ENTER EMAIL HERE--->
IF YOU HAVE BELOW A 800 CREDIT SCORE...
PLEASE TRUST ME, CALL TODAY! ASK ABOUT CREDIT REPAIR 763-634-1766
ONE EXCEPTION, IF YOU HAVE $6000+ MINIMUM, OR 5%+ DOWN PAYMENT,
THEN NO BANKS NEEDED!  BUY A RENT TO OWN OR CONTRACT FOR DEED
.
IF YOU DO HAVE THE MINIMUM DOWN PAYMENT PLEASE CALL 763-634-1766
IF YOU DO NOT HAVE THE MINIMUM, RENTER'S->PLEASE CALL 763-634-1764
Name:

Email:
Phone:
$ Down:

MORE INFO
Looking:
Credit Repair
Rent
Rent-to-Own
Contract-for-Deed
Home-Loans		 Staying:
Refinance
Short-Refi
Loan-Modifications
 Landlord:
Rent-Out My Place
Property Management
Sell-Lease-Option		 Selling:
Sell-Contract-for-Deed
Sell-House(Equity)
Sell-Over-Low-Bid
Short-Sale(No Equity)
Walk-Away-House

 


Home Loans

Money Seasoned
 HOME LOAN PROGRAM SEASONING REQUIREMENTS
-FHA-Sourced funds only, can have gifts funds or grant funds if qualifies
-FHA 203K (For rehabbers)
-VA-no seasoning requirements
-Conventional
-HomePath (Owner Occupied and Investment - can have up to 10 invest properties!!)  No current seasoning, sourced
-Manufactured and Modular Homes  60+ day seasoned funds
-Rural Development sourced funds
*Alternate Credit Sources* no seasoning requirements currently
*580+ Mid Credit Score*  60+ day seasoned funds, must have 3 open trade lines with a 12 month history

 C: Job-Income Timeline
For home loans-2 year consistent history (can be different jobs, but 2 years consistent (hourly, salary, commission))

C: Job Income Source
In order to qualify for a loan, the bank will require that you have a source of income
(Most landlords to rent, rent to own, or sell on a contract for deed will require income)
  1. Part-Time job-2 year consistent history (can be different jobs, but 2 years consistent (hourly, salary, commission))
 2. Spouse's income-(If they are going to be on the new loan)
 3. Significant other's income-(If they are going to be on the new loan)
 4. Social Security (need award letter or proof of deposit into bank (statement))
 5. State/Government monthly money-(Need award letter or proof of deposit into bank (statement))
 6. Structured settlement-(Need court order and proof of payments being made (cancelled checks, transfers))
 7. Allowance/Gifts from parents/relatives-(Gift Funds are acceptable to FHA, but need income stream as well)
 8. Part-Time self-employed hobby income-(Need minimum of 2 years Tax Returns to verify)
 9. EBay Business - (Will need 2 years Tax Returns to verify)
10. Flea Market, Farmers Market - (Will need 2 years Tax Returns to verify)
11. Paper Route- (Will need 2 years Tax Returns to verify)
12. Non Occupant Co-Borrower's income for FHA
13. 1099 income- (Will need 2 years of income to verify)



Down Payment Assistance and Grants
(Available for home loans ONLY for a limited time until the money runs out)
-Ramsey County Down Payment
-Down Payment Assistance Crystal
-Brooklyn Center Grant Programs
-Anoka County Down Payment
-55106 Zip Code
-Greater MN Housing Fund
-Central MN Housing Fund
-East Edina
-Minneapolis Advantage
-55411 Zip Code Neighborhood Program
-MN Grant Assistance Programs
-Home Help Guidelines
-Grant Programs (Over 30+)
-MN Housing
-MMP
-CASA
-HOMEHELP
-HUD $100 Down
-Woodbury


Minnesota Mortgage Program (MMP)
Assistance available up to $3000.
Current Yearly gross income limit of $83,900 for 1-4 persons.
(Single Family Home Income Limits)


CASA (Community Activity Set Aside)
Assistance available up to $5000.
Yearly gross income limit of $67,200 for 1-4 persons.
(Single Family Home Income Limits)

Ramsey County Down Payment
 FirstHOME Buyer Assistance Program
Ramsey County is pleased to introduce its FirstHOME Buyer Assistance Program available through local financial institutions. The program is designed to help first home buyers purchase homes more affordably by providing deferred loans that can be used for downpayment assistance, closing costs, and health/safety/code improvements. Eligible buyers may qualify for up to $20,000 with 0% interest to help bring their monthly housing costs down to 30% of income. The principle-only subordinate mortgage must be repaid when the property is sold. Eligibility Requirements: Income. Annual gross income cannot exceed the maximum income limitation allowed by the Ramsey County Housing and Redevelopment Authority. The limit is based on 80% of the Minneapolis/St. Paul median income by household size. As of April 2009, the limit for a single individual is $44,800; for two, $51,200; for three, $57,600 and for four, $64,000. Employment. At least one primary wage-earner must be employed in Ramsey County by a business with a base in Ramsey County, including the City of Saint Paul. Buyers need to demonstrate three (3) years of fulltime, permanent uninterrupted work history. Previous employment does not have to be in Ramsey County. Property Requirements. The property must be the buyer/borrower(s)' principal place of residence. It must be located in suburban Ramsey County (the City of Saint Paul is excluded). Eligible properties include single family homes, condominiums, and townhouses. Both existing homes and new construction are eligible. Property must meet Section 8 Housing Quality Standards and local codes. The maximum purchase price is $200,000 for single family detached homes, condos, townhouses and duplexes. Mortgage Qualification. Borrowers should be able to qualify for a VA, FHA, or Fannie Mae approved conventional mortgage as determined by the participating private lender or must meet the requirements of locally approved initiatives designed to meet affordable housing needs in suburban Ramsey County. Buyers must contribute $2,000 in private funds to the transaction. Homebuyer Training. Buyers must successfully complete an approved homebuyer training program prior to closing the loan.  Contact your bank, credit union or mortgage company if you would like to take advantage of the Ramsey County FirstHOME Buyer Assistance Program.


MN Grant Assistance Programs

Home Help Guidelines
Assistance available up to $10,000.
Yearly gross income limit of $44,800 for 1 person. (income limit adjusts as household size increases)
(Single Family Home Income Limits)
Grant Programs

Down Payment Assistance Crystal

Brooklyn Center Grant Programs
Foreclosed Homes Only (must be listed and registered as Vacant Property by City of Brooklyn Center)
$10,000 Grant
Deferred, No-Interest Loan that is forgivable after 5 years, if Borrower resides in home as Primary Residence during the full 5 years
Funds may be used for Down Payment, Closing Costs and/or Repairs/Improvements to property
Income Guidelines: Family of 1-2: 80,900 3+: 93,035Primary Residence Only; Single Family Detached Dwelling or Town HomeFHA, Conventional, VA
Home Buyer Education Course Mandatory


East Edina Housing
Up to $60,000 Grant
To be used as 2nd Mortgage: 
Monthly Payments of Interest Only, or
Loan Balance plus a portion of Appreciated Value when selling home (paid at Closing)
Qualified Area Map Attatched
Income Limits Family of 1: 56,600
2-4: 64,800
5: 70,000
6: 75,200
FHA, Conventional
Max Purchase Price: $325,000
Primary Residence Only: Single Family, Condo, Townhome
Borrower Contribution: $1000 minimum for Down Payment
Home Buyer Education Course Mandatory


Woodbury
Up to $25,000 to purchase Foreclosed Property (Buyer must be first Client buying this home from Foreclosure Bank)
3% Fixed Interest Rate with monthly payments of Interest Only (Loan Principle deferred until sale of home, 1st mortgage payoff or 30 years)
Max Purchase Price of $256,500
Primary Residence only: Single Family, Twin Homes, Condo, Town Homes
Income Limits Family of 1: 67,600
2: 77,200
3: 86,900
4+: 90,000
Borrower Contribution: 5% of Sale Price (i.e. $180,000 purchase, borrowers must put $9,000 down)
Home Buyer Education Course Mandatory

Anoka County Down Payment


55411 Neighborhood Program:
Looking to move into the 55411 Minneapolis Zip Code
(Willard Hay, Near North, Hawthorne and Jordan neighborhood areas)
$8,000 in Down Payment Assistance!*
-No Monthly Payments!!
-7 yr Forgivable ZERO PERCENT Deferred Loan
-If you own and live in home as your Primary Residence for 7 years, Loan is FORGIVEN!
-Buyers must intend to Owner Occupy a Single Family, Duplex, Town Home or Condo.
-No income restrictions!!
-First Time Home Buyer Education required!
-Previous successful Owners do not need to take Home Buyer Education!


*All programs require final loan approval with an FHA or a Conventional loan program.
*Borrowers must meet MN Housing target borrower requirements.

To get details of any one down payment assistance program please contact me.



LOAN PROGRAMS:

Alternate Credit Sources
-620+ credit Score
-12 month's into chapter 13 (must have 12 on time payments and Trustee's written approval)
-2 years from chapter 7 discharge
-3 yrs from Sheriff's Sale
-12 month's on-time Verifiable Rent (canceled checks or Verification Form from management Company
-Insurance Bill - letter from Agent of 12 month's on time payments
-Utilities - letter from Company of 12 month's on time payments
600+ Mid Credit Score
600-619 Guidelines:
-12 month's Verifiable Rent Payments - On time
-3.50% of Purchase Price in Seasoned Funds (must be in your bank account, 60 days+)
-3 Positive Open Trade Lines (active accounts) on your credit bureau reports (no negative info in last 12 consecutive months)
580+ Mid Credit Score*  60+ day seasoned funds, must have 3 open trade lines with a 12 month history

Federal Housing Administration Loans - OK to 600 scores
- Minimum 600 minimum middle FICO score required
- Great for first time homeowners
- 30 Year Fixed Rates Only
- Low, government sponsored, monthly Mortgage Insurance payments
- Owner Occupied Only
- 12 months verified rent history required
- 3.50% Minimum Down payment MUST come from borrowers own funds
- Gifts allowed for all closing costs additional down payment AFTER Client uses their own 3.50% Seasoned Funds first
- Compensating factors required for 600 scores
- NO declining market restrictions

Fannie Mae HOMEPATH Loan
- Minimum 660 minimum middle FICO score required
- Appraisals are NOT required
- Great for first time homeowners AND Investors
- 97% LTV Primary Residence - 90% LTV Investor
- No monthly Mortgage Insurance payments
- Owner Occupied AND Investment Property up to 10
- Down payment can be 100% gifted
- Property must be listed for sale with the Fannie Mae HOMEPATH program
- NO declining market restrictions
- 6% seller concessions allowed on primary residents purchases
-10% Down required on 1-2 Unit Investment Properties

Federal Housing Administration Loans - 100% Gifts Allowed for Down Payment
- Minimum 620 FICO score required
- Great for first time homeowners
- 3.5% Down Payment can be a gift from relatives, employer, city grant
- VERY LOW 30 Year Fixed Rates
- Low, government sponsored, monthly Mortgage Insurance payments
- 1 Day out of Chapter 13 OK with re-start credit (2 years with Chapter 7)
- Owner Occupied 1-4 unit only
- NO declining market restrictions

USDA Loans - 100% No Money Down for Qualified Properties
- Minimum 620 FICO Score - buyer(s) must have reasonable credit history
- Great for low to moderate income and first time homeowners
- Household Area Median Income Limits Apply
- LOW 30 Year Fixed Rates
- No monthly Mortgage Insurance payments
- Owner Occupied Only
- Property must be located in a USDA defined market

Veterans Administration Loans - 100% No Money Down for Active and Veteran Military
- Minimum 620 FICO score required - buyer must demonstrate ability to pay
- True No Money Down Financing for qualified buyers
- Low 30 Year Fixed Rates
- NO Monthly Mortgage Insurance payments
- No Income Limitations
- Loan Amounts from $75,000 to over $417,000
- Owner Occupied Only
- No declining market restrictions

Conventional Loans (Fannie Mae and Freddie Mac) - 100% Gifts Allowed for Down Payment
- Minimum 680 FICO Required
- Great for the established buyer looking to leverage through financing
- 3% Down Payment can be a gift from relatives, employer or city grant
- LOW 30 Year Fixed Rates
- Median income limits apply (only income from borrower on loan used to qualify)
- Loan amounts up to $417,000
- Owner Occupied Only
- Monthly Mortgage Insurance payments required - Declining market restrictions apply

 FHA 230K Streamline Purchase and Limited Repair Rehabilitation Loan
$35,000 maximum Loan for non-structural repairs/renovation/remodeling
Owner Occupied Homes only
1-2 Units allowed (no Manufactured/Modular Homes)
Home livable in 30 days, repairs completed within 60 days
Sellers can contribute up to 6% of Sales Price (subject to change)
You can chose the Contractor to work with.
Bids to be submitted to Underwriting for Review and Acceptance
Can be used for repairs and improvements on HUD REO Properties ($100 down program not allowed)
$8,000 additional funds may be available for Energy Efficient
$2,000 additional funds may be available for weatherization

Real Estate Investor Loans
1 Unit 85% LTV
2-4 Unit 75% LTV
720 minimum mid FICO Score for 1 Unit over 75% LTV
680 minimum mid FICO Score for 1 Unit 75-84.99% LTV
Maximum of 4 Mortgaged Properties per Social Security Number
Also See: Fannie Mae HOMEPATH Loan program above
Manufactured and Modular Homes
Must be permanently attached to ground (cement)
Rural Development
100% Financing
620 min Credit Score
No Mortgage Insurance

Home Loan Pre-Approval Checklist- (It's recommended that you are pre-approved before looking at homes)
1003 Application Form CLICK HERE Filled out by: Phone, Fax, In-Person, Mail, or Email (Please write Ron Orr on top)

Employment
____ Name, address and phone number of employers for the past two years
____ Copy of pay stubs for the previous 30 days
____ Copy of last 3 years w-2/1099 forms
____ Copy of last 3 years complete federal tax returns with all Schedules)

Self-employed
____ Copy of last two years tax returns (personal and corporate);
____ year to date P&L and Balance Sheet through the most recent quarter, must be certified by Accountant/CPA

Liabilities
____ Name and account numbers for all revolving and installment accounts
____ Name and account number for all mortgage loans for the previous two years
____ Name and address for landlords for the previous 3 years

Assets
____ Name, address, and account number for all bank accounts
____ Name, address, and account numbers for all brokerage accounts
____ Copies of statements covering last 3 months on asset accounts
____ Copy of most recent statement for 401K, Savings Plan, etc.

Miscellaneous
____ Copy of driver's license and social security card
____ Copy of fully executed divorce decree if applicable
____ Copy of fully executed child support court order if applicable
____ Copy of signed earnest money contract
____ Copy of lease agreements on rental properties.  must have 2 year history reflected on Taxes to use Rental/Border income
____ Veterans! Copy of DD 214 and Eligibility Cert. if you have it, if not need Company Clerk contact info
____ Check for the cost of your credit report and appraisal

 

203k FHA 97% LTV Rehab Loan Program

This is a program that should get a lot of people out buying houses with it’s many possibilities. It’s the 203K program which works with FHA financing and it’s got a very high 97% LTV and I find it to be a very aggressive loan program for rehabbers in this market.

*One Time Close

*3.5% Down Payment
(Value is determined by Appraisers estimate of the properties value after completing the proposed project)

*Up to $35,000 Available for Rehab Project

*50% of Total Rehab Amount Available the Day of Closing (No Waiting for Funds)

*6% Seller Concessions

QUALIFIED REPAIRS:

Minimum Down 3.5% of Total Project Cost (Funds can be own or gifted)

Repair/ Replacement of roof, gutters, downspouts with permit

Heating/air conditioning- possible permit

Upgrade/Repair plumbing, and electrical systems with permits

Septic system and/or well repair or replacement with permits

Replacement of flooring, windows, doors, exterior wall re-siding

Minor remodeling such as kitchen or bath with no structural repairs, permit maybe required

Painting of exterior/interior

Purchase and installation of appliances

Handicapped accessibility improvements

Weatherization, painting, basement waterproofing

Repair/replace/add deck, patio or porch with permit

Minor remodels that do not involve structural repairs

Basement finishing and remodeling, which does not involve structural repairs with a permit

Pool repair maximum of  $1,500 in repairs allowed

NON-QUALIFYING REPAIRS:

Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall;

New construction (including room additions);

Repair of structural damage;

Repairs requiring detailed drawings or architectural exhibits;

Landscaping or similar site amenity improvements;

Any repair or improvement requiring a work schedule longer than six (6) months; or

Rehabilitation activities that require more than two (2) payments per specialized contractor

NO to a garage, unless you are repairing an existing one. Cannot build a garage.

*Please see home repair contractor services below*