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FHFA AUTHORIZES FANNIE MAE AND FREDDIE MAC TO EXPAND HOME AFFORDABLE REFINANCE PROGRAM TO 125 PERCENT LOAN-TO-VALUE

July 2, 2009 at 4:59 pm · Filed under Uncategorized ·Tagged , , , ,

This is great news for most American who did 100% mortgages at the top of the real estate market and now they owe more than their house is worth. This will give all those people who qualify a chance to refinance into today’s low rates giving them a lower house payment.

If your loan is held by Fannie Mae or Freddie Mac and you are current on your mortgage payments, you may be eligible to refinance your mortgage loan even if your LTV is up to 125%. LTV, or loan-to-value-ratio, is a measurement that compares the principal balance of your loan (the amount you currently owe) to the actual value of the house. For example, if your loan amount is $300,000 and the current value of your home is $240,000, your LTV is 300/240, or 125%.

This applies to Minnesota mortgages so if you are in this boat and you want to explore your options, call Dominic DesMarais at 612-247-8233 at Metropolitan Financial Mortgage company or you can click on this link to read the FHFA news release

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Do I have to buy mortgage insurance?

May 15, 2009 at 2:56 am · Filed under Uncategorized

Anytime you buy a home with less than 20% down, you are required to purchase mortgage insurance.

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100% Minnesota Mortgage Still Available!

March 5, 2009 at 6:08 pm · Filed under Uncategorized ·Tagged , , , , , , , ,

You probably don’t know this but there is a little known secret in the mortgage industry called the USDA mortgage.  Through the USDA Minnesota Rural Mortgage Program, home buyers can still purchase homes in Minnesota with no money down.  This covers most of Minnesota including the outer suburbs of the Minneapolis – St. Paul metropolitan area.  These programs allow Minnesota home buyers to obtain a mortgage with no mortgage insurance and low interest rates.  These are 30 year fixed mortgages and if you qualify for this program and you are a Minnesota first time home buyer, you will still be able to qualify for the $8,000 tax credit for first time home buyers from the federal government.  For more information contact Dominic DesMarais at Metropolitan Financial Mortgage.  He can be reached at 612-247-8322.

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Where do I vote in Minnesota?

November 3, 2008 at 11:59 pm · Filed under Uncategorized ·Tagged , , , , ,

Where do I vote in Minnesota you ask! As luck would have it and thanks to the wonders of the Internet, you can find out where to vote by using the Minnesota Polling Place finder.  This great tool will help Minnesotans answer the question, “Where do I vote?” so they can be sure to get out and vote tomorrow. By entering your address into this polling place finder, you can find out important voting information for your precinct, including: 

  • Your Polling Place (where you vote, map & directions)
  • Districts for your precinct (including maps)
  • “Candidates on My Ballot” (candidates and questions on the ballot at your
        next election, when available)

    • So if anyone in Minnesota asks you, where do I vote?, be sure and send them to th Minnesota Polling place finder on the Secretary of States website at  http://pollfinder.sos.state.mn.us/Default.aspx.

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    Who is responsible for tanking the US Economy?

    July 7, 2008 at 8:59 pm · Filed under Uncategorized ·Tagged , , , ,

    I found a great little NCAA tournament-style bracket to help people determine just who is responsible for killing our economy.  It’s a cool little exercise with explanations of all 16 candidates, in case you don’t recognize some of the names. Some of the potential culprits include Alan Greenspan, George Bush and the past president/CEO of Countrywide, Angelo Mozilo. Visit NCAA tournament-style “blame game” bracket.

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    Minnesota Jumbo Mortgage Rates Improve

    June 14, 2008 at 3:11 pm · Filed under Uncategorized ·Tagged , , , , , , ,

    While Minnesota mortgage rates have been relatively low over all for most of this year, rates for jumbo mortgages have really gone through the roof and stayed there since last year when the housing and mortgage industry slipped into the toilet.  Jumbo rates have been consistently above 8% and the allowable loan to value (LTV), and combined loan to value (CLTV), which is the combined value of both a first and second mortgage,  has been declining from a high of 100% a year ago to more like 90% today.

    Recently one of our lenders sent out updated Minnesota jumbo mortgage rates that are starting to look good. Here are some of the great options for Jumbo mortgages in Minneapolis, Minnesota;

    • up to 90% LTV with no mortgage insurance
    • Cash out up to 90% LTV for the same interest rate
    • Interest only up to 90%  LTV for the same interest rates
    • You can choose not to escrow for taxes and insurance.
    • Homes that have been off the MLS for only one day are now eligible

    Mortgage rates start at 7.35% for 90% loan-to-value if you have a credit score of 720 or higher. (apr 7.672%)

    Max loan amounts are also based on credit score;

    • $800,000 max loan amount, 90% LTV with 750 + credit score
    • $675,000 max loan amount, 90% LTV with 700-749 credit score
    • $500,000 max loan amount, 90% LTV with 680-699 credit score

    For more information on these great Minnesota jumbo mortgage rates and programs, call Ken Horst at 612-251-8237.

    If you are looking for Minneapolis homes for sale, or homes for sale anywhere in the US, visit www.mlsmaps.com to see millions of MLS Listings for sale, many searchable on local maps.

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    Minneapolis Minnesota Makes Top Ten List for Worst Homeowners Debt

    May 2, 2008 at 12:33 am · Filed under Uncategorized ·Tagged , , ,

    Forbes magazine recently published its list of cities with the worst homeowners debt and sadly, Minneapolis made the top 10. According to the article, they used U.S. Census data to determine which of the country’s largest 150 housing markets had the highest percentage of outstanding home equity and second loans. Then they combined that data with housing price trends taken from the National Association of Realtors, to gauge which markets are experiencing steep price drops. Forbes estimates that homeowners in these areas might have the hardest time refinancing or staying afloat.

    Here are the top 50 cities for worst homeowner debt:
    1. Sacramento–Arden- Arcade–Roseville, CA
    2.     Denver-Aurora, CO
    3. San Diego-Carlsbad- San Marcos, CA
    4. Minneapolis-St. Paul- Bloomington, MN-WI
    5. Washington-Arlington- Alexandria, DC-VA-MD- WV
    6. Los Angeles-Long Beach- Santa Ana, CA
    7. Boise City-Nampa, ID
    8. Colordo Springs, CO
    9. Las Vegas-Paradise, NV
    10. Madison, WI
    11. Reno-Sparks, NV
    12. Boulder, CO
    13. Seattle-Tacoma-Bellevue, WA
    14. Detroit-Warren-Livonia, MI
    15. Cincinnati-Middletown, OH-KY-IN
    16. Riverside-San Bernardino-Ontario, CA
    17. Portland-Vancouver- Beaverton, OR-WA
    18. Columbus, OH
    19. Richmond, VA
    20. Atlanta-Sandy Springs- Marietta, GA
    21. Boston-Cambridge- Quincy, MA-NH
    22. Green Bay, WI
    23. San Francisco-Oakland- Fremont, CA
    24. Lexington-Fayette,KY
    25. Cleveland-Elyria-Mentor, OH
    26. Phoenix-Mesa-Scottsdale, AZ
    27. Salt Lake City, UT
    28. Raleigh-Cary, NC
    29. Worcester, MA
    30. Louisville, KY-IN
    31. Baltimore-Towson, MD
    32. Pittsfield, MA
    33. Indianapolis, IN
    34. Charlotte-Gastonia- Concord, NC-SC
    35. Bridgeport-Stamford- Norwalk, CT
    36. Akron, OH
    37. Dayton, OH
    38. Virginia Beach-Norfolk- Newport News, VA-NC
    39. Lansing-E.Lansing, MI
    40. Providence-New Bedford- Fall River, RI-MA
    41. Appleton, WI
    42. Portland-South Portland- Biddeford, ME
    43. Durham, NC
    44. San Jose-Sunnyvale- Santa Clara, CA
    45. Lincoln, NE
    46. Allentown-Bethlehem- Easton, PA-NJ
    47. Omaha, NE-IA
    48. New Haven-Milford, CT
    49. Milwaukee-Waukesha- West Allis, WI
    50. Orlando, FL

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