Coming soon!  Investors here is a great property that has 3 occupied renters and cash flow.  A tri-plex with many new updates has 3 units and 3 separate access entries will be coming on the market soon. Near Rochester downtown.

If you want to be the first to have a sneak peak, call or email me wayne@wayneslistings.com

Credit Policy Change: Properties with an Unexpired Right of Redemption are Not Eligible for Financing – Effective March 14, 2011
Date Posted: Thursday, March 3, 2011

From: Credit Policy    Impacted: All transactions with an unexpired right of redemption, especially common in Alabama – but also occur in Colorado, Kansas, Michigan, Minnesota, North Dakota, New Mexico, South Dakota, Vermont and Wyoming
Effective with applications taken on or after Monday, March 14, 2011 

  
Notes:
• The Pricing Engine is not impacted.
• The Decision Server is not impacted.
• No exceptions allowed. 
The driver of this change is a clarification from the Agencies regarding “clear and marketable title.” To meet Agency requirements, a property with an unexpired right of redemption is NOT eligible for financing.

Details
Some state laws provide a “redemption period” after a foreclosure or tax sale when the property may be reclaimed by the prior mortgagor (or other party) if all past-due amounts are paid-in-full. The length of the redemption period varies by state. The redemption period does NOT automatically expire when the property is sold to a new owner.

Effective with applications taken on or after Monday, March 14, 2011: A property with an unexpired right of redemption is NOT eligible for financing.

112 Country Court NE Byron
$104,900

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135 Salem Pt Dr SW Rochester
$359,900

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1109 Overlook Dr NW Preston
$166,500

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New House Listing For Sale Today!!

212 South E St. Dover, MN
$109,900

Call or email me today for more information

4213 22nd Ave NW Rochester, MN
$59,900

425 22nd St Red Wing, MN
$93,000


849 Church Ave St Charles, MN
$118,000

2945 4th St. SW Rochester, MN
$535,000
MLS 4025518

View Details on Home for Sale

 
806 Grand St. SE Chatfield  MN
$154,900
MLS 4025527

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Fannie is adopting some tougher guidelines including no loan for 7 years after foreclosure (up from the 4 years currently). Along with some of these tougher guidelines comes some benefits with gifting the down payment.

"Previously, borrowers had to contribute a minimum 5 percent down payment from their own funds, but additional down payment money could be from a gift (though never from a home seller). The exception was for borrowers who put 20 percent down: all that money could come as a gift.

Because many lenders now require a down payment of 10 percent or more, the new rules mean that borrowers will still have to come up with extra funds — either their own or gifts. " as stated in the New York Times.

Click - To read the full article on Fannie Mae changes

New Listings:107 Capelle St Spring Valley, MN (Listed and Pending)
$137,500

623 Lyndale Ave Spring Valley, MN
$129,900

4903 Scenic Oak Dr SW Rochester, MN
$299,900