It seems that at least once per week someone prominent who should know better will go on TV and say that you need a 20% down payment to buy a home. That is total crap. FHA loans with 3.5% down payment are still available and I see loan officers offering Conventional loans with 5%, 10% and 15% down every day too. If you happen to be a qualifying Veteran or live in a rural area, you may even qualify for a 0% down loan. The other thing I hear at least once a week from these "experts" is that you need cash to … [Read more...]
Contracts for Deed – The Good & The Bad
March 17, 2012 by Leave a Comment
The Star Tribune put out an article that talks about the people and organizations offering contracts for deed and how they can be a great option for buyers but can also be risky for buyers, especially if they don't have help from someone experienced in those type of sales. It's important that before buying a home on contract for deed that you speak with an attorney or real estate agent about the terms of the contract and have a title company provide title and closing services to ensure your contract is recorded … [Read more...]
Condos Losing FHA Approval Risk Losing Much More
February 16, 2012 by Leave a Comment
Over the last few years I've encountered more and more condominium projects that have lost their FHA project approval and have written on the issue before. What does it mean when a project loses approval? Buyers in those developments will not be able to secure FHA financing for their purchase. In 2011, approximately 9% of all condo sales were financed by the buyers using FHA financing. 9% seems small, right? Well yes it is relatively small, but since there are currently 6.5 months of supply of condos … [Read more...]
