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Month: March 2011

Lawsuit Filed Against Federal Reserve Over LO Compensation

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The National Association of Independent Housing Professionals (NAIHP) Files Suit Against The Federal Reserve over Loan Originator Compensation Rule!!

The Federal Reserve Board has enacted rules which will severely limited consumer choice, increase closing costs, increase interest rates, destroy small lenders everywhere, bankrupt Loan Officers, all while increasing profits for banks.

The first of at least three lawsuits and restraining orders  have finally been filed to stop the madness and overstepping of government, which is set to to start April 1, 2011. Read more at http://naihp.org, and watch the video below from Frank and Brian of TBSWdailyshow.com

If you need a home loan in MN, better apply and lock before April 1, 2011

NAIHP Files Lawsuit Against Federal Reserve Board

I want to buy a duplex!

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I want to buy a duplex

I hear this every week. Seems like when it is a buyers market, everyone want to be Donald Trump Jr.

OK, so what is my #1 question? How much do I need for down payment!

Buying a duplex, triplex, or quad isn’t really overly complicated on the mortgage side.  You basically have two options:

1) Are you going to live in one unit?

If yes, then you can potentially get an FHA loan with as little as 3.5% down payment.

2) Is every unit going to be a rental?

If yes, then your down payment options are more expensive. Basically you are going to need 20% down. You can usually get a better interest rates with even bigger down payments.

Of course there are many other factors that come into play. Credit scores are a great example, as is trying to get a mortgage if you already have more than 4 mortgage loans.

While 20% down payment is a lot of money, the investment in rental property at today’s prices should realize you double digit returns…  and that is a LOT better than the banks are giving you to leave it sit in their vault!

New Mortgage Lender Rules to COST Consumers Significantly More after April 1, 2011

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New Mortgage Lender Rules to COST Consumers Significantly More after April 1, 2011

The Frank / Dodd financial reform law, and new rules forced upon lenders from the Federal Reserve are going to have serious negative impact on home buyers everywhere.  More costs, higher rates, less options, and poor service are all on the horizon.

Read the full story… http://fb.me/VjOQ4KKP