Have you been denied by banks for a self-employed Minnesota home loan because of your tax write-offs?

It’s a common problem I hear in Minnesota where a self-employed business owner has a hard time qualifying for a bank loan for a number of reasons. Some of the most popular reasons are other than the down payment. For example a bad credit score would be one reason, it even a successful self-employed business owner with excellent credit that’s been self-employed for under 2 years will often have challenges getting financing for a bank loan. One of the most...

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Late Payment= Down Payment Buying a Minnesota Home

This ‘hard and fast rule’ is not always 100% accurate because some buyers with only one 30+ day late that are reported on their credit in the last 12 months may still get a VA loan or their credit score may not have dipped below a 580 score for VA, so it’s possible to get qualified with the initial automatic underwriting with the quAlifying credit score. So now that you know the, it depends, and sometimes scenarios, let me explain...

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Tighter lending but still 100% VA and USDA for Minnesota

I hear that lenders are starting to tighten lending on cash out refi’s. Conventional and FHA was 85% LTV (loan to value) but now it’s down to only 80%. VA loans were 100% and now only 90% on the cash it refi. Lenders are becoming more conservative on cash out refi’s The good news is that they are still doing 100% loans for VA and USDA for those who I am talking to in Minnesota that want to buy a...

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How to NOT get denied to buy a Minnesota home when your debt-to-income ratio appears too high

It’s a common problem that I see for today’s first time home buyers. If you aren’t selling with a lot of equity, you likely don’t have a lot saved for a down payment and will be financing most of the home purchase including the closing costs and maybe even one of the popular 100% home loan programs here for a Minnesota home. We see it often where one person who wants to buy can only get pre-approved for a $100,000...

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Is your Minnesota house in probate, making you very motivated to sell?

Talking to others that have helped motivated sellers with probate situations where there was a will and a death in the family. Typically it’s an aging parent or grandparent who has died. The process can be shorter or longer depending on the complexity. Often the person dealing with the house isn’t thinking about the word will or probate much. They may be thinking of the word court or attorney as they follow up with the process. The most likely emotional...

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Do you need to buy a contract for deed very soon with your recent settlement?

Are you a motivated buyer, but can’t easily get a bank loan. There are many reasons why you can’t get a bank loan from Low income High debt-to-income ratio Self-employed tax wrote-offs Recent Foreclosure Bankruptcy Short Sale Loan Modification I’ve seen agents and investors work with contract for deed buyers in the past that couldn’t easily get bank financing. A main reason is they are a new self-employee person or any self-employed person who makes great money monthly, but writes...

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Have you been denied by banks for a self-employed Minnesota home loan because of your tax write-offs?

Posted by on Aug 26, 2019 in contract for deed

It’s a common problem I hear in Minnesota where a self-employed business owner has a hard time qualifying for a bank loan for a number of reasons.

Some of the most popular reasons are other than the down payment. For example a bad credit score would be one reason, it even a successful self-employed business owner with excellent credit that’s been self-employed for under 2 years will often have challenges getting financing for a bank loan.

One of the most …

Read More »

Late Payment= Down Payment Buying a Minnesota Home

Posted by on Sep 16, 2019 in home loan

This ‘hard and fast rule’ is not always 100% accurate because some buyers with only one 30+ day late that are reported on their credit in the last 12 months may still get a VA loan or their credit score may not have dipped below a 580 score for VA, so it’s possible to get qualified with the initial automatic underwriting with the quAlifying credit score.

So now that you know the, it depends, and sometimes scenarios, let me explain …

Read More »

Tighter lending but still 100% VA and USDA for Minnesota

Posted by on Sep 11, 2019 in va loans

I hear that lenders are starting to tighten lending on cash out refi’s.

Conventional and FHA was 85% LTV (loan to value) but now it’s down to only 80%.

VA loans were 100% and now only 90% on the cash it refi. Lenders are becoming more conservative on cash out refi’s

The good news is that they are still doing 100% loans for VA and USDA for those who I am talking to in Minnesota that want to buy a …

Read More »

How to NOT get denied to buy a Minnesota home when your debt-to-income ratio appears too high

Posted by on Aug 31, 2019 in home loan

It’s a common problem that I see for today’s first time home buyers.

If you aren’t selling with a lot of equity, you likely don’t have a lot saved for a down payment and will be financing most of the home purchase including the closing costs and maybe even one of the popular 100% home loan programs here for a Minnesota home.

We see it often where one person who wants to buy can only get pre-approved for a $100,000 …

Read More »