What happened last week to rates? Wow! It was a crazy volatile week with some major upward movement on Wednesday/Thursday. Mortgaged-backed securities simply fell apart. We’ve known to plan for the worst (3/31 marks the date the government ceases participation in buying MBS) and hope for the best; knew this was coming, and it did. Thank goodness things have backed off slightly from last week’s highs (but we can’t become complacent in the least)

The Obama administration announced new efforts to help the resolve the mortgage crisis. Under intense scrutiny for not doing enough to help homeowners who are ‘upside down’ in their homes or are unemployed, they hope this will help dig the nation out of it’s mortgage troubles.
The program is designed to help address the mounting problem of decreasing property values. The administration hopes that the banks holding the mortgages will work toward reducing the principal balance on mortgages that are higher than the market value on the home. The problem is that the banks are holding out.

First of all, not all lenders are created equal. The 203k loan program does have very specific requirements to make the process go smoothly. Some lenders have perfected this process, most of them have not. I am proud to say that we have Elizabeth Vaughan here at Cornerstone Mortgage. Elizabeth is the master of 203k loans!

Now more than ever, your credit score can ‘make you’ or ‘break you’. Credit scores are essential when you are looking to buy a home, get a mortgage, buy a car, insurance, and even help determine the interest rate you pay on your credit cards. You cannot ignore your credit score!

The good news is that an additional Energy Saver Rebate allocation may be coming again soon. Stay tuned and we will keep you updated on any information that Minnesota Housing announces.

For more information about the Fix-Up Fund and whether you could be eligible, call Carrie Guarrero at 952-808-0042 or click here to email her.

In his post, Rob reviews what is causing the next wave of foreclosed homes, and with information from Minnesota Home Ownership Center, shares the map with the hot spots that Minnesota Home Ownership Center feels will be popping up with even more foreclosed homes.

[ March 18, 2010; 6:30 pm to 8:00 pm. ] Take the ‘unknown’ out of homebuying. Talk to Realtors and Mortgage Professionals about your questions. If you are buying Burnsville real estate, or anywhere in Dakota or Scott County, stop in for a no-pressure presentation that is sure to answer your homebuying questions. Take the myth and intimidation out of being a first time homebuyer, and better prepare yourself for the exciting purchase of a home!

Keep in mind, no matter where you are in the Minneapolis/Saint Paul Metro Area, there are special financing options available for first timehomebuyers . In fact, we offer Minnesota Housing Finance Agency loan programs and down payment incentives throughout the entire state of Minnesota. Whether you are buying in Dakota County or if you’re looking in Duluth, Ivanhoe, Rochester or Albert Lea – we have access to a program that can help you own home.

In today’s news-world where we are bombbarded with bad news, we are pleased to pass on GOOD NEWS! Burnsville Congressman John Kline, recently awarded a number of area residents a Congressional Certificates of Special Recognition at the “Star of the North” awards ceremony in Lakeville. Residents from Burnsville, Lakeville, Prior Lake, Apple Valley, Eagan, Farmington and more were recognized for special efforts they displayed in a number of different areas.

Get educated on Minnesota Housing Finance Agency Fix-up Funds, 203K’s, Home Equity Lines and straight-up cash-out refinances and find out what makes the most sense for you. I promise the hour you spend checking it out will FAR out-weigh the insane interest you will be paying on credit cards!