Archive for the ‘From the Desk of Kate Wilson’ Category

Let us help guide your construction ideas to a successful outcome!

June 9th, 2017


Will I be able to use construction financing to build a barnlike structure with living quarters?” This is a question that came up this past week. New construction financing and construction renovation financing do have their limits. This week I would like to discuss what works, and what does not work, for residential new construction and construction renovation financing.

Our program works for conforming residential properties. These are generally owner occupied, but we do have clients who build or renovate a property that will be retained and rented. We look at the highest and best use for the property, which needs to be residential in nature even if it is outside of a metro area in a more rural setting. When the appraisal is done on the new build or renovation project, the appraiser will look for comparable properties around the area. The property needs to be compatible, or common, for the surrounding area or market in which it is located.  So, if someone is looking to buy acreage and wants to build a new home, that is great! If that new home will be a barnlike structure with horses on the main level and living quarters on the second floor, that will be outside the scope of our conforming loan products.  Read the rest of this entry »

The Road to Recovery

April 28th, 2017

Road to RecoveryThe question comes up frequently, “How long do I need to wait after a foreclosure or a short sale to buy a home again with traditional home loan financing”? I often find that they’re surprised by the reply. I think people can either be fearful of the answer, or can be embarrassed to discuss what happened in the past. It is hard to dig up things from the past, but sometimes it is the only way to move forward.

My team and I are here to help those who have experienced setbacks in life and guide them through their second chance scenarios. Life events that may have caused a foreclosure or short sale are most generally one time occurrences. Understanding how to move forward, and the timing involved, are important things to know. Here are a few quick tips that may help a family know if now is the time to get started again, and the standard waiting time frames after the foreclosure or short sale dates:

  • FHA financing requires a 3 year passage of time between the completion date of the Foreclosure, Deed in Lieu, or short sale to the date of the new FHA case number assignment date. There can be exceptions to the rule for extenuating circumstances that were outside the borrower’s control.
  • VA Financing generally requires a 2 year passage of time after the completion of the Foreclosure, Deed in Lieu, or short sale. Shorter time frames can be allowed with proof of timely payments on subsequent credit obligations for at least 12 months.
  • Conventional loans require a 7 year passage of time after the completion date of the sheriff’s sale. Short sales have a 4 year passage of time requirement.
  • USDA or Rural Development loans require a 3 year passage of time from the completion date of the Foreclosure or Deed-in-Lieu. Short sales also follow a three year time frame for the date of the sale, with exceptions given for timely payments on all credit obligations for the 12 month period preceding the short sale.

The above are simply guidelines for you to follow. Each person will have a financial picture and corresponding options that are unique to them. I will be happy to analyze the situation and lay out the steps needed to put them back into home ownership. Don’t exclude yourself because of fear of the unknown. The time is now. Give me a call at 952-851-8962 to get started back on the road to home ownership.  – Randy Cullen, NMLS #326128


"No pressure. No Diamond."

January 17th, 2012


Those of us in sales are challenged in today’s environment to build a case that passes the “So What?” test and the mode of message delivery is very  different depending on the generation of our audience.  According to Terri Sjodin, author of Small Message, Big Impact, most of us are still delivering our message like we did in the days of bell bottoms, polyester pants and platform shoes and “the 70’s called and wants their presentation back!” Read the rest of this entry »

Next time ask if 'Pre-approved means Proved. Everybody Wins!

November 22nd, 2011

 Someone recently commented to me that some 19% of all real estate transactions are falling apart during the approval process never to get to the closing table.  Ouch! Read the rest of this entry »

There Are Some BIG Changes That Could Impact Home Sales in the Near Future

September 9th, 2011

FHA loan limits could drop yet again on January 1, 2012

While Congress debates how to create jobs, a vote on retaining the current high cost limits on mortgages has not yet taken place.  Thus we revert to the ‘old’ way of calculating the loan limits as of loans not fully credit approved and clear to close by September 30th.  Currently, the new loan limits in place on Oct 1st, in the Minneapolis/St. Paul Metro area will revert to $318550.  However, the formula for calculating the limits in place on January 1st, 2012 may result in even lower limits.   The loan limits in place after Oct 1 2011 expire December 31 2011.  This could dramatically affect purchase agreements written that are set to close after the 1st of the year. Read the rest of this entry »

Big Time Changes in Appraisal Standards Begin Sept 1 2011:

August 26th, 2011

Appraisals continue to be the knothole in a lot of real estate transactions.  If you’ve ever had one come in low, then you know how frustrating it can be to look at the comparable sales and try to make sense of how the appraiser came up with that value.  Underwriters and Investors struggle to make sense of the hodge podge of commentary and adjustments on appraisals as well. Read the rest of this entry »

Home Improvements

August 19th, 2011

An old friend of mine once asked me if my husband and I were on a mission to renovate all of the derelict farm houses in Scott County. Over the past 26 years we’ve pulled a lot of plaster and lathe, shoveled our share of bat poop out of attics, rewired, plumbed, and lovingly restored more than a dozen houses. Years of neglect showed itself in many ways; in the peeling paint on their facades, dry rotted boards, failed septic systems, leaky rock foundations that let water and mold into damp, musty smelling basements. Read the rest of this entry »

“Ask not what your country can do for you. Ask what you can do for your country.”

August 16th, 2011

“You can coach and encourage a thousand people but you can’t carry 3 on your back.”   Let that sink in for a minute. Read the rest of this entry »

The Little Bit Factor

July 29th, 2011

Worry a little bit every day and in a lifetime you will lose a couple of years. If something is wrong, fix it if you can. But train yourself not to worry. Worry never fixes anything.

Mary Hemingway

Spoken like the true Minnesotan that she was, Ernest’s fourth wife and widow has a point. Read the rest of this entry »

Will we get a Deficit Reduction Plan and an increase in the Debt Ceiling in time?

July 22nd, 2011

This could be an interesting week.

That is still the big question.  So far, the markets seem to believe that Congress will burn the midnight oil and strike a deal. I hope so and I hope it is one both sides of the aisle can and do embrace.   Time is running out.  The closer we get to the deadline without a deal, the more likely the market is to start pricing in the risk of both a default and a downgrade of US bonds.  Keep your eyes on the rates and the news this week.  Better to be safe than sorry.  According to my Financial Planner, his advisors believe a default or failure to reach a deal on the deficit might result in an immediate .5-1.0% increase in rates and an 8-15% decline in the stock market. Read the rest of this entry »