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Changes Coming in FHA Requirements
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There are some changes coming in the FHA requirements that are worth noting. The Federal Housing Administration has been under pressure recently due to higher defaults and falling reserves. To be clear, you should know that the FHA doesn’t actually lend money to home buyers, but insures lenders against default of loans that meet FHA...
Fannie Mae and Freddie Mac Change Their Appraisal Process
A lender I’ve worked with in the past sent me the following yesterday afternoon regarding Fannie Mae and Freddie Mac’s change in how appraisals will be ordered: Fannie Mae and Freddie Mac Change the Appraisal Process Freddie Mac and Fannie Mae will implement a revised Home Valuation Code of Conduct beginning May 1, 2009. In...
Rates are at their best levels in 5 years – If you can brave this Minnesota Cold!
Bond and home loan rates rallied late Friday to reach their best levels in years! While I’m not normally a rate watcher, and definitely not a guy to tell people ‘Now is the time to buy!’ ; I think there is some opportunity to ride this rate dip and do one of two things. 1....
Fannie Mae to Suspend All Foreclosures until January 2009
Fannie Mae has just issued a press release letting it be known that they have ordered their loan servicers and attorneys to suspend any and all foreclosures scheduled from next week to the end of the year in homes that are owner occupied. This is being done while Fannie figures out how to implement a...
July 22, 2008: Housing Stimulus Update (Video)
There might be a bit of overacting in this video , but nonetheless, if you’re interested in the latest Housing Stimulus Bill and where the National Association of Realtors stands, here’s your update… NAR President-Elect Charles McMillan sits down with NAR Chief Lobbyist Jerry Giovaniello to discuss the importance of the Housing Stimulus legislation currently pending on...
First-Time Home Buying in 2008: 5 Reasons Why Now is a Good Time to Buy
With the constant barrage of negative media surrounding real estate these days, it’s no wonder that newlyweds and other first-time home buyers are putting their dreams of buying their first home on hold. But 2008 promises to be as good a time as any to buy your first home and here’s why: It’s a buyer’s...
Foreclosure Filings Report: Hardest Hit Markets by State
U.S foreclosure filings continued their upward climb in December, rising 97% from the previous year and 7% from the month before. Total foreclosures rose 75% in all of 2007. According to MSN Real Estate’s latest report, hardest-hit markets were along both coasts, which experienced a more severe boom and bust in the latest cycle, as...
Top 5 Tax Myths of Homeownership That Could Cost You
Owning a home tops the dream list for most Americans, and for plenty of good reasons. It’s a shelter for your family, a gathering place for your friends and a good long-term investment. Tax breaks are also frequently cited as motivation for moving from renting to owning, and there are many ways a home can...
Will Paying Your Mortgage Off Early Payoff for You?
Does it ever make sense for a homeowner to pay off a mortgage early? According to Kiplinger.com, the answer depends on the interest rate of the loan and the timing of the payoff. Paying down a 6% mortgage is the equivalent of earning a 6% taxable return on your money. You should be able to...
New & Old Points: Two More Tax Deductions Often Missed
How many times have you done your taxes and, three weeks later, learned you had missed the opportunity for a deduction? Too many, I’m sure. How can you not miss these deductions the next time? Start planning now. I’ve posted previously about What is Deductibe When Buying a Home, but here are two of the...
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The White House will provide $3 billion more for unemployed homeowners
The White House along with the Treasury Department announced that ...
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5 Minneapolis Metro Suburbs listed in CNN Money’s Top 25 Places to Live in 2010
CNN Money just came out with its latest "Best Places ...
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First-Time Homebuyer Tax Credit Extended (Closing Date Only)
Legislation was signed over the weekend to extend the closing ...
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Edina Housing Stats – May 24th 2010
Current Edina Housing Activity
There are currently 488 active properties for ...
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