Longfellow (Minneapolis, MN)
By Jennifer Kirby, The Luxury Agent
(Kirby Fine Homes)
                                  One of my favorite spots to visit in Minneapolis is Minnehaha Falls. A few weeks ago, I took the camera out on a cloudy day and was able to capture this silky effect of the waterfall.
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By Jean Blakeley-Cook, Mortgage Loan Originator
(Flagship Mortgage Corporation)
Minimum Credit Standards for VA Financing   While the Veterans' Administration does not set a minimum credit score standard for VA Home Loans, the mortgage industry does.  In the wake of the subprime meltdown, many of the secondary market mortgage investors (companies that buy bundles of mortgages) have tightened credit criteria.    The minimum credit standard for lending on VA Home Mortgages is set at a minimum credit score of 580.  Credit Rescoring products are available to permanently increase credit scores.  Ask your Loan Originator for more information.   Other criteria than just credit score are also considered in underwriting.  A minimum of no more than 1 late on any credit, revolving debt and installment debt, including mortgages, is allowable according to most guidelines.   A B...
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By Jean Blakeley-Cook, Mortgage Loan Originator
(Flagship Mortgage Corporation)
Maximum VA Home Mortgage Limits for Minnesota counties   The new maximum loan limits for Minnesota are available now as a result of recently enacted VA benefits.   The previous loan limits on VA loans was $144,000.  However, loan limits in all Minnesota counties, are now $417,000.    More information on loan limits can be found at:    http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf
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By Jean Blakeley-Cook, Mortgage Loan Originator
(Flagship Mortgage Corporation)
VA Has Increased Maximum Loan-To-Value and Increased Loan Sizes   It's a one, two punch designed to knock out foreclosures! The VA has increased both the maximum Loan-To-Value limits and maximum loan sizes on home mortgages.   First, the maximum Loan-To-Value limit has been raised from 90 percent to 100 percent.  That means eligible Veterans and Military Spouses can tap into all of the equity in their home.  The VA Funding Fee will go on top of the mortgage so the actual Loan-To-Value will be something more like 102%.   Second, the maximum VA home mortgage limit was increased from $144,000 up to $729,750 (even higher for AK, HI and Virgin Islands) in some areas.    Congress passed these two new benefits in the Veterans' Benefits Improvement Act of 2008 in October.  These new benefits co...
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By Jean Blakeley-Cook, Mortgage Loan Originator
(Flagship Mortgage Corporation)
The ability to access 100 percent of your home's equity is a new benefit for Veterans.  It comes as a result of the Veterans' Benefits Improvement Act of 2008.  Previously, a cash out VA refinance mortgage was limited to 90 percent of your home's equity.  This mortgage is allowable for Veterans and Military Spouses who are currently in a conventional home loan and wish to access 100% of their home's equity.    Q:  Who is eligible for a VA 100 percent Cash Out Refinance?   A:  Veterans and Military Spouses who are currently in a conventional or subprime mortgage   Q:  What is the purpose of a VA 100 percent Cash Out Refinance?   A:  To enable Veterans and Military Spouses the ability to access 100% of their home's equity.  To obtain low fixed rate financing and refinance out of a subprim...
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 10/11/2007Despite repoorts of a 20%+ decline in homes sales in most areas and nationwide compared with home sales last year...we are holding strong in the Longfellow neighborhood.From 1/1/2006 -10/11/2006 there were: *283 sold homes.*Average sale price $227,588 *Average days on market 57.4*Average of 1336 sq.ft. *Average of $170.35 per sq.ft. From 1/1/2007-10/11/2007 *280 sold homes*Average sale price $229,227*Average days on market 76*Average of 1390 sq.ft.*Average of $164.91 per sq.ft. So far this year we are operating at 98.9% of last years sales.  That a 1.1% decline in sales. Hardly the 20%+ that you hear in the media. Some things have changed. For example, days on market have gone up 18.6 days and the average price per square foot has gone down $5.44.  It will be interesting to s...
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By Travis Erickson
(RE/MAX Results)
Find youself wondering how the market here in the Longfellow neighborhood really is? Here is how it compares so far to last year.   2006:  178 homes sold from 1/1/2006-7/15/2006 Avg list price     Avg sale price     Avg List-to-Sale Price  Days on market    Avg FSF   Avg. $ per sq. ft. $237,535          $234,867             98.9%                         45.2                     1,350     $173.96 Now let's compare the same time period in 2007 here in the Longfellow market.  1/1/2007-7/15/2007 (173 homes sold) Avg list price     Avg sale price     Avg List-to-Sale Price  Days on market    Avg FSF   Avg. $ per sq. ft. $238,740          $233,669             98.9%                         77                     1,376       $169.82 You may have heard from a certain source that the Longfellow m...
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Minneapolis, MN Real Estate Professionals