Currently viewing the tag: "FHA"
Must, mold, curled shingles, broken glass, chipping paint, missing copper pipes, a broken toilet, pet soiled carpets, a furnace that needs replacing and no hot water heater. No, these are not a few of my favorite things, and I’m guessing they aren’t yours either, but they are a few of the things first time home buyers are seeing when they’re shopping for their first home in Minnesota today. Particularly when looking at vacant, foreclosed or short sale properties.
There are solutions when you have an appraisal that comes back with required repair items, even if the seller isn’t willing or able to complete the repairs. Most likely, you noted these repair items in a home inspection. It’s often just following the home inspection that I get a call from the real estate agent on the buyers side with questions regarding whether the items that came up will get called in an appraisal or not.
October reports are out and the numbers continue to show signs of strength in our Twin Cities housing market. According to the Minneapolis Association of Realtors, when compared to last year; pending sales are up (40.5%), new listings (-14.5%) are down and the overall inventory levels are down (-21.6%) as well. This doesn’t come as a surprise.
This post is not about those with marginal credit. While credit improvement is absolutely necessary if you have negative credit, and I will offer insight about that, this post is geared toward the average credit borrower. Those consumers whose credit score currently ranks somewhere between 640-720. There are some major benefits in the world of mortgage banking and getting a mortgage in Minnesota today if you’re willing to do a little work on your credit score.
For home buyers in the market to buy a home today, don’t let multiple offer situations get you down. There are some things you need to know and be prepared for the multiple offer game of tug-o-war in this real estate market. These things can help increase the potential for your success:
If you’re in the home buying market, or you own a home and you’re planning to remodel and you have limited down payment or equity and haven’t heard of an FHA 203K – you need to talk to learn more about the program. It could save you a great deal of time and money as well as open up possibilities that may not currently exist.
In terms of mortgage loans, it’s important to understand that while there are a large variety of mortgage loan programs, and most of them fall into a few underlying loan program types. These program types all have various qualifying standards and down payment requirements as well. While the media would have you believe that you need mega down payment to qualify for a home today, that’s simply not true. There are still zero down and minimum down payment programs available for you to purchase a home.
Our first game touched on some common terms and acronyms associated with buying your first home or current home owners looking to purchase a new home in today’s real estate market. This game is focused on current home owners who may be considering a refinance or a home sale in today’s real estate market.
Analyzing mortgage insurance is an important part of choosing your home mortgage. Your mortgage lender should adequately explain the difference between FHA and Conventional mortgages and whether or not you qualify for a Conventional loan vs. an FHA loan. You may find that mortgage insurance rates are significantly better for you using a Conventional mortgage over an FHA mortgage. However, if you aren’t eligible for a Conventional loan, FHA loans are a great option and mortgage insurance is simply a normal part of getting a loan today without 20% down payment.
At today’s record low mortgage rates, you can finance home improvements or home repairs with an FHA 203K right along with your home purchase price at the time of your initial loan closing and know that you’ve already got those items financed and under control.
Watch this video for information on the upcoming First Time Home Buyer Class
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