pam Winterbauer answered:

If you financing is in place you would need to get inspections and appraisal complete after HUD gave their approval. if your agent and lender are in sync it may be tight but it can be done. Good luck. ... more
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