Two Scenarios, One Result With the deadline to raise the federal debt ceiling looming, one of two outcomes appears likely: One. “The band-aid” solution (also known as “kicking the can down the road”). Under this scenario, Congress and President Obama reach some cosmetic, convoluted compromise that essentially buys (more) time. Two. The two parties’ philosophical differences...Read More
“Your Mileage Points May Vary” Once upon a time, it was (fairly) safe to tell Buyers that the maximum contribution that a Seller could make toward the Buyer’s closing costs was 3%. No more. Here’s the current, updated “cheat sheet,” courtesy of Edina Mortgage’s Keith O’Brien: FHA is 6% regardless of down payment. Conventional is...Read More
Post-Nov. 30 Tax Credit: More Targeted The following is from Edina Mortgage’s Steve Mohabir, City Lakes’ excellent, in-house loan officer: Good morning Lakers, http://www.bloomberg.com/apps/news?pid=email_en&sid=ayS36Cg5hu5w There has been some encouraging news on the extension of the $8000 tax credit. However, it is NOT a done deal, as it still must be reconciled between the House and...Read More
“Going, Going . . . Gone”According to my office’s in-house mortgage lender — Steve Mohabir of Edina Mortgage — the cupboard is almost bare at Minneapolis’ loan program for first-time Buyers, called Minneapolis Advantage. Specifically, only 4 loans are left out of 100 originally made available. According to Mohabir, other municipal loan programs around the...Read More
