Does anybody know about a new law in Minnesota about getting rid of stated income mortgages?

Question by Michael R: I recently started a new business venture as a loan officer, and hospital does anyone want to be my first customer?
Also if there are any questions about home finance that I can help you with, cialis 40mg I’d be happy to answer them.

Best answer:

Answer by Joseph T
I’d like to be your first customer, can you loan me $ 5? I am hungry.

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HARP 2.0 Program Allows Many Wisconsin Homeowners to Take Advantage of …
Waukesha, this WI — (SBWIRE) — 03/05/2013 — More people than ever with homes in distress are able to refinance under the HARP 2.0 program. This bodes well for homeowners looking to reduce their interest rates and lower their monthly mortgage payments.
If you would like more informaiton please visit here…

Not Harp 2 Eligible? Refinance Anyway
As consumers know, more about the Making Homes Affordable Program aka Harp 2 Refinance allows people to refinance so long as the loan is owned by Fannie Mae or Freddie Mac, with out any loan-to-value restriction. Consumers could also successfully refinance …
If you would like more informaiton please visit here…

Jumbo home loan business is booming
At least in the sector in which Redwood specializes: jumbo home loans, viagra generally over $ 625, search 000 in affluent areas, page that are not backed by federal agencies such as Fannie Mae, Freddie Mac and the Federal Housing Administration. In a letter to … Little …
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Westland seeks those in need of emergency home repairs
A homeowner with income at half the average median income for metro Detroit would be eligible for a zero interest loan. For a person, that means $ 22,550. Depending income level, the loan could be subject to 3 or 5 percent interest rates. “We used to …
More informaiton please visit here…

Issues in mortgage sale
Financial hardship: A consumer who enters into a home loan contract at a particular annual interest rate has no clue what the future has in store for him/her. Any change in their earning ability, interest rate and in real estate prices make homeowners …
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FHA Pullback Boosting Insurers Traders Left for Dead: Mortgages
Now, cost as FHA has raised premiums to help cover a $ 16.3 billion budget shortfall, insurers have made inroads into the market, increasing their share to 35 percent of policies in the fourth quarter, up from 26 percent in the first, according to Inside …
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New tool offers info on down payments
programs by city or address for publicly and privately funded assistance programs, including FHA/VA, HUD, affordable fixed-rate mortgages, rehab loans and more. Home buyers just need to enter basic information in the resource directory, such as where …
More informaiton please visit here…

Question by Leo: Is there any tax deduction for home loan in other countries ?
If a person carries a home loan in other country (other than US) is there any tax deduction(relief) given by IRS ? A part of his earning in US is being used to pay home loan EMI in other country.

Best answer:

Answer by Ken
Mortgage interest on a second home is deductible on schedule A as an itemized deduction, and even if the second home is located outside the U.S. However, if you reside in the U.S. and the lender is a foreign person/bank, then you are required to withhold 30% tax on the interest portion of the payments, unless a lower treaty rate applies. Depending on the jurisdiction, a treaty may apply to reduce or eliminate the withholding tax. However, if you want to rely on the treaty, you need to obtain a Form W-8BEN from the foreign lender where the lender certifies that it qualifies for treaty benefits. In either case, you will need to also file Form 1042 and 1042-S reporting that you made interest payments to foreign persons.

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Verify out these mansion photos:

Frelinghuysen mansion

Image by Raela 9
Colonial Revival mansion at Frelinghuysen Arboretum, price Whippany, NJ, built in 1892 as a summer residence for attorney George Frelinghuysen and his wife Sarah. Their daughter Matilda bequeathed the house to Morris County upon her death in 1969. The grounds and gardens are open to the public the mansion now serves as the headquarters of the Morris County Park Commission.

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A couple of nice condominium images I discovered:

Newberry Plaza condominium tower

Image by UIC Digital Collections
Title: Newberry Plaza condominium tower

Creator: Gordon &amp Levin

Description: Photograph of the Newberry Plaza condominium tower for the duration of construction, ailment hunting west along Bellevue Location. The Newberry Plaza tower is situated at 1030 N. State Street.
Photograph credit: Brubaker, thumb C. William, visit 1972

Date: 1970-1974 1972
Geographic coverage: Near North Side (Chicago, Ill.) Gold Coast (Chicago, Ill.)

Collection: C. William Brubaker Collection (University of Illinois at Chicago)
Repository: University of Illinois at Chicago. Library. [Visual Resources].
Credit Line: Cite as [creator]. [title]. [file name]. [collection].
Rights: University of Illinois at Chicago College of Architecture and the Arts holds reproduction and licensing rights.
File Name: bru007_04_lF

For more images from the collection, pay a visit to collections.carli.illinois.edu/cdm4/index_uic_bru.php?CIS…

Click here to take the Library’s survey on its Flickr collections.

For far more homes click here…

The Crossings Condominiums Ann Arbor, MI

Image by Andypiper
The Crossings Condominiums. Situated north of downtown Ann Arbor. Stroll to U of M Central Campus, Health-related Campus and Med Centers It is about the corner from Kerrytown &amp Downtown Ann Arbor. Enjoy nearby Argo Park and Canoe Livery, Riverside &amp Fuller Parks, and the Huron River. This region is well-liked with residents, students and pros.

The Crossings of Ann Arbor function 1 and two-story condos with 800-1459 sq.ft., 1-2 bedrooms, 1-two.5 baths, and carport parking that offer you an economical housing option close to the U of M Health-related Campus.

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Question by michael m: Does anybody know about a new law in Minnesota about getting rid of stated income mortgages?
My wife and I are going to be moving this summer in order to attend a nursing school in Northern Minnesota. The houses that are available in our price range are either money pits or just plain old nasty. So we have decided to build a small 1, drugs 400 sq. ft. house that is designed the way we want it and is clean (unlike the other houses in the area) anyway we have run into a problem. Because we are full time students the only mortgage we are able to get is a stated income mortgage, meaning we don’t have to prove that we are going to have steady incomes when we move. Well, I got a call from our mortgage lady last week and she said the Minnesota congress just voted to pass a law making these types of mortgages illegal. She said we need to close on a home soon before the Governor signs this into law in order to get anything. Does anybody know anything about this? How long after the Governer signs this will it take effect? Where could I call / write to get more info? Congressman?

Best answer:

Answer by Matt B
Having done a little research…it looks like this bill is a possibilty but far from definite.

The recent subprime market fallout moved mortgage lending to the forefront of the news lately.

Here is what the st. paul pioneer press stated,

” The primary Swanson-based bill, sponsored by Rep. Jim Davnie, DFL-Minneapolis, is too ambiguous and restrictive, Abed said.

The bill doesn’t make clear what is or is not suitable financing for an individual and would make it very difficult for brokers to make stated-income loans — loans, he said, that are appropriate when borrowers are self-employed or earn inconsistent commissions. Also, tightening up the 5 percent cap on all fees related to making a mortgage would make it almost impossible to write loans under $ 100,000, he said.

That also worries Lisamarie Sanchez Leadens, a Maple Grove broker who runs a school for mortgage brokers and bankers.

She worries that the bills would make home loans harder to get and cut off minority and low-income families from home ownership.”

Here are two links to articles:

http://www.care2.com/c2c/share/detail/329191

http://www.startribune.com/587/story/1068670.html

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