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Inside A Place Very Few Ever See…

 Finance, Home Loans  No Responses »
Nov 022012
 

Yesterday, The Hartmann Korby Team had a unique opportunity to see the inner workings of the Wells Fargo Underwriting Department

In Minneapolis- The Hartmann Korby team was invited by local Wells Fargo mortgage bankers Jim McCaffrey and Michael Spindler for a tour of their hi security facility. It was an amazing honor! We are the first and only team to get a behind the scenes to tour of this facility.

Not knowing what to expect, I stepped off the elevator and began to hear the quiet calm of feverish work from over 80+ underwriters and 20+ closers.  Knowing it is just days before was month end, I was surprised by lots of smiles and calmness.  There were signs placed all over the office and cubicles talking about putting clients first, doing what is right, and solving problems.

The highlight of the entire afternoon was getting a chance to meet with the leaders of the department, Nicole and Patti.  This dynamic set of “client first”- do whatever it takes- leaders were outstanding to listen to.  Patti spoke of new ways that Wells Fargo is moving forward to expedite the loan approval process.

My favorite story that Patti shared was that of a buyer that was supposed to close on a specific day, you know the scene – moving van is packed, help is lined up, ect….  A small glitch came up last minute with the agent and they needed to call to clear something up.  Patti was relentless in her desire to close that day, she would not take no for an answer.  Guess what, it closed on time.  It was so refreshing to see such passion and determination in an area that very few of us in the real estate business ever get to see.

My hats off to the Wells Fargo team and what they are doing to streamline the mortgage process.  As being leaders in the industry, I could see why.

MN Down Payment Options

 Finance, Home Loans, MN Housing Market  No Responses »
Oct 172011
 

For home buyers these days one of the major questions has to do with how much money they need to save in order to buy a home.  The answer to the question depends on whether you are a Minnesota First Time Home Buyer or if you have a home to sell.  While there have been major changes in the mortgage market in recent years, there are still plenty of low down payment options.

No Down Payment Loans

In some limited instances, home buyers can still find home loans which required no down payment.  VA loans still require no down payment but at least one of the occupying buyers must be an eligible veteran.  This type of loan has a great advantage in that not only is there no down payment required but the buyer can ask the seller to pay their closing costs as well.

Another zero down payment loan is available from the USDA.  These loans, also known as Rural Development loans, are an excellent choice but are limited by location.  The property must be considered to be in a rural location.  Generally you would need to buy as far north as North Branch, Isanti, Cambridge or Zimmerman.  In the west you would have to buy as far out as Buffalo, Waconia, or Belle Plaine.  If you are looking in the south metro you would need to buy in Elko New Market, Northfield, or Cannon Falls.  The eastern metro is not eligible in Minnesota, but just over the river in Hudson you could benefit from a USDA loan.

Low Down Payment Loans

Most buyers in the Twin Cities metro will find that FHA or Fannie Mae’s My Community loan are the lowest down payment options.  While FHA is the most flexible program in terms of credit, it’s 3.5% down payment requirement is slightly higher than the My Community loan at a 3% down payment.

FHA is the most common because it can be used by most buyers.  Even buyers who have owned homes in the past can use FHA financing.  Additionally there are no maximum income qualifications for the program.

The Fannie Mae My Community loan or Freddie Mac Home Possible loans are designed for first time home buyers with moderate incomes.  These can be excellent options for buyers who are looking to buy a property that does not necessarily qualify for the more stringent FHA standards.

Down Payment Assistance

Minnesota first time home buyers can also benefit from state and local community down payment assistance programs.  These programs can help reduce the typical down payment requirement to as little as $1,000 down.  These programs are generally limited by maximum income and asset guidelines.  Most require that the buyer has not owned a home within the past 3 years but some actually are acceptable for buyers who are selling their current home to buy another.

Get Preapproved Early

If you are considering buying a home but are concerned about how much down payment you will need, I would highly suggest that you get preapproved early.  You will want to work with a local Minnesota mortgage lender who has access to these down payment assistance programs so that you can truly learn what types of programs are available to you.

Showing properties 1 - 5 of 500+. See more City of St. Paul | Houses | Condos | Townhomes .
(all data current as of 5/22/2013)

  1. $10,000,000 : 200 7th Street W, St. Paul
    0 beds, 0 baths
    Lot size: 26,136 sqft
    Listed with Randy L. Crooms Realty
    Broker reciprocity icon
  2. $3,250,000 : 34 Kenwood Parkway, St. Paul
    4 beds, 2 full, 3 part baths
    Home size: 6,293 sq ft
    Lot size: 34,848 sqft
    Listed with Edina Realty, Inc.
    Broker reciprocity icon
  3. $2,400,000 : 305 Saint Peter Street, St. Paul
    0 beds, 0 baths
    Lot size: 10,018 sqft
    Listed with Colliers International
    Broker reciprocity icon
  4. $2,275,000 : 340 Summit Avenue, St. Paul
    9 beds, 4 full, 3 part baths
    Home size: 9,200 sq ft
    Lot size: 27,007 sqft
    Listed with Edina Realty, Inc.
    Broker reciprocity icon
  5. $2,100,000 : 350 St Peter Street ,Unit 1300, St. Paul
    2 beds, 2 full, 2 part baths
    Home size: 5,150 sq ft
    Listed with Lakes Sotheby's International
    Broker reciprocity icon

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Buying A Saint Paul Home With A VA Mortgage

 Home Loans, St. Paul Real Estate  No Responses »
Jul 262011
 

VA Financing in Saint Paul

One common financing option for buying Saint Paul real estate for home buyers is available through lenders who offer loans guaranteed by the Veteran’s Administration. This type of financing has increased nationally by about 20% over the last couple of years due in part to the sheer number of our returning veterans. Additionally with the loss of other options for zero down payment loans in Minnesota, the VA offers a benefit that offers eligible buyers a unique opportunity to buy their home with no down payment.

Saint Paul VA Mortgages: Not Just For The First Time Buyer

Many veteran home buyers misunderstand the fact that they may use their VA mortgage benefit multiple times. As a result veteran buyers do not necessarily need to be a first time user in order to get VA loans with zero down payment. This can be a great solution for current homeowners who wish to sell their home despite having a small amount of equity expected from the sale of that home. Since they will be able buy their next home with no down payment with a Minnesota VA loan they might be able to afford to sell their home without receiving any proceeds from equity in order to buy the next.

Saint Paul Veterans: Get Your Certificate of Eligibility

Saint Paul veterans should discover two things to see if they will be qualify for a VA loan. First they ought to see if they will be eligible for a Certificate of Eligibility through the VA. They can apply for the Certificate online or even just through their Minnesota mortgage broker. There are several categories for eligibility and I encourage veterans to check with the VA or to research their eligibility online

The Certificate of Eligibility grants a guarantee to the lender which helps to offset some of their losses in the event of a foreclosure. This guarantee is paid for by the veteran in the form of the VA funding fee which is normally financed in the mortgage loan. The funding fee is waived for veterans who have experienced service related disabilities.

A second thing a Saint Paul veteran home buyer should determine is if they can get prequalified for a VA loan. I encourage all veterans to talk with a MN mortgage banker to get preapproved for MN VA loans before we go out shopping for Saint Paul homes. When you go through the preapproval process the banker will review your credit, income, assets, and debts to determine if you meet the VAs requirements for financing. This important first step is usually free and can be done within a few days. In fact, many Minnesota VA mortgage bankers will do this right over the phone, even on weekends when you’re off work.

City of St. Paul Information

As both the Ramsey County Seat and State Capitol of Minnesota living in the city of Saint Paul is filled with things to do. Popular attractions such as the Xcel Energy Center and the Science Museum of Minnesota make St. Paul a popular destination for both its residents as well as those living in surrounding suburbs. Employment opportunities abound in St. Paul with major employers such as Ecolab, Lawson Software, Gander Mountain, and nearby 3M. St. Paul housing can be especially affordable for first time home buyers through the Ramsey County’s First Home program. Residents enjoy popular regional events such as the Minnesota State Fair and the Winter Carnival. If you thinking of buying or selling a home in St. Paul please send me and email or give me a call as I’d love to help you accomplish your goal.

If you are a Saint Paul veteran and are interested in buying your first home feel free to give me a call or send me a quick email. Whether you currently own a Saint Paul home or are looking to buy your first home, VA loans can be a great way to buy a home in Saint Paul. With interest rates at record lows combined with reduced property values many veterans are finding that it is cheaper to buy a home than to rent!

Shawn Hartmann
Licensed Realtor in Minnesota
Keller Williams Realty
shawn@hartmannteam.com
Direct 651-468-9099
2680 E Snelling Drive North
Roseville, MN 55113
With a focus on Saint Paul Homes for Sale

Showing properties 1 - 5 of 500+. See more City of St. Paul | Houses | Condos | Townhomes .
(all data current as of 5/22/2013)

  1. $10,000,000 : 200 7th Street W, St. Paul
    0 beds, 0 baths
    Lot size: 26,136 sqft
    Listed with Randy L. Crooms Realty
    Broker reciprocity icon
  2. $3,250,000 : 34 Kenwood Parkway, St. Paul
    4 beds, 2 full, 3 part baths
    Home size: 6,293 sq ft
    Lot size: 34,848 sqft
    Listed with Edina Realty, Inc.
    Broker reciprocity icon
  3. $2,400,000 : 305 Saint Peter Street, St. Paul
    0 beds, 0 baths
    Lot size: 10,018 sqft
    Listed with Colliers International
    Broker reciprocity icon
  4. $2,275,000 : 340 Summit Avenue, St. Paul
    9 beds, 4 full, 3 part baths
    Home size: 9,200 sq ft
    Lot size: 27,007 sqft
    Listed with Edina Realty, Inc.
    Broker reciprocity icon
  5. $2,100,000 : 350 St Peter Street ,Unit 1300, St. Paul
    2 beds, 2 full, 2 part baths
    Home size: 5,150 sq ft
    Listed with Lakes Sotheby's International
    Broker reciprocity icon

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 

Home Ownership Is a Responsiblity

 Home Loans  No Responses »
Jun 022011
 

Owning a home is a responsibility.  As a buyer, it is important to be aware of the communication that is necessary with your Real Estate Agent and Loan Officer during the process.  In most cases, a Real Estate Agent and Loan Officer are more than willing to assist the buyer by answering questions and concerns that may come up when they are searching for a home, writing a Purchase Agreement, or signing preliminary disclsoures for the loan application.  However, participation is requried from a buyer to help the process move smoothly along, and that is where the responsibility of owning a home begins.  The buyer may have to find a time a to be available to look at homes, sign a purchase agreement, provide documentation to the Loan Officer, meet with a Homeowner’s Insurance Agent, and other things that at times, may not alway be convenient, but that is part of being responsible for your part as a buyer in the process.   Actively participating and becoming part of the “team” and taking care of the responsibilties that may be asked of you, may relieve some of the stresses that may come up during the home buying process, and who knows, you might even have fun!

What is needed to qualify for a home loan?

 Home Loans  No Responses »
May 262011
 

morgage, preapproval, income, money, When clients come to my office, one of the first questions I am asked is “What do you need from me to determine if I qualify for a home loan?”   That answer can differ slightly depending on the loan product, but below is a list of information that is typically needed to prequalify a borrower for home financing.  By providing this information to your Loan Officer when you are ready to begin the loan process it may make the pre-qualification process smoother.

-         Most recent pay stubs covering the last 30 days.

-         W2’s and/or 1099’s for the last 2 years (3 years for first time buyer programs).

-         If  self-employed, commissioned, or bonus income, Federal tax returns for the past 2 years (3 years for first time buyer programs).

-         Bank statement(s) covering the past 60 days (all pages) for all deposit accounts (checking, savings, money market).

-         Most current statement for investment account(s) – all pages. (401k, retirement, stocks, bonds, etc..)

-         Complete copy of Bankruptcy papers (if applicable).

-         Complete copy of Divorce Decree/Child Support Court Order

-         VA loans – Certificate of Eligibility.

-         Social Security Award Letter/Disability Award Letter (if applicable).

-         Name and contact information for current Landlord (if renting).

At the time of application, be prepared for your Loan Officer to pull your credit to verify that your credit qualifies for a loan program. If, at that time, you have items in your past that you feel may have affected your credit, it would be wise to disclose that to the Loan Officer.

Lastly, willfully participate and enjoy the process! 

Feel free to contact me with questions.  612-868-8575 or  michelle.shull@usbank.com.

View Michelle Shull’s website.

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The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Regional Multiple Listing Service of Minnesota, Inc. All real estate listings are marked with the Broker ReciprocitySM logo, and detailed information about them includes the name of the listing brokers.

Information deemed reliable but not guaranteed.

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