Charles Dailey's (cdailey) Blog

The role of closing costs in a purchase agreement can be confusing both for buyers and sellers.  In the present market, it is customary for there to be sales concessions.  A real estate sales concession can be many things including but not limited to price, repairs and yes, . . closing costs.  As...

While lenders will admit that it’s technically possible to provide mortgages to homebuyers who recently had a short sale without a waiting period, most lenders are not offering this product.  Because the complexities of the process involved with closing these loans creates perceived risk, most le...

It's not hard to search and find bland descriptions of the mortgage process that paints in broad strokes. For the more information hungry home buyer, I've tried to collect snippets of audio and video that go into greater depth on this topic covering everything from shopping for your home loan to ...

It has been widely and wrongly asserted that someone who is getting divorced in Minnesota cannot purchase a home prior to finalizing a divorce decree and at the same time prevent their soon to be ex-spouse from being entitled to marital property rights in the newly purchased home.  This used to b...

Each person’s personal circumstances and long term objectives determine the type of mortgage they choose. For the past couple of years, the clear favorite has been the 30 year fixed rate mortgage because the yield curve between short term and long term bonds has been flat. When this happens, ther...

Although we wouldn’t know it from watching the six o’clock news, mortgage underwriting guidelines and mortgage insurance underwriting guidelines have been in a pattern of loosening, not tightening. This trend started in late 2009 and continues today with such examples as lower minimum credit sco...

Many people trying to buy a home after a short sale find it difficult to navigate through loan programs that they may be eligible for and various waiting periods that may be applicable. If late payments occur, most people are told that the waiting period for buying a home after a short sale is 3...

  Community land trusts are created to preserve long-term affordable housing by purchasing homes in their communities, then leasing the land using a long-term ground lease to low-income and moderate-income families at affordable monthly ground rents.  Community Land Trusts (CLT) have had a footho...

Since the housing crash and great recession, there have been swelling ranks of people that have had credit damaged but have increased their savings and reduced their consumer debt.  Many of these people, in a reasonable timeframe will qualify for conventional, VA, FHA, or Rural Development loans ...

If homeowners don’t act in ways not common in the past, many will stand to lose a fortune due to flooding in Minnesota in 2011. It’s likely that sandbagging won’t do it this time and we need to start thinking about flood insurance and in some cases act quickly on flood insurance. According to exp...