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Gifts and Grants can be considered towards borrowers funds on certain 3% down conventional loans
Yes, you read that right. I just got an email today from a leading mortgage insurance company that is willing to underwrite this loan. You will need at 740 or better score. But, what an opportunity. In many ways, this is like FHA, but with a little higher credit threshold. The KEY difference, besides credit score, is the lack of an upfront MI (mortgage insurance) premium and as well as a smaller... [Read more]
Purchase 80/10/10 and 80/5/15 STILL exists
As of this post, the 80/10/10 and 80/5/15 can still be done. While underwriting has allowed it, it has been very difficult to find a second mortgage product that would write a 5 or 10% second mortgage. Well, after many phone calls, we have sourced two lenders who at this time are willing to offer the second mortgage. One is a bank and the other is a credit union. As with EVERY program, the rules... [Read more]
What Is Your Home Worth Today?
I found a cool resource at http://www.FHFA.gov. If you go there, in the middle of the page you will find something called the Home Price Calculator. You input your home purchase information in terms of State, quarter in which you purchased and the quarter in which you’d like to get the valuation. Next, you hit calculate, and it will show you a chart. While it isn’t specific to YOUR... [Read more]
Did you know-Current & Future Housing Data
Watch this video-then call me to help you buy or sell a new home or investment property. Powered By WP Footer Read More →
8 Tips For Finding Your New Home
A solid game plan can help you narrow your homebuying search to find the best home for you. House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process. 1. Know thyself Understand the type of home that suits your personality.... [Read more]
4 Tips to Determine How Much Mortgage You Can Afford
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Here are six surefire ways you can get your finances in order before you buy a home. Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget. Instead of just taking... [Read more]
Two Special Twin Cities Home Buying Programs
One program is called FPP-Foreclosure Partnership Program, and the other is NSP2 Homebuyer Assistance Program. Both programs offer incentive money for a purchase. I can use these financing programs with one of our mortgage investors. Consider checking them out to see if they’d work for you. HennipenCounty-Non-forclosedHomes-overview HennipenCounty-Nsp2-overview Powered By WP Footer Read More →
Rebuilding Credit To Get A Mortgage
Often, especially in this market due to the recession, we find potential home buyers who have had a life event or “bump in the road” that affects their ability to obtain a new loan. If you want to buy a home, you will have to have a certain number of reporting trade lines and for certain length of time. MOST mortgage programs require 3-5 trade lines and a minimum of two years of reporting.... [Read more]
Buying Rental Property In The Twin Cities
Have you ever wanted to own rental property, but were unsure where to start? I teach a class on the topic. I’ve decided to make the outline into a PPT. I cover the information in my class in much more depth and breadth, but this will give you a lot of useful information. If you are interested in discussing purchasing a rental property as an investment, just give me a call and we can set... [Read more]
Mortgage Insurance May Still Be Deductible For Some Buyers
Yipee-It looks like mortgage insurance will remain deductible for some home buyers. When we look buying a home, you need to consider all aspects. One main one is mortgage financing. There are ways around mortgage insurance by doing split loans-like and 80/10/10 for example or LPMI-which stands for lender paid mortgage insurance-which means the interest rate is higher. Rather than confuse the matter... [Read more]
Is There An Opportunity Right In Front Of YOU
I just watched an amazing video which I’ve posted below called the Money Tree. There are so many different interpretations. One that struck me was that people are oblivious to opportunity that is right in front of them. How many of us are looking for something that we already have or is within our reach? How many people are NOT buying real estate today when they could be looking at this... [Read more]
December Is The Time To Reflect
Are each of us doing all we can to make the world a better place? Many of us have our favorite charity and organizations we support. RE/MAX is a very large sponsor of Children’s Miracle Network. Many people don’t realize how much has been given. Each time I sell a home, I automatically donate a portion of my commission to this organization. Other RE/MAX agents like myself contribute... [Read more]
Getting Ready to Sell Your House
While most experts see little good news in 2011’s housing market, economic downturn is no reason to neglect maintenance on a home or lose sight of future plans to relocate. The critical issue is planning intelligently for what spending you do now to make sure it’s worth your money later. And even if your plan to sell your property is more than a year away, it’s not a bad idea to get your finances... [Read more]
HUD Has A YouTube Channel-Here Is There Vid On Buying A Home
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Google lets you create cool templated websites
Just an idea for anyone who wants to set up something quick and easy: https://www.google.com/accounts/ServiceLogin?continue=http%3A%2F%2Fsites.google.com%2F&followup=http%3A%2F%2Fsites.google.com%2F&service=jotspot&passive=true&ul=1 Powered By WP Footer Read More →
Can Home Ownership Contribute To Your Wealth?
Based on the implosion of equity in the past few years, one begins to wonder. At the same time, if you look back from a historical perspective, home ownership and home equity have contributed to the net worth of many. Recently, there was a study/survey done by the Federal Reserve. NAR presents and interprets the resultshttp://www.realtor.org/research/economists_outlook/didyouknow/dyk111610dh Powered... [Read more]
Minnesota Foreclosure And Distressed Home Fact Sheets PLUS Twin Cities First Time Buyer Special Programs
I have mentioned it before, but I really am impressed with the Minnesota Home Ownership Center. I frequently get calls from people who need to find information about how best to deal with a distressed real estate situation. You must visit their website and bookmark it for future reference. Here are just some of the links you need to look at: Foreclosure & distressed property fact sheets http://hocmn.org/en/fp-factsheets.cfm Counseling... [Read more]
Twin Cities Foreclosure Update
Here is our latest newsletter that has updates on foreclosures in the Twin Cities. Also, watch the video below Powered By WP Footer Read More →
Minnesota First Time Home Buyer Tips
A buyer in Minnesota, and specifically the Twin Cities area-Minneapolis/St Paul, should consider visiting the board of Realtors site at http://www.MplsRealtor.com On the tab regarding market activity, they will be able to click through and find out aggregated information that is compiled into city specific reports. For example, Minneapolis real estate will be broken down into the various areas of... [Read more]
Top Seven Tips For Home Buyers
Recently I was asked to create a list of top tips. Here is my list. I have been selling homes for over 25 years. I hope these help you make better choices and improve your real estate making decisions. 1) Before you begin to search for a home, always get prequalified FIRST. Seek out an experienced mortgage broker to arrange your financing. Even if you think you want to use a large bank, at least see... [Read more]
Data.gov – A Cool Site With Lots Of Great Info
http://www.Data.gov I just found this site and wanted to share it. It has a ton of info and reports. If you have a project or just an “inquiring mind”, this is sure to be a hit. Check it out and get the data you need. Powered By WP Footer Read More →
Want to Be a Successful Real Estate Investor? What You Need to Do
By Amon Minor Are you looking to make money through real estate investing? If you are, you are not alone. However, real estate investing is a tricky business. There are some real estate investors who are successful, while others are not. If you are interested in becoming a successful, profitable real estate investor, you will want to make sure that you know exactly what you are doing, when buying... [Read more]
Investing In Real Estate Investors
By John Roush With the never-ending changes in our Real Estate Markets real estate professionals are starting to pay attention to the sound of new commission streams of income. Some realtors have either shied away or ran-away from such terms as “Cap Rate,” & “Cash-on-Cash Returns.” Terms that only the ‘smart’ and ‘numbers-oriented people use to determine... [Read more]
Check Out Energy Rebates
EnergyStar.gov – Check Out Energy Rebates This is a government site that offers lots of energy saving tips as well as explains what energy saving grants or credits might be available. Powered By WP Footer Read More →
Foreclosure Trends Newsletter
Here is the latest issue of my foreclosure trends newsletter. As you can see, the trend is not our friend, in the sense that the housing market has not recovered. Until jobs come back and people are employed and feel safe in their employment, they will tend to avoid making a committment. ForeclosureTrends.pdf Powered By WP Footer Read More →
Twin Cities Foreclosure Trends-From our MLS & Realty Trac
Besides the board of realtor sites: http://theThing.mplsrealtor.com and market data posted elsewhere at http://www.MplsRealtor.com I have a subscription to Realty Trac. My subscription gives me additional data about foreclosures and trends within certain zip codes. This is in addition to my daily subscription to Finance & Commerce (a business newspaper that prints all the foreclosure information... [Read more]
Real Estate Information
These are a couple of my newsletters that have a ton of valuable information. Go check them out. Foreclosure Market Trends Newsletter http://www.realtytrac.com/MarketTrends/NewsLetter.aspx?guid=131bd355-1b69-4bd1-99cd-2f0c9a936810 Real Estate Cyber Space Tips http://www.REcyber.com/cybertips/r11627 Powered By WP Footer Read More →
Rules and Requirements For 1031 Exchange
Rules and Requirements For 1031 ExchanBy William Jonas Real property should go into rules and requirements needed for 1031 exchange IRS rules. A lot of people may have any question for in the sale of their real property and about 1031 exchange should consult a tax professional. For people who may not have heard about this 1031exchange, it was created during the year of 1990. The main purpose of having... [Read more]
Outstanding Video-An Inspiration To All-Be The Best You Can Be!
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Twin Cities Home buyer book
Thinking about buying a home but don’t know where to start? Why not start by reading the home buyer hand book that we have provided below. It is a great place to start to get the information you need. When you’re ready, we would love to help you find and finance a new home. MN Home buyers handbook View more documents from John Mazzara. Powered By WP Footer Read More →
Open Source Documents-Unbelievable Resources-Find YOUR topic of Interest
If you’ve never visited http://www.Archive.org, you are missing a wonderful site. From this site, you will find many resources that are out of copyright and you can download and use them as you wish. You will find all the classics and some fun things as well. Just for fun, I have the download of a book called “Little Gardens” which is a book about setting up a garden on a city... [Read more]
Sell Your Home Faster-Learn The Home Selling Secrets Of Successful Sellers
Here is a special report that outlines over 450 ideas on how to sell your home faster. This report is just one of the many home buyer, home seller, and investor reports that I can make available to you. Read this report and call me to arrange a time to see how I can help. Download Now Powered By WP Footer Read More →
Extension And Expansion Of Home Buyer Credit-4/30/2010
A Big WOW!! The credit has been expanded to include homeowners who have owned their home for the past 5 years. No longer do you need to be a first time buyer. The dollar limit is $8000 for first time buyers and $6500 for move up buyers. This GREAT news. Combine this with 50 year lows in interest rates, and you’d be crazy not to consider making a move. If you feel secure in your job,... [Read more]
Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification
Have you ever wondered why a foreclosure occurs when a better solution might have been a modification? Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced? You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better. That being said, you can probably guess why-it’s about the... [Read more]
Home Buyer Tax Credit Information Update
It’s now official!! The tax credit has been extended and expanded. YOU NEED TO HURRY! You now have until the end of April 2010. The following summary of the credit is provided by the National Association Of Realtors. The following two documents cover the changes in the new law. Now get out there and buy a home!! NAR FAQ: Homebuyer Tax Credit Changes NAR Issue Brief: Homebuyer Tax Credit... [Read more]
Key Considerations of a 1031 Exchange
Don’t make mistakes when doing an exchange that would cause it to be disallowed by the IRS. There ARE rules and requirements that need to be followed. Working with experts-like First American-can help you get the guidance and access to the rules that you need to know and adhere to. Tax deferral is just an exchange away. Print out a copy of this PDF and follow the rules. Click Here... [Read more]
Benefits of a 1031 Exchange
One of my exchange partners is First American. They have put together a great reference piece on the benefits of a 1031 exchange. You might want to print this PDF and share it with your accountant or legal advisor. If you need help with the real estate portion-just ask and I’d be happy to help represent you in your exchange. Click Here for the PDF Powered By WP Footer Read More →
Minnesota Real Estate Newsletter Gives Access To Great Computer & Life Tips
I maintain a number of real estate sites, blogs, and newsletters. One newsletter that provides a number of computer tips to help you function better with a computer is http://www.REcyber.com/cybertips/r11627 The site is full of cyber space tricks and great places to visit. We have link to this site on the list of MN Real Estate links, but I wanted to highlight this particular newsletter because... [Read more]
Buy A Minnesota Investment Property With Confidence
RE/MAX has put together a “how to guide” on how to buy investment property. Since knowledge is power, get the guide and brush up. It’s your money-get the information you need to become a successful Minnesota investment property investor. Powered By WP Footer Read More →
What Constitutes A Like Kind Exchange Vs An Outright Sale?
If you are one of the many people who have caught on to the fact that there is a lot of money to be made in real estate, then you are already on the right track. You can really build your wealth by purchasing and selling real estate, especially if you do it right and take advantages of systems and tax breaks out there. If you are interested in selling one of your investment properties and then purchasing... [Read more]
Who Can Act As The Qualified Intermediary For Your 1031 Exchange?
So you have finally decided that you want to sell an investment property and pick up another. You already know that there are taxes that are typically due within the tax year that you sell the property. But what if you would simply rather take that tax money and reinvest it into the same type or kind of investment property or something even better? Can you actually do that? Yes, with the 1031 you can... [Read more]
How Can I “Buy” A Replacement Property before Mine Is Sold?
Sometimes, the perfect investment property comes along as though it was fate. The problem is that the property you are trying to sell has not yet sold and you wanted to take advantage of the 1031 exchange. The 1031 exchange allows many wonderful benefits, including a deferment on capital gains owed. But the standard 1031 takes place once the first property of yours is sold and then you purchase the... [Read more]
The IRS Definition of an Exchange
If you have ever stumbled upon http://www.IRS.gov you have probably seen that there is a wealth of information on there. Some people find the site hard to navigate or simply find that some of the information is a little difficult to understand. If you are someone that is interested in real estate investments, it is vital that you make sure that you are fully aware of all the laws, restrictions and... [Read more]
What Is A “Starker” Exchange And How Did It Get It’s Name?
Many people already know that there is a lot of money to be made in real estate investments. The thing is though, many people are a little shy about getting involved because of the amount of money that is required. Not only does a person have to have a little chunk of money to use as their start up, but there are also a lot of tax issues to deal with. Luckily, though, there is the starker exchange... [Read more]
What are Some of the Mandatory Time Frames And Rules For 1031 Exchange?
Those who are experienced real estate investors might already know all of the ins and outs of the 1031 rules. Those who are just getting started in investments or who are simply looking into their options may not yet understand all of the 1031 requirements that are needed to be fulfilled in order to gain the tax benefits that are sought after. The first thing you want to do is to make sure that you... [Read more]
What are the Qualified Property Types for a 1031 Exchange?
If you are already a real estate investor or you are looking to become one, you want to make sure that you are learning all the tips and tricks out there to make sure that you are using your money wisely. There is nothing worse than paying tens of thousands in taxes when you really do not have to at the moment. If there were better things that you could do with that money, wouldn’t you want to... [Read more]
What are the Mechanics of a 1031 Exchange-How Does it Work?
If you have ever wondered just how it was that real estate investors can go from one property to another without looking as though they just paid thousands of dollars in taxes? The reason they are able to move from one property to the next is simply because they are taking advantage of a little known secret called the IRS 1031 exchange. Without taking advantage of this exchange, someone would have... [Read more]
What are Some of the Tax Advantages of an Exchange?
What are Some of the Tax Advantages of an Exchange? Have you ever wondered how those investors purchase property after property and never seem to flinch a bit? How are they able to make so many wise investments and sell so many properties? Are there secrets? Well, yes and no. It is not really a secret because it is knowledge perfectly laid out on the IRS website. The problem is though; many people... [Read more]
What is a 1031 Exchange?
Many people already know that they want to get involved in the real estate market in one way or another; they just do not know where to begin. Before anyone invests in real estate, it is important to make sure that all of the laws and tax implications are studied. If you want to get involved in the real estate market, buying and selling homes, you want to make sure that you are learning everything... [Read more]
