Updates on Current Pre-Approval Methods:
Currently, the Realtors doing the majority of the volume in the Minneapolis/St. Paul metro area of Minnesota are requiring all their buyers be pre-approved for both conventional Fannie or FHA financing in addition to FHA 203k financing. If the home is a Fannie Mae owned property, the buyers are also being qualified for HomePath and HomePath Renovation financing for Minnesota.
Most of the new properties that are selling right now are sure to have an issue or two with being financeable via standard financing options. The renovation loans, either FHA 203k in MN or HomePath Renovation mortgages in Mn, are allowing buyers to be ready to purchase the home of their dreams without having to re-start the loan process if there is a bump in the road with the appraisal. Recently, we had a home that was days away from closing have the copper pipes removed from the home and force it to be switched to a FHA 203k purchase from standard FHA.
If today's Real Estate climate has taught us anything, it is to always be prepared for the unexpected. With our stable of lenders, we will always be sure to have buyers in the best position to succeed whether it be via HomePath / HomePath Renovation mortgages in Minnesota or via FHA / FHA 203k mortgages in Minnesota.
Call today if you have any questions about any of our programs.
Ben Coulter | NMLS#383046
612.384.7818
612.677.3100 Fax
UptownFinancial.com
Mortgages in All Shapes and Sizes
http://www.Linkedin.com/in/BenCoulter (Network)
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**Ask me about our Construction/Rehab Purchase & Refi loans---up to 110% of 'Future Value'.
